A mutual benefit bailment refers to a situation where both the bailee and the bailor benefit.
This is because the parties benefit in a certain way from the bailment contract.
This arises from the fact that there exists an exchange of performances between the parties.
<h3>When there is a bailment for the benefit of the bailee what type of care is required?</h3>
In a bailment for the sole benefit of the bailee, the bailee must use a high degree of care in taking care of the property bailed,must use the property only as agreed, and must return it when the bailment ends.
The bailor has the right to have the property returned in a safe condition when the bailment ends.
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Answer:
Balance on balance on July 1 is $31490.67
Explanation:
given data
deposited P = $27,000
time = April 2 to May 12 = 40 days
rate = 4 % = 0.04
solution
we get here first compound amount that is express as
amount = P × ...................1
put her value
amount = 27000 ×
amount = $27118.60
and
now we add here $4,200 in $27118.60 that will be
new principal P = $31318.60
and time t = 12 may to July 1 = 50 days
we get here amount that is put value in equation 1 we get
amount = $31318.60 ×
solve it we get
amount = $31490.67
so that balance on balance on July 1 is $31490.67
Answer:
Economic order quantity (EOQ)= 49 units
Explanation:
Giving the following information:
Demand= 480 units per year
Order cost= $10
Holding cost= 10*0.4= $4
<u>Economic order quantity (EOQ) is the ideal order quantity a company should purchase to minimize inventory costs such as holding costs, shortage costs, and order costs.</u>
Economic order quantity (EOQ)= √[(2*D*S)/H]
D= Demand in units
S= Order cost
H= Holding cost
Economic order quantity (EOQ)= √[(2*480*10) / 4]
Economic order quantity (EOQ)= √(2,400)
Economic order quantity (EOQ)= 49 units
Answer:
Explanation:
The journal entry is shown below:
Land A/c Dr $470,500
Land Improvement A/c Dr $87,800
Building A/c Dr $1,452,200
To Cash A/c $2,010,500
(Being these costs are recorded)
The computation of the land is shown below:
= Purchase cost of new plant + tear down cost + fill and level the lot cost
= $390,000 + $33,500 + $47,000
= $470,500