Answer: Substantial performance
Explanation: In simple words, it refers to a doctrine under which one party can recover damages if it performs the specified job substantially even though they do not do the job completely.
In the given case, Carpet and rugs did the job for downtown completely but chooses to use another brand.
Hence from the above we can conclude that the given case is an example of substantial performance.
Answer:
Obligations that are due within one year are: reported as a current liability.
Explanation:
Current liabilities are the obligations that the company has, and that are due (that have to be paid) within one year.
An common example of a current liability are taxes: most taxes have to be paid to the government within one year, therefore, companies include them in the financial statements as current liabilities until they are paid.
Long-term liabilities are on the other hand, those obligations that are due for periods longer than one year. Many bank loans fall under this category.
Answer:
the depreciation expense for 2022 is $3,000
Explanation:
Straight line method of depreciation charges a fixed amount of depreciation over the period of use of an asset.
Depreciation Expense = (Cost - Residual Value) / Number of useful life
= ($81000 - $21000) / 5
= $12,000
The Annual depreciation charge for this machine will be $12,000 for each of the years that it is used in the business.
However since it was paced in use during the year that is 1 October, we have to apportion the Annual charge withe number of months that its has been in use during 2022.
It has been used for 3 months thus depreciation charge is :
Depreciation = 3/ 12 × $12,000
= $3,000
Answer:
Yes, Loan would meet our requirement to commute for an impressive summer internship program next year
<u>Explanation:</u>
Taking a loan would meet our requirement of buying a car. We will be able to make the downpayment. This will enable us to buy a car. So the decision to take the loan will be valid.
It will help us in commuting easily for the summer internship program. We will immediately get the car after making down payment and will avail of the benefits of using the car. This is a healthy type of debt.
Answer: 20000
Explanation:
Fixed Operating cost = $500,000
Variable cost = $50 per unit
Selling price = $75 per unit
Break Even Quantity can be calculated as:
Fixed Cost/Unit contribution margin
= 500,000/(75-50)
= 500,000/25
= 20,000
