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seraphim [82]
3 years ago
7

Suppose that Jack and Sophia and Hal enter into an agreement for the sale of the business without the non-competition agreement.

Jack states that he would probably sign the non-competition agreement if they included an extra $100,000. A month later, Hal and Sophia bring Jack $100,000. What is the result?A. Jack cannot change his mind, since he stated that he would probably accept $100,000 additional for the non-competition agreement.
B. If Jack does not accept the $100,000, he may not sell the frozen food, but only for a reasonable amount of time.
C. If Jack does not accept the $100,000, there is a valid contract for the sale of the business, without a non-competition clause.
D. If Jack does not accept the $100,000, there is no valid contract for the sale of the business or for the non-competition agreement.
Business
1 answer:
Gnoma [55]3 years ago
5 0

Answer:

Option "C" is the correct answer to the following question.

Explanation:

In the following situation, Jack, Hal, and Sophia agreed to a business without an agreement, so in this situation, if jack wants not to take $100,000, he is not liable for this because it is the agreement for sale without the non-competition clause.

So, it is a valid contract.

Therefore, option "C" is the correct answer.

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A company’s past experience indicates that 60% of its credit sales are collected in the month of sale, 30% in the next month, an
Naddika [18.5K]

Answer:

$213,250

Explanation:

The calculation of cash inflow is shown below:-

                    Expected cash collections

                       For the month of June

Months       Sales              Percentage     Expected collections

April           $282,500        5%                    $14,125

May            $213,750         30%                  $64,125

June           $225,000        60%                 $135,000

Total collection in the month of June        $213,250

Here we assume Sales for April$282,500, May $213,750 and June $225,000.

Please ignore the last value as it is not relevant to the question

4 0
2 years ago
Marcelino Co.'s March 31 inventory of raw materials is $80,000. Raw materials purchases in April are $500,000, and factory payro
Roman55 [17]

Answer:

Marcelino Co.

Journal Entries:

Debit Raw materials $500,000

Credit Accounts Payable $500,000

To record the purchase of raw materials on credit.

Debit Factory payroll $363,000

Credit Cash $363,000

To record payment for factory payroll.

Debit Work in Process:

Job 307 $135,000

Job 307 $220,000  

Job 308  $100,000

Credit Raw materials $455,000

To record direct materials used in production

Debit Work in Process:

Job 307 $42,500

Job 307 $75,000  

Job 308  $52,500

Credit Factory overhead $170,000

To record overhead applied.

Debit Factory overhead  $175,000

Credit Raw materials $50,000

          Factory payroll $23,000

          Factory rent $32,000

          Factory utilities $19,000

          Factory equipment depreciation $51,000

To record actual factory overhead costs.

Debit Finished Goods Inventory $828,500

Credit Work in Process:

Job 306 $321,500

Job 307 $507,000

To record the cost of finished goods transferred.

Debit Cost of goods sold $321,500

Credit Finished goods inventory $321,500

To record the cost of goods sold.

Debit Cash $635,000

Credit Sales Revenue $635,000

To record the receipt of cash for sales.

Debit Cost of Goods Sold $5,000

Credit Factory overhead $5,000

To record underapplied overhead.

Explanation:

a) Data and Calculations:

Raw materials inventory, March 31 = $80,000

Raw materials $500,000 Accounts Payable $500,000

Factory payroll $363,000 Cash $363,000

Overhead costs incurred in April :

Indirect materials  $50,000 Raw materials $50,000

Indirect labor $23,000 Factory payroll $23,000

Factory rent $32,000 Cash $32,000

Factory utilities $19,000 Cash $19,000

Factory equipment depreciation $51,000 Accumulated depreciation $51,000

Total overhead incurred = $175,000

Predetermined overhead rate = 50% of direct labor cost

Sale of Job 306 for cash = $635,000

                                 Job 306          Job 307          Job 308             Total

Balances on March 31

Direct materials       $29,000          $35,000                                $64,000

Direct labor                20,000             18,000                                   38,000

Applied overhead      10,000              9,000                                    19,000

Costs during April

Direct materials       135,000          220,000          $100,000    $455,000

Direct labor               85,000           150,000            105,000       340,000

Applied overhead    42,500             75,000              52,500       170,000

Total costs            $321,500        $507,000          $257,500 $1,086,000

Status on April 30 Finished (sold) Finished (unsold) In process

3 0
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Lady_Fox [76]
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3 0
2 years ago
Mary Jane is a lawyer who can earn $150 per hour in her law practice. She is also an excellent carpenter who can build cabinets
yaroslaw [1]

Answer:

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Explanation:

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Considering that Mary Jane is 3 times as fast as a good carpenter, her work as a carpenter could be valued as the combined work of three carpenters. But even three carpenters earn less than a lawyer; $60 an hour ($20 an hour per carpenter times 3 carpenters).

So Mary Jane definitely should work as a lawyer and hire a carpenter or even three carpenters to build her cabinets.

5 0
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