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Stells [14]
3 years ago
5

Tryon Corp. and Sandoval, Inc. were joint owners of the former Sandy Glass manufacturing facility. An environmental assessment f

ound that the two companies share joint and several liability for a hazardous materials cleanup. What could happen if the two of them don't agree to cooperate in the cleanup?
Business
2 answers:
kotegsom [21]3 years ago
4 0

Answer:

One company pays 100%, the other re-reimburses 50%  

Explanation:

If an environmental assessment found that the two companies share joint and several liability for a hazardous materials cleanup.

What could happen if the two of them don't agree to cooperate in the cleanup is that one of the companies will eventually settle the costs fully while the other party will have to reimburse the party that pays, 50%.

The paying company could make claims because the environmental impact assessment has already found both companies jointly liable. hence each company ought to jointly share the costs

aleksley [76]3 years ago
4 0

Answer:

If both companies refuse to cleanup the hazardous materials, then the EPA will proceed to clean up all hazardous materials with the help of the National response System. Since the EPA has identified the companies responsible for this incident, it will seek payments for the costs incurred. The federal government will go after both companies in order to recover the costs (up to 3 times the costs incurred).

Explanation:

Once it has been determined that hazardous materials were released into the environment, the EPA must act as soon as possible, it cannot wait for those responsible to decide when it would be better for them to act.

The Superfund Law ( Comprehensive Environmental Response, Compensation and Liability Act) establishes severe penalties for companies responsible for the release of hazardous materials. One of the most relevant issues here is that the law establishes joint and several responsibility to all the parties involved, meaning that any of the responsible parties (Tyron or Sandoval) can be held liable for all the cleanup costs. If one party is not able to pay their share of the costs, the other party must pay them completely.

This law also allows the EPA to collect up to 3 times the cleanup costs from the responsible parties if they refuse to pay them immediately.

You might be interested in
Gardial & Son has an ROA of 11%, a 2% profit margin, and a return on equity equal to 17%. What is the company's total assets
bezimeni [28]

Answer:

Total assets turnover = 5.5

Equity multiplier = 1.55

Explanation:

The return on assets (ROA = 11%) is defined as the profit margin (2%) multiplied by the total assets turnover (TAT):

0.11=0.02*TAT\\TAT = 5.5

The return on equity (ROE = 17%) is defined as the product of the return on assets (ROA = 11%) by the equity multiplier (EM):

0.17=0.11*EM\\EM=1.55

The company's total assets turnover is 5.5

The firm's equity multiplier is 1.55

4 0
3 years ago
Required information E12-3 Understanding the Computation of Cash Flows from Operating Activities (Indirect Method) [LO 12-2] [Th
kompoz [17]

Answer:

Net income = $320

Net cash flow from Operating activity = $145

Explanation:

The journal entries are shown below:

1. Cash A/c Dr $485

        To Service revenue A/c $485

(Being sales service is provided for cash)

2. Salary expense A/c Dr $165

   Outstanding salary expense A/c Dr $175

              To Salary and wages payable A/c  $340

(Being salary expense is recorded)

Salary and wages payable A/c  $340

       To Cash $340

(Being salary and wages are paid)

The net cash flow from operating activities would be

= Service revenue - salaries and wages payable

= $485 - $340

= $145

The net income would be

= Sales - salary expense

= $485 - $165

= $320

Cash flow from Operating activities under the indirect method  

Net income $320

Less: Decrease in salary payable - $175

Net Cash flow from Operating activities $145

4 0
3 years ago
a fish is 4 feet below sea level and a Fisherman is standing on a dock that is 5 feet above sea level. How far apart are the fis
mestny [16]
The answer is 1 level apart because 4-5=1 and 5 is 1 more up than 4
8 0
3 years ago
Company A produces and sells 10,000 units of its product for $10 per unit. Variable costs are $4 per unit and fixed costs total
Anastaziya [24]

Answer:

Effect on income= $2,000 decrease

Explanation:

Giving the following information:

Selling price= $10 per unit.

Variable costs are $4 per unit

A move to a larger facility would increase rent expense by $8,000, and allow the company to meet its demand for an additional 1,000 units.

We need to calculate the effect in the income of moving to a larger facility.

Effect on income= total contribution margin increase - increase in fixed costs

Effect on income= 1,000*(10 - 4) - 8,000

Effect on income= $2,000 decrease

6 0
3 years ago
Sheridan sells softball equipment. On November 14, they shipped $3080 worth of softball uniforms to Palos Middle School, terms 2
aniked [119]

Amount will be recognized as net accounts receivable on the balance sheet as of November 30-- $2730

Explanation:

First of all, the order received from Tinley High School has not been delivered  by the end of November ,hence the value of the order is irrelevant for the purpose of calculating net accounts receivable at the end of November.

However, out of the goods of $3080 sold to Palos Middle School,$350 worth has been returned as defective,leaving a balance of $2730       ($3080-$350).

For Palos to be entitled to the discount of 2% they should have made payment by 24th November,which never happened,as a result the accounts receivable stay at $2730.

What Is Net Receivables?

Net receivables are the total money owed to a company by its customers minus the money owed that will likely never be paid. Net receivables are often expressed as a percentage, and a higher percentage indicates a business has a greater ability to collect from its customers.

How do you calculate net accounts receivable?

You calculate net receivables by subtracting allowance for doubtful accounts from accounts receivable (A/R) on the balance sheet. The formula is A/R – allowance = net receivables.

Learn more about balance sheet :

brainly.com/question/910379

#SPJ4

6 0
1 year ago
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