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Paladinen [302]
3 years ago
14

Betty, an accountant, agreed to prepare Tim's income tax returns by April 15th, when they were due. Tim then discovered he neede

d the returns by March 1st for his daughter's college financial aid application. Betty agreed to finish the returns by that date if Tim would pay an additional $250 for her services. Tim felt he had no choice and reluctantly agreed. Now her bill has come. Does Tim have to pay it
Business
1 answer:
vovikov84 [41]3 years ago
6 0

Answer: O Tim must pay because the agreement to complete the tax returns earlier than originally agreed is additional consideration supporting the modification of the contract.

Explanation:

When Tim agreed to Betty's stipulation that for her to finish the returns earlier, he would have to pay an extra $250, he in effect agreed to the modification of the contract.

Modified Contracts are also enforceable by law so Tim has to pay the $250. There was no proof that Betty acted wrongfully as she had to change her schedule and needed to be compensated for the inconvenience. Also even if the modification was not in writing, it is a generally accepted rule that for contracts to be modified orally, the amount must not exceed $500 which it did not.

Tim is very much liable to pay.

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Lake Erie Company uses a plantwide overhead rate with machine hours as the allocation base. Next year, 790,000 units are expecte
Mazyrski [523]

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

790,000 units are expected to be produced taking 0.75 machine hours each.

<u>We weren't provided with enough information to solve the requirement. But, I will give the formulas necessary to guide an answer and a small example.</u>

<u>First, we need to calculate the total amount of machine-hours required:</u>

Total machine hours= 790,000*0.75= 592,500 hours.

Let us suppose that the estimated manufacturing overhead is $850,000.

To calculate the estimated manufacturing overhead rate we need to use the following formula:

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Estimated manufacturing overhead rate= 850,000/592,500= $1.44 per machine hour

Now, we can allocate overhead:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 1.44*0.75 hours= $1.08 per unit

5 0
3 years ago
What is the starting salary for a bookseller? it's for a project. ​
wel

Answer:

$18k–36kper year

Explanation:

3 0
3 years ago
1. What is resistance?<br>utor effect of fricti​
mario62 [17]

Answer:

The description of the given question is explained throughout the section below.

Explanation:

  • The value of the property seems to be under competition from increasing numbers of marketers who'd like to acquire at around that price, the property's amount is increasing, which is defined as resistance.
  • Its positions can sometimes be short-lasting if the fresh result of developments that influence the perceptions of such mainstream economy forward towards the commodity.
5 0
3 years ago
The management of Ro Corporation is investigating automating a process. Old equipment, with a current salvage value of $24,000,
dexar [7]

Answer:

The simple rate of return on the investment is closest to 19.16%

Explanation:

In order to calculate the the simple rate of return on the investment we would have to use the following formula:

simple rate of return = <u>Annual incremental net operating income</u>

                                                  Initial investment

<u />

Initial investment = Cost of the new machine - salvage value of old machine

Initial investment  = $384,000 - $24,000 = $360,000

Annual cost savings = $133,000

Annual depreciation = $384,000/6 = $64,000

Therefore, Annual incremental net operating income = $133,000 - $64,000  = $69,000

Therefore, simple rate of return = $69,000  / $360,000 = 19.16%

The simple rate of return on the investment is closest to 19.16%

6 0
3 years ago
You are asked to assess the current service model for a manufacturing line featuring 8 machines. Based on empirical data you hav
xeze [42]

Answer:

A) 14.72 hours

B)  An additional worker should be hired since the lost work time is 14.72 hours

Explanation:

Number of machines on manufacturing line = 8

percentage of machine been down = 23%

number of workers capable of running and repairing machines = 2

machine productivity ( per machine ) = 18 units/hour

overhead cost / machine = $713

hourly rate paid per worker  = $15

Total number of work hours = 8 hour

A) calculate Total amount of lost worktime

 = number of machines * Total number of work hours * 23%

= 8 * 8 * 23% = 14.72  hours

B) An additional worker should be hired since the lost work time is 14.72 hours

7 0
3 years ago
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