Answer: The creditor will be able to recover $1,350
Explanation:
The amount that the creditor will be able to recover will be the contract price less the damages for the minor breach by the company.
In this case, the company finished all of the tasks except for the cleaning of the oven. Since this is minor with regards to the contract, the company will be seen to have performed its contract.
Since we are told the cost of finishing the job was 10% of the contract cost, this will be regarded as a minor breach, therefore, the owner of the condominium cannot avoid the payment of the price of the contract price. In this case, the creditor will be able to recover ($1500 - $150) = $1,350.
Answer:
Being recognized for a job well done
Explanation:
This document is known as Business plan. A business plan stands as a formal written document including the objectives of a business, the strategies for attaining those goals, and the time frame for the attainment of the goals.
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What is business? </h3>
Business exists as the activity of creating one's living or earning money by producing or buying and selling products. It stands also for "any activity or enterprise joined into for profit.".
A business exists described as an organization or enterprising entity encountered in commercial, industrial, or professional activities. Businesses can be for-profit entities or non-profit organizations. Business classes range from limited liability businesses to sole proprietorships, corporations, and partnerships.
A business plan stands as a formal written document including the objectives of a business, the strategies for attaining those goals, and the time frame for the attainment of the goals. Good business plans should contain an executive resume and sections on products and services, marketing strategy and research, financial planning, and a budget.
A business plan stands as a very significant and strategic tool for entrepreneurs. A good business plan not only allows entrepreneurs to focus on the specific actions essential for them to create business concepts succeed, but it also enables them to achieve short-term and long-term purposes.
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Based on the amount paid by Olive Company for the two year period, the adjusting entry on December 31 would be a debit to an expense and a credit to prepaid expense for $2,050.
<h3>What would be the adjusting entry?</h3>
Based on the accrual method, only costs for the year can be recorded as expenses.
If any costs are for other periods, those costs would be credited to prepaid expenses.
The expense for this year for management services would be:
= Number of months from July to December x Amount paid / number of months in contract
= 6 months x 8,200 / 24 months
= $2,050
In conclusion, expenses will be debited $2,050.
Find out more on prepaid expenses at brainly.com/question/9270086.
