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g100num [7]
3 years ago
15

Planners & Builders, Inc., enters into a contract with O’Reilly to refurbish a garage on his property as an auto repair shop

. O’Reilly’s neighbor Nora challenges the project as a violation of the local zoning laws. A court orders a permanent halt to the project. O’Reilly’s contract with Planners & Builders is
a.discharged.
b.not affected.
c.breached.
d.suspended.
Business
1 answer:
bazaltina [42]3 years ago
5 0

Answer:

a. discharged.

Explanation:

Based on the scenario it can be said that after the court order, O’Reilly’s contract with Planners & Builders is officially discharged. In the context of the law, a discharged contract is a contract or agreement that has been terminated or made null. This can happen due to many reasons, such as fulfillment of a contract, inability to fulfill one parties duties, Bankruptcy, etc. In this case it was due to a court order.

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Average demand for a particular item is 1,200 units per year. it costs $100 to place an order for this item, and it costs $24 to
Anika [276]
On average this item will be ordered "once a <span>month".
We can find the order interval by dividing the EOQ (economic order quantity), in above situation that is equal to 100 and annual demand is equal to 1200.
So, the time interval in which this item will be ordered;
100/1200 = 1/12
it means 1/12th of a year that is equal to once a month.
</span>
3 0
3 years ago
On July 1, 2022, Cullumber Co. pays $ 22,400 to Pharoah Insurance Co. for a 4-year insurance contract. Both companies have fisca
Brrunno [24]

Journal Entries in the books of Pharoah Insurance Co are as follows:

Date              Account Titles and Explanation     Debit       Credit

July 1, 2022 Cash                                            $22,400

Unearned Service Revenue                                             $22,400

To record the receipt of payment for insurance contract for 4 years.

Date                          Account Titles and Explanation     Debit       Credit

December 31, 2022 Unearned Service Revenue         $2,800

Service Revenue                                                                            $2,800

To record the service revenue earned from July 1, 2022 to December 31, 2022.

Data Analysis:

July 1, 2022 Cash $22,400 Unearned Service Revenue $22,400

December 31, 2022 Unearned Service Revenue $2,800 Service Revenue $2,800 ($22,400 x 6/48)

Thus, only $2,800 is credited to the Service Revenue account for the year ended December 31, 2022.

Learn more on adjusting Unearned Service Revenue at brainly.com/question/14783594

3 0
3 years ago
Some investment projects require that a company increase its working capital. Under the net present value method, the investment
Fofino [41]

Answer:

C) both an initial cash outflow and a future cash inflow.

Explanation:

Net present value method: The initial investment is subtracted from the discounted cash inflows of present value in this approach. If the sum is positive than the project, otherwise it is not beneficial to the company.

In mathematically,

Net present value = Present value of all annual cash inflows after the discount factor is applied - initial investment

The change in working capital impact the initial cash outflows and future cash inflows i.e net present value

7 0
3 years ago
Which of the following statements best describes accounting for a partnership?
svetlana [45]

Answer:

B. A partnership may use federal income tax rules to account for transactions in their journals and ledger accounts.

Explanation:

There is a lot of difference in accounting of normal partnership firms and that of non profit organisations.

Simply a partnership firm cannot be formed as a non profit entity.

A partnership can use any federal laws in compliance and do accounting entries in accordance with them.

The partnership equity section only contains partner's capital account as there are no retained earnings section.

Partnership's do not pay dividend, and if it does it is not limited to money.

7 0
3 years ago
ou are comparing two mutually exclusive projects. The crossover point is 12.3 percent. You have determined that you should accep
Verdich [7]

Answer:

the options are missing:

  1. Always accept Project A.
  2. Accept Project B if the required return is less than 13.1 percent.
  3. Be indifferent to the projects at any discount rate above 13.1 percent.
  4. Accept Project B only when the required return is equal to the crossover rate.
  5. Always accept Project A if the required return exceeds the crossover rate.

the answer is:

5. Always accept Project A if the required return exceeds the crossover rate.

The crossover point tells us that one project must be chosen if the IRR is higher than the cross over point, but if the IRR is lower, then the other alternative should be selected.

In this case, the cross over point is 12.3% and we are told that project A should be selected if the required IRR is 13.1%. That tells us that the alternative that we must choose above 12.3% is project A. Project B should be selected if the IRR is less than 12.3%.

3 0
3 years ago
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