Answer:
One company pays 100%, the other re-reimburses 50%
Explanation:
If an environmental assessment found that the two companies share joint and several liability for a hazardous materials cleanup.
What could happen if the two of them don't agree to cooperate in the cleanup is that one of the companies will eventually settle the costs fully while the other party will have to reimburse the party that pays, 50%.
The paying company could make claims because the environmental impact assessment has already found both companies jointly liable. hence each company ought to jointly share the costs
Answer:
The cost of goods sold is $4,800
Explanation:
Given,
Beginning Inventory = $1,000
Ending Inventory = $1,200
Cost of goods manufactured = $5,000
Cost of goods sold = Beginning Inventory + Cost of goods manufactured - Ending Inventory.
Cost of goods sold = $1,000 + $5,000 - $1,200
Cost of goods sold = $4,800
Answer:
$34,500
Explanation:
Depreciation is the systematic allocation of the cost of an asset to p/l based on its estimated useful life.
Assets are initially recorded at cost be carried subsequently at the net book value which is the cost less residual or salvage value then divided by the estimated useful life. Mathematically, using the straight line method,
Depreciation = (cost - residual value)/useful life
let the residual value ( which is the estimated value obtainable from the disposal of the asset at the end of its estimated useful life) be p
4000 = (66500 - p)/8
32000 = 66500 - p
p = 66500 - 32000
= $34,500
Answer:
The statements that are correct about money are
(1) With the use of money, double coincidence of wants is not necessary in an exchange.
(2) With the use of money, the cost of looking for trading partners can be lowered.
Option: (A)
Explanation:
The concept of using money having a predefined value emerged from the idea of how convenient it would be to have a common commodity of exchange that could be used in exchange for anything and everything offered for sale. After the barter system eventually came to an end, the process of determining monetary values of commodities of day to day use began and inveterated gradually. As the prevalence of the use of common money grew, the necessity of double coincidence of wants ended soon. People who wanted to exchange wheat for maize no longer had to wait to come across someone who wanted to exchange maize for wheat.
With the introduction of money and an increase in its use, the time and efforts required to find a partner to trade with decreased dramatically. This made transactions more convenient and affordable and more people began to involve themselves in trading activities. The use of money not only dispensed ease of doing business but also helped in establishing faith and reliability among trading partners.
It would be $125,000 + $10,000=$135,000 the insurance company would need to pay
