Answer:
Invested in some way, not available as a liquid asset.
Explanation:
Banks do not keep all deposited money as liquid assets, such as cash in the house. Actually, they only keep a small amount enough to run the day to day transactions, such as withdrawals. The majority is invested in stocks or lent in some way to generate interest. Putting it simply, there simply is not enough money in them to pay all the deposits if all clients decided to withdraw all their deposited money at the same time.
Answer:
Inferior performance is when a party fails to perform certain express or implied obligations, which impairs or destroys the essence of the contract.
Explanation:
A contract is an agreement expressed in writing or spoken statement between two or more parties that is intended to be enforceable. The contract by the parties usually involves the agreement by one party to provide a service or good in exchange for some compensation. A contract is recognized by law and therefor should be taken seriously, however there are cases when conflict arises due to performance issues on the part of a particular party. The performance issues are;
1. Complete performance
It is also known as strict performance and involves when a party to a contract renders the service exactly as agreed in the contract. The party that the service is rendered to is always satisfied in a complete performance situation.
2. Substantial performance
In this case, a party to the contract has delivered almost complete performance as stipulated by the contract. A substantial performance usually involves a minor breach that can be overlooked.
3. Inferior performance
An inferior performance is an outright breach to the express and implied contractual obligations. This type of performance destroys the very essence of the contract. This usually comes with legal implications to the party whose performance is inferior.
It allows you to carefully conserve and save your money so that you can have more in the long term but also have some to spend on everyday items.
Answer:
The answer is:
1. Acquisition cost.
2. Estimated useful life to the company.
3. Estimated residual value at the end of the asset’s useful life to the company.
Explanation:
1. Acquisition cost/Purchase price: This is the amount at which the asset(s) was bought. The acquisition cost will include the original purchase price, the cost of transporting the asset to the factory etc. and subtract any purchases discount.
2. Estimated Useful life to the company: This is the number of years the purchased asset are estimated to last for. E.g fitting and furniture with an estimated value of 5 years while the equipment for production can be 7 years. This depends on the company policy though.
3. Estimated residual value: This is the amount of money the firm is expected to get from the asset after it has been fully depreciated.
Answer:
Option (d) is correct.
Explanation:
Given that,
Direct materials = $44,200
Direct labor = $31,800
Manufacturing overhead = $25,200
Selling expenses = $22,100
Administrative expenses = $37,100
Conversion cost:
= Direct labor + Manufacturing overhead
= $31,800 +$25,200
= $57,000
Therefore, the conversion costs during the month totaled $57,000.
