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Afina-wow [57]
3 years ago
13

Andrew agrees to paint Rosalene's house for $500. Two days after he starts the job, he decides that $500 isn't enough money. He

refuses to finish the job, unless Rosalene agrees to pay him $100 more. What legal principle applies to this fact situation?
A. The acceptance of additional money to settle a disputed claim is supported by consideration.
B. A past obligation is sufficient consideration for a new promise.
C. Andrew was already obligated to paint the house. He gives no additional consideration in return for Rosalene's promise to pay more money.
D. Rosalene has made a promise in exchange for a forbearance.
Business
1 answer:
PtichkaEL [24]3 years ago
8 0

Answer:

C. Andrew was already obligated to paint the house. He gives no additional consideration in return for Rosalene's promise to pay more money.

Explanation:

In this scenario Andrew had already agreed to do the painting for $500, so he is obligated to do the job or breach the contract.

He does not have a legal backing to make a counter deal in the middle of the job.

If Roseline decides to pay an extra $100 she does so without any obligations. She may or may not pay and Andrew is still obligated to complete the work.

You might be interested in
Kaspar Corporation makes a commercial-grade cooking griddle. The following information is available for Kaspar Corporation's ant
Leto [7]

Answer:

Total cost per unit is $77

Explanation:

Fixed manufacturing overhead per unit = Total fixed manufacturing overhead ÷ Number of units

= $478,800 ÷ 34,200 = $14 per unit

Fixed selling and administrative expenses per unit = Total Fixed selling and administrative expenses ÷ Number of units

= $171,000 ÷ 34,200 = $5 per unit.

Total cost per unit = Direct material + Direct labor + Variable manufacturing overhead + Fixed manufacturing overhead + Variable selling expenses + Fixed selling expenses

Total cost per unit = $15 + $5 + $11 + $14 + $5 + $5 = $55 per unit.

Markup = 40% of total cost = $55 × 40% = $22

Therefore, total selling price per unit = Cost per unit + Markup

= $55 + $22 = $77 per unit.

7 0
3 years ago
Theresa owes $9,000 on her car loan. If the value of her car is $15,000, what is her equity in the car?
pentagon [3]

Answer:

Theresa has $6,000 in equity.

Explanation:

To get this answer, you take the value of her car ($15,000) and subtract the amount that she owes from it ($15,000-$9,000). This gives you $6,000.

Hope this helps!

7 0
3 years ago
The Optical Scam Company has forecast a sales growth of 20 percent for next year. The current financial statements are shown her
Stolb23 [73]

Answer:

The external financing needed for next year is $1,766,004.

Explanation:

The external financing needed for next year can be calculated using the following formula:

External financing needed = ((Total assets / Sales) * Change in sales) - ((Short-term liabilities / Sales) * Change in sales) - ((Projected sales * Profit margin) * (1 - Dividend payout ratio)) ................... (1)

Where;

Total assets =  $24,705,000

Sales = $30,500,000

Change in sales = Sales * Sales growth rate = $30,500,000 * 20% = $6,100,000

Short-term liabilities = Accounts payable = $6,405,000

Projected sales = Sales * (1 + Sales growth rate) = $30,500,000 * (1 + 20%) = $36,600,000

Profit margin = Net income / Sales = $2,630,550 / $30,500,000 = 0.0862475409836066

Dividend payout ratio = Dividends / Net income = $1,052,220 / $2,630,550 = 0.40

Substituting all the values into equation (1), we have:

External financing needed = (($24,705,000 / $30,500,000) * $6,100,000) - (($6,405,000 / $30,500,000) * $6,100,000) - (($36,600,000 * 0.0862475409836066) * (1 - 0.4))

External financing needed = $1,766,004

Therefore, the external financing needed for next year is $1,766,004.

8 0
2 years ago
Brendon wants to sue Fitness Ace, a leading provider of fitness equipments, for negligence. He approaches Arthur Bailey Group, a
Marianna [84]

Answer:  The following would be true if the attorney charges Brendon using a retainer: <u><em>the attorney would charge separately for consultation and paperwork.</em></u>

The attorney from the firm will look into the case and thereby charge separately for consultation and paperwork.

<u><em>Therefore the correct option in this case is (b)</em></u>

8 0
3 years ago
Iaukea Company makes two products from a common input. Joint processing costs up to the split-off point total $47,000 a year. Th
iris [78.8K]

Answer:

Product                                             Net monetary advantage  

X                                                                   (800)                                                                                                                  

Y                                                                   1,000                  

Explanation:

A company should process further a product if the additional revenue from the split-off point is greater than than the further processing cost.  

Also note that all costs incurred up to the split-off point are irrelevant to the decision to process further .  

Product X

                                                                                           $

Additional sales revenue from further processing  

( 47,000-25,400)                                                          21600

Further processing cost                                       <u>       (22,400)</u>

Net monetary advantage                                    <u>         (800)</u>

<u />

Product Y

                                                                                           $

Additional sales revenue from further processing  

( 54,700-37,000)                                                        17,700

Further processing cost                                       <u>       (16,700)</u>

Net monetary advantage                                        <u>  1,000    </u>

Product                                             Net monetary advantage  

X                                                                   (800)                                                                                                                  

Y                                                                   1,000                  

7 0
3 years ago
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