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ale4655 [162]
3 years ago
5

Construction contracts often include a provision awarding damages to the buyer at "X" amount of dollars per day for each day the

builder is late in completing the work. The parties to the contract agree on this amount in advance because they know the buyer will incur added costs, or will lose profits, because of the delay. If the amount fixed for the damages is unreasonably high, the court will consider it a ______ and will not enforce it.
Business
1 answer:
jekas [21]3 years ago
7 0

Construction contracts often include a provision awarding damages to the buyer at "X" amount of dollars per day for each day the builder is late in completing the work. The parties to the contract agree on this amount in advance because they know the buyer will incur added costs, or will lose profits, because of the delay. If the amount fixed for the damages is unreasonably high, the court will consider it a <u>Penalty</u>  and will not enforce it.

Explanation:

<u>"Construction Contract" can be defined as  a combination of various  individual documents which focuses on  the different aspect of the project, or it can also be a  multi-page document which contains various  sections that offers details on different aspects of the agreement.</u>

<u />

A construction contract includes

  • Name of contractor and contact information.
  • Name of homeowner and contact information.
  • It describes property in legal terms.
  • The various list of  attachments of the contract.
  • The cost involved
  • Description of the work and its completion date.
  • Right to stop the project.
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MariettaO [177]

Answer:

a. $180

Explanation:

Bad debt expenses is generally classified as Administrative expense and hence it is included in the expense section of the income statement before the calculation of the Net Income.

From the question it is evident that the write offs during the period were $180 and hence the expense recorded in the Income statement as bad debt expense would be $180 because they are unrecoverable for the current period.

Hope this helps.

Thanks buddy.

4 0
3 years ago
Read 2 more answers
Beleaguered State Bank (BSB) holds $500 million in deposits and maintains a reserve ratio of 20 percent. Complete the following
leonid [27]

Answer:

1. See part 1 of the attached excel file for the T-account.

2. See part 2 of the attached excel file for the T-account.

3. Because BSB is cutting back on its loans, other banks will find they have <u>lower</u> reserves, causing them to <u>reduce</u> their loans. Which of the following ways represent an alternative for BSB to return to its original reserve ratio? Check all that apply.

4. The correct options are b. Borrow money from another bank and d. Attract additional deposits.

Explanation:

1. Beleaguered State Bank (BSB) holds $500 million in deposits and maintains a reserve ratio of 20 percent. Complete the following T-account for BSB.

Note: See part 1 of the attached excel file for the T-account.

In the attached excel, the following calculations are made:

Reserves = $500 million * 20% = $100 million

Loans = $500 - $100 = $400

2. Now suppose that BSB's largest depositor withdraws $25 million in cash from her account. BSB decides to restore its reserve ratio by reducing the amount of loans outstanding.

Note: See part 2 of the attached excel file for the T-account.

In the attached excel, the following calculations are made:

Deposits = $500 million - $25 million = $475 million

Reserves = $475 million * 20% = $95 million

Loans = $475 - $95 = $380

3. Because BSB is cutting back on its loans, other banks will find they have <u>lower</u> reserves, causing them to <u>reduce</u> their loans. Which of the following ways represent an alternative for BSB to return to its original reserve ratio? Check all that apply.

4. Which of the following ways represent an alternative for BSB to return to its original reserve ratio? Check all that apply.

The correct options are b. Borrow money from another bank and d. Attract additional deposits.

Download xlsx
4 0
3 years ago
Ruth wants to calculate the present value of a sum of money that she will receive after the demise of her grandparents. to calcu
MatroZZZ [7]
To calculate the present value. she should use the DISCOUNTING METHOD.
The discounting method is a valuation technique that is used to calculate the value of an investment opportunity. The method uses cash flow projections that does not take the future into consideration and discount them to get the present value estimates.
7 0
3 years ago
In pricing a property, what might expired listings tell the real estate professional?
Fynjy0 [20]

The price at which a property won't sell.

<h3><u>What are expired listings?</u></h3>

The listing agreement has a specified end date when a homeowner hires an agent to sell a house. When this deadline passes without the house selling and without the owner renewing the listing agreement with the real estate agency, the listing expires. Similar to how potential buyers frequently include offer expiration dates when submitting offers to sellers. The offer "expires" and can no longer be accepted by the seller if the offer expiration date passes before the seller accepts.

These are four methods for obtaining leads from expired listings:

  • Make Use of the Multiple Listing Service (MLS) to find expired listings
  • Buy Expired Listings
  • Ask Other Real Estate Agents
  • Access public records.

Learn more about expired listings with the help of the given link:

brainly.com/question/14446560

#SPJ4

4 0
2 years ago
According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social security tax and $500,000 was
solmaris [256]

Answer:

Credit to salaries payable of $364,500

Explanation:

There is important to undestand some vocabulary for business aproach.  

A credit to salaries are the amount that the companies owed to their employees.

3 0
3 years ago
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