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Liono4ka [1.6K]
3 years ago
5

Gates entered into a contract with Mennonite Deaconess Home & Hospital for the installation of a new, "one-ply roofing syste

m." The work was to be done by an installer chosen by Mennonite but approved by Gates. When the work was nearly complete, but before Gates had approved the work, the hospital paid the installer 90 percent of the balance due. After inspection, Gates did not approve, and in addition, the roof leaked and had to be replaced at the hospital’s expense. The hospital claimed that Gates was responsible for the quality of the work. Gates claimed that he could not be held accountable because service contracts are not covered by the Uniform Commercial Code. Did the contract involve goods or services, and will Gates be held responsible? [Mennonite Deaconess Home & Hospital Inc. v. Gates Engineering Co., 363 N.W.2d 155 (Nebraska)]
Business
1 answer:
Whitepunk [10]3 years ago
6 0

Answer:

The Supreme Court of Nebraska ruled that the core of the contract involved the sale of goods, since the Hospital was purchasing the one-ply roofing system. Even though labor was included, the contract was predominantly about a good, not a service. E.g. when you purchase a car, someone sells it to you, but the core of the contract is the sale of the car.

In other words, Gates was responsible for selling a roofing system (good) and he is responsible for any defects.

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Your younger sister needs $50 to buy a new bike. she has opened a lemonade stand to make the money she needs. your mother is pay
Elis [28]

Elastic demand means that consumers are sensitive to price and that increased prices can lead to lower sales. There isn't enough information to fully answer this question. We don't know how elastic the demand is. If the demand is only slightly elastic, the increased price and lower demand could still equal higher profits.

5 0
3 years ago
Fairfield company's raw materials inventory transactions for the most recent month are summarized here: beginning raw materials
astraxan [27]

<u>Calculation of raw materials cost added to the work in process inventory account during the period:</u>

Raw materials issued using materials requisition 1445 for Job 101  = $25,000

Add: Raw materials issued using materials requisition 1446 for Job 102 = $35,000

Add: Materials requisition 1447 used on multiple jobs 1= $30,000

Total raw materials cost added to the work in process inventory account during the period =<u> $90,000</u>


4 0
3 years ago
Wen Co. purchased a building for $200,000. Wen paid $20,000 in lawyer and title fees. Wen also paid an additional $15,000 to mod
Alexeev081 [22]

Answer:

$235,000

Explanation:

A company can capitalize the cost of assets, delivery cost, legal & documentation charge and any other directly attributable cost that is incurred to bring the asset in the condition as intended by management.

Therefore, cost of asset, title fee and building modification fee shall be added in the cost of asset as follows:

Cost of Asset                           200,000

Lawyer and title fee                   20,000

Building Accommodation        <u>   15,000</u>

Total                                          <u>235,000</u>

4 0
3 years ago
Marvin Gaye's song "Gotta Give It Up" was protected by ___________ .
monitta

Answer:

d. not selected option d copyright

6 0
3 years ago
Read 2 more answers
Santiago Systems Income Statement For the Year Ended December 31, 20X2 Amount Percent Net sales $5,345,000 100.0% Less: Cost of
solmaris [256]

Answer:

1)Dividend per share = 1

2)Dividend yield = 5%

3)Dividend payout ratio = 0.39

Explanation:

As per the data given in the question,

Net sale = $5,345,000

Cost of goods sold = $3,474,250

Gross margin = $5,345,000 - $3,474,250 = $1,870,750

Operating expenses = $1,140,300

Operating income = $1,870,750 - $1,140,300 = $730,450

Interest expenses = $27,000

Income before taxes = $730,450 - $27,000 = $703,450

Income tax(40%) = $281,380

Net in come = $422,070

Preference of dividend = $40,000

Earnings available to common stockholders = $422,070 - $40,000 =$382,070

Common stock = $150,000

Earning per share = $382,070÷$150,000 = 2.55

Dividend to common stockholders = $150,000

Dividend per share = $150,000÷$150,000 = 1

Market price of common share = $20

Dividend yield = (Dividend per share×100÷market price of common share) = 5%

Dividend payout ratio = Dividend per share÷earning per share =1÷2.55 = 0.39

3 0
2 years ago
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