Answer:
D
Explanation:
Substancial performance is a terminology used in contract law. It actually means the degree of performance of a contract work which is not completely or fully finished,but is so nearly equivalent that it would be unfair to deny the contractor the payment agreed upon in the contract. The owner has a right to recover whatever damages he has incurred by reason of the contractor's failure to render full and complete performance.
Building Restoration must have at least substantially performed the it's side of a bargain before they can call on the CasualDining,Inc to perform the their side of the bargain e.g. by paying an agreed amount. What actually constitute substantial performance depends on the circumstances.
Answer:
c. $74,000
Explanation:
Raw Material Ending Inventory = Raw Material Beginning Inventory + Purchases - Cost of material for the year
Raw Material Ending Inventory = Raw Material Beginning Inventory + (Total Purchases- Indirect material purchased) - Cost of material for the year
$25,000 = $27,000 + ( $100,000 - $28,000 ) - Cost of material for the year
$25,000 = $27,000 + 72,000 - Cost of material for the year
$25,000 = $99,000 - Cost of material for the year
Cost of material for the year = $99,000 - $25,000
Cost of material for the year = $74,000
Answer:
2017 = $2,587.50
2018 = $10,350
Explanation:
The computation of the depreciation expense using the straight line method for the year 2017 and 2018 are shown below:
As we know that
The formula to compute the depreciation expense under the straight-line method is
= (Purchased Cost - salvage value) ÷ useful life
For 2017 year
= ($80,360 - $7,910) ÷ 7 year
= $10,350
For 3 months, it is
= $10,350 × 3 ÷ 12
= $2,587.50
And, for 2018, it is $10,350
Taking the project will decrease the book value of the firm's debt outstanding
