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aleksandr82 [10.1K]
3 years ago
12

Gerald rowe spends a weekend helping his neighbor john fritz build a new garage. two weeks later, after the garage is complete,

john tells gerald that he will pay him $500 for helping with the garage. later, john decides he will only pay gerald $250. can gerald sue john for the extra $250? why or why not?
Business
1 answer:
Ivanshal [37]3 years ago
7 0

Answer:

cannot sue John for the extra $250 asJohn made the promise to him based on past consideration.

Explanation:

When Gerald was helping John build the garage, there was no agreement between them on payment for services. After the two weeks John made the promise to pay Gerald.

This is not a binding promise as John is paying Gerald at his own discretion as a past consideration, since no contract was agreed between them.

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Responding to pressure for _____ requires that a firm differentiate its product offering and marketing strategy from country to
taurus [48]

Answer:

The correct answer to the following question is option E) being locally responsive.

Explanation:

Local responsiveness can be defined  as the degree to which a company must make customization in its products and method , which are necessary in order to meet the conditions in other countries. A company need to make customization in order to meet the diverse demands of the people , which arises because of the different taste and preferences, competitiveness in the market, difference in distribution model, government policies etc.

3 0
3 years ago
Oki Company pays $264,000 for equipment expected to last four years and have a $29,000 salvage value. Prepare journal entries to
andrew-mc [135]

Answer and Explanation:

Any additional cost incurred on account of improving the performance of long term asset is called capital improvement.

1. New component was purchased to improve the efficiency of the equipment.

Journal entry:

Particulars                         Debit                        Credit

Equipment                          $22,000

                 Cash                                                   $22,000

(Being component purchased for cash)

Equipment is debited as capital improvements are made.

2. In the third year, some repair expense incurred for maintaining the efficiency of equipment.

Journal entry:

Particulars                         Debit                        Credit

Repair expense                 $6,250

                 Cash                                                   $6,250

(Being repair expense incurred and paid in cash)

increase in expenses is debited and decrease in asset (cash) is credited.

3. Since repairs is improving the useful life of the equipment, it is considered capital improvement, so the same will be charged to the equipment.

Journal entry:

Particulars                         Debit                        Credit

Equipment                         $14,870

               Cash                                                   $14,870

(Being repair expense charged to equipment)

4 0
3 years ago
Monroe Minerals Company purchased a copper mine for $120,000,000. The mine was expected to produce 50,000 tons of copper over it
NikAS [45]

Answer:

Net Income = $4,560,000

Explanation:

           Monroe Minerals Company

                 Income Statement

For the year ended, December 31, 20Y1

Revenues:

Sales revenues (6,000 tons of copper × $4,500)        = $27,000,000

Operating Expenses:

            Operating expenses                     $8,040,000

            Depreciation expenses (Note 1) <u> $14,400,000 </u>                

Total operating expenses                                                 <u>  22,440,000</u>

Net operating income                                                       $4,560,000

<em>Note 1</em>

Depreciation expense rate =

Cost of equipment ÷ expected unit production

or, Depreciation expense rate = $120,000,000 ÷ 50,000 tons of copper

or, Depreciation expense rate = $2,400/ton

Therefore, depreciation expense for the year 1 = $2,400 × 6,000 = $14,400,000.

6 0
3 years ago
Which of the following is not a determinant of a consumer's demand for a commodity?
uranmaximum [27]

Answer:

Law of Diminishing Marginal Utility

Explanation:

Demand refers to the volume of a product or service consumers are willing to buy at a given price over time. Demand is high when customers are willing to buy more of a product. Several factors influence the demand levels of a product. They include

  • Consumers preferences and tastes
  • consumers income
  • prices of related goods
  • consumer expectation on future prices
  • number of consumers in the market
  • Income distribution

The law of diminishing marginal returns associates the utility derived from an additional input while holding other factors constant. The law claims that the marginal utility of an input declines as its supply increases. It does not influence the demand for a product in any way.

5 0
3 years ago
You've borrowed $20,000 on margin to buy shares in ixnay, which is now selling at $40 per share. your account starts at the init
zzz [600]

Answer:

a. will you receive a margin call?

No you wouldn't. You borrowed $20,000 on the margin which means that you invested $20,000 of your own money. You purchased 1,000 stocks (= $40,000 / $40) of ixnay at $40, and now the stock price is $35. This means that you lost $5,000, and you percentage on the margin = $15,000 / $35,000 = 43%. Since the maintenance margin is 35%, you are still in.

b. how low can the price of ixnay shares fall before you receive a margin call?

we can use the following formula = (1,000price - $20,000)/1,000price = 35%

350price = 1,000price - $20,000

$20,000 = 1,000price - 350price = 650price

price = $20,000/650 = $30.769 ≈ $30.77 or lower

3 0
3 years ago
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