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Molodets [167]
3 years ago
9

Morgan signs a contract with Shane agreeing to work with him for a movie. Halfway through the production of the movie, Shane dec

ides to quit as he gets another job as a marketing executive. The printed terms in the contract state that when a breach of contract occurs, the breaching party has to pay $20,000 to the nonbreaching party. The contract also has additional handwritten terms that state that in the event of a party being unable to complete the performance required due to unforeseen, unnatural causes, the breaching party does not have to pay any money to the nonbreaching party. Which of the following statements is true in this situation?
(a) Shane has to pay anything
(b) Shane has to pay $20,000 to Morgan for breach of contract
(c) Shane has to pay $5,000 to Morgan as a insurance policy
(d) None of the above
Business
1 answer:
Mice21 [21]3 years ago
5 0

Answer:

(b) Shane has to pay $20,000 to Morgan for breach of contract

Explanation:

In the situation, it is given that Shane decides to quit as he gets another job so he breaks the contract instead of finishing his work on time.  

Due to breach of contract, Shane has to pay $20,000 to Morgan because it is written in the party that if any party breaks the contract than he has to pay the amount. But due to some unnatural causes, no one has to pay.  

In the given case, Shane has deliberately broken the contract so it is compulsory to pay the $20,000 to Morgan.  

Hence, option b is correct

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Coronado Company begins operations on April 1. Information from job cost sheets shows the following. Manufacturing Costs Assigne
dolphi86 [110]

Answer:1)  Balance in work in Process Inventory for   April, May, June

=   $11,200, $22,300,   $11,`100

2) Balance of finished goods for   April, May, June=  $1,500, $11,100, $23,000    

3)Gross profit for May , June, July     $375,$2,775  $5,750    

Explanation:

Given

Manufacturing Costs Assigned

Job Number April       May    June          Month Completed

10              $6,200   $4,900                         May

11                5,000       4,700     $3,100       June

12               1,500                                           April

13                                  5,600 4,600            June

14                                     7,000 4,100      Not complete

Solution

1) Balance in work in Process Inventory

Job      April                        May                                  June

10       $6,200

11          5,000        5,000+ 4700(9,700)

12          -                          -                                              -

13        --                           5,600                                   --

14            ---                     $7000                                   $7000 + 4,100 (11,100)

Total     $11,200             $22,300                                    $11,`100

2) Balance of finished goods

Job      April                        May                                  June

10      ---                       $6,200+ $4,900(11.100)  

11        ----                           ------                            5,000+4,700 + $3,100(12,800)      

12        $1,500                           -                                              -

13        --                           ----                                5,600+4,600 (10,200)  

14           Not complete                       Not complete

Total     $1,500                    $11,100                                $23,000

3) Gross profit for May , June, July.

May = Finished goods from previous month x mark up percent

$1,500 x 25%=$375

June  = Finished goods from previous month x mark up percent

$11,100 x 25%=$2,775

July= Finished goods from previous month x mark up percent

$23,000 x 25%=$5,750

5 0
3 years ago
Firms in every market structure: make long-run economic profits. are in competition with many other firms. leave the market as s
aliya0001 [1]

Answer:

b. False

Explanation:

Firms are not in competition with many other firms in every market structure. Some market structures such as monopolies or oligopolies feature either one single firm, or only a few firms, that frequently collude instead of competing.

Not all firms leave the market as soon as they lose profits. Some do, but others stay. A monopoly can survive decades without increasing its profits.

Not all firms will try to maximize profits, some will try to maximize market share instead, especially in perfectly-competitive market structures.

Not all firms face a horizontal demand curve. In some market structures, demand can be very dynamic, either sloping upwards (increasing) or downwards (decreasing).

4 0
2 years ago
What is the difference between a checking account debit card and a gift card?
vekshin1
A gift card is something that anyone, of any age, can buy. This card works only at the certain business it is for. Such as a Burger King gift card, you can only use that card at Burger King. A checking account debit card is a card you can use in any situation, as long as they have the proper equipment. This card extracts money from your banking account, whereas the gift card has a set amount of money on it. Also, a checking account debit card is only given to people 18 and over, since signing a check is technically signing a contract, and using a debit card goes along the same lines as signing a check. 
6 0
3 years ago
Which senior managers may assume a greater deal of transferability between domestic and international HRM practices?
astraxan [27]

Answer: d. All of the Above

Explanation:

All the above senior managers are more likely to apply more Domestic HRM practices to make them International HRM practices when they are put into a situation where International practices will be needed.

This is because they have been with the Domestic companies for much of their time and so know more about Domestic practices than international.

The first options refers to senior managers in firms with large domestic markets. To be a senior manager demands experience in the market they are in so it is not far fetched to say that they are more knowledgeable in domestic practices than international.

The second option speaks of managers with little International experience meaning they are more likely to engage in transferability between domestic and International practices.

The third option speaks of managers who built their careers on domestic experience. They will find it hard letting go of what has brought them such success so will more likely apply domestic practices on an international scale.

7 0
3 years ago
Atlanta Cement, Inc. buys on terms of 2/15, net 30. It does not take discounts, and it typically pays 65 days after the invoice
shusha [124]

Answer:

The nominal annual percentage cost of its non-free trade credit, based on a 365-day year is 0.2795%

Explanation:

The computation of the nominal annual percentage is shown below:

= Discount rate ÷ (100 - discount rate) × ({Total number of days ÷ payable days} - discount days)

= 2% ÷ ( 100 - 2%) × (365 days ÷ 65 days - 15 days)

= 2% ÷ (98% × 7.3)

= 2% ÷ 7.154

= 0.2795%

The net purchase amount is irrelevant. hence, this part is ignored

5 0
2 years ago
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