Answer:
Yes, Thompson is correct in his claim to be a third party beneficiary of the Cannon-insurer contract.
Explanation:
A third party contract covers an individual or firm against a loss caused by some third-party.
An example is fire insurance that will indemnify Thompson (third party) with Cannon-insurer contract.
Since Cannon is the insured, he will investigate to be sure that the cause of the fire was worthy of indemnity. This is definitely why he is in agreement with the insurer.
The two main categories of third-party insurance are liability coverage and property damage coverage.
Answer:
Ross' recognized gain or loss is $3,000
Ross' basis for the new residence is $125,000
Explanation:
check the picture attached below for explanation
Answer:
Security Deposit
Explanation:
Security deposit is the correct answer because this is the amount that has been considered by the owner when there is any damage occurs. This amount is paid initially which is more than the monthly payment and refundable when the agreement finishes. In the given question it can be clearly seen that the security money is more than monthly payment of $2000.
Answer:
Allocated MOH= $220
Explanation:
<u>To calculate the predetermined manufacturing overhead rate we need to use the following formula:</u>
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= (2,890,000 + 850,000) / 85,000
Predetermined manufacturing overhead rate= $44 per direct labor hour
<u>Now, we can allocate overhead:</u>
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 44*5
Allocated MOH= $220
Answer:
Economic integration
Economic integration is the unification of economic policies between different states, through the partial or full abolition of tariff and non-tariff restrictions on trade.
The trade-stimulation effects intended by means of economic integration are part of the contemporary economic Theory of the Second Best: where, in theory, the best option is free trade, with free competition and no trade barriers whatsoever. Free trade is treated as an idealistic option, and although realized within certain developed states, economic integration has been thought of as the "second best" option for global trade where barriers to full free trade exist.
Economic integration is meant in turn to lead to lower prices for distributors and consumers with the goal of increasing the level of welfare, while leading to an increase of economic productivity of the states.