Answer:
A court will most likely;
1. Allows the parties to rescind the contract.
Explanation:
The contract includes all the costs of insuring and shipping the painting from France to New York.
Since, the agent that made the shipping estimate makes a mistake when adding up the costs and, as a result, the shipping cost listed in the contract is $1,000 less than the actual shipping costs. A court will most likely allow the parties to rescind the contract because a part of the contract agreement has been breached in error.
Answer:
$107,600
Explanation:
The cash balance on Lechwe' bank would be calculated as;
Cash balance = Corrected cash book balance + Outstanding cheques - Deposit in transit
Given that;
Corrected cash book balance = $93,000
Outstanding cheques = $45,200
Deposit in transit = $30,600
= $93,000 + $45,200 - $30,600
= $107,600
Therefore, the December 31 cash balance on Lechwe's bank statement is $107,600
Answer: 49.10 pee unit
Explanation:
Direct materials = $14.30
Add: Direct labor = 23.90
Add: Variable manufacturing overhead = 3.00
Add: Avoidable overhead = 28.30 - 28.40 = 0.10
Avoidable cost = 41.10
The maximum amount that the company should be willing to pay an outside supplier per unit for the part if the supplier commits to supplying all 53,000 units required each year will be:
= 41.10 × 53000 + 424,000 / 53000
= 49.1 per unit
Answer:
<em>(1) Financial</em>
<em>(2) Environmental and</em>
<em>(3) Social factors</em>
Explanation:
A corporation should focus towards giving its best in the 3 respective areas of <em>Financial, Environmental and Social factors </em>as per <em>Elkington</em>.
<em>(1) </em><u><em>Financial factors</em></u>
A company should thrive towards achieving better profit, sales and reducing its debt over the period of time etc.
<em>(2) </em><u><em>Environmental factors</em></u>
A company should perform its operations in such a way that it doesn't impact the environment i.e. it doesn't cause material air, water and soil pollution and large deforestation etc.
<em>(3) </em><em><u>Social factors</u></em>
Adhering to the concept of <em>Corporate Social Responsibility (CSR)</em> is important, as it relates to taking care of the people. Giving charity and donations and proper and fair treatment of employees etc. are the areas which are looked upon in this.
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The income effect shows a change in someone or the economy's income and how it changes the quantity of a good or service. If one is making more, they are usually buying more of something. If someone is making less, they are often buying less of something.
In the market for magazines, the "income effect" means that if the price of a magian rises magazine readers will purchase less magazines.