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monitta
3 years ago
10

Contracts Capstone 18 of 25Items 36:16 Assignment completion: 72.00% Item 18After selecting an answer, more information on the t

opic may be found at the bottom of the page The owner of a condominium hired a cleaning and junk removal service to clean his condominium after he moved. The parties agreed in writing that the company was to completely empty out the condominium, wash the walls and floors, and clean the appliances in exchange for $1,500. Shortly after beginning performance, the company assigned to a creditor its right to all monies due under the contract (i.e., $1,500), and the creditor promptly notified the condominium owner of the assignment. The condominium owner acknowledged the assignment. The company continued working, completely emptying out the condominium, washing the walls and floors, and cleaning all of the appliances except for the oven before quitting the job. It would cost $150 to hire a substitute to clean the oven. The condominium owner refuses to pay the creditor anything because of the cleaning service's breach. If the creditor sues the condominium owner, how much, if anything, is the creditor entitled to recover
Business
1 answer:
Debora [2.8K]3 years ago
4 0

Answer: The creditor will be able to recover $1,350

Explanation:

The amount that the creditor will be able to recover will be the contract price less the damages for the minor breach by the company.

In this case, the company finished all of the tasks except for the cleaning of the oven. Since this is minor with regards to the contract, the company will be seen to have performed its contract.

Since we are told the cost of finishing the job was 10% of the contract cost, this will be regarded as a minor breach, therefore, the owner of the condominium cannot avoid the payment of the price of the contract price. In this case, the creditor will be able to recover ($1500 - $150) = $1,350.

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Sidewinder, Inc., has sales of $686,723, costs of $335,000, depreciation expense of $80,000, interest expense of $45,000, and a
algol13

Answer:

The addition to retained earnings is $95,751.

Explanation:

Addition to the retained earning is the net value of net earning of the year and dividend payment.

Net income

Sales                                                $686,723

Costs                                               (<u>$335,000)</u>

Gross income                                  $351,723

Depreciation Expense                   <u>($80,000)</u>

Income before interest and tax     $271,723

Interest Expense                            <u>($45,000)</u>

Income before tax                           $226,723

Tax 22%                                          <u>($49,879)</u>

Net Income                                      <u>$176,844</u>

Addition to Retained Earning = Net Income - Dividend Payment

Addition to Retained Earning = $176,844 - $81,093

Addition to Retained Earning = $95,751

8 0
3 years ago
Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual i
Alisiya [41]

Answer and Explanation:

The journal entries are shown below:

1. Inventory $1,800

        Accounts Payable $1,800

(Being purchased on account)

2. Inventory $50

     To Cash $50

(being freight paid)

3. Accounts Payable $51

     To Inventory $51

(being the returned calculator is recorded)

4. Accounts Receivable $670

       To Sales Revenues $670

(Being sales is recorded)

5. Cost of Goods Sold $460

      To Inventory $460

(Being cost of goods sold is recorded)

6.  Sales returns $40

         To Accounts Receivable $40

(being sales return is recorded)

7. Inventory $28.20

      To Cost of Goods Sold $28.20

(Being cost return is recorded)

8. Accounts Receivable $780

      To Sales Revenues $780

(Being the sales is recorded)

9. Cost of Goods Sold $560

      To Inventory $560

(Being the cost of goods sold is recorded)

5 0
3 years ago
How many peoples in kerala​
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Answer:

2million

Explanation:

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6 0
3 years ago
Read 2 more answers
Advertising, engineering, marketing, product design, and web design are all examples ____ of work.
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Knowledge work includes, among other things, engineering, marketing, product design, and web design.

<h3>What distinguishes service work from manufacturing labor?</h3>

A service economy is built on knowledge-intensive industries and services in economic production, well-educated employees in the occupational market, and innovative enterprises in business. A manufacturing economy is driven by the mass production of products.

<h3>What are the names of networks of businesses that produce product designers, engineers, manufacturing firms, distribution channels, and consumer outlets?</h3>

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4 0
1 year ago
Ronald suffers from dementia that impacts his brain function, but he also has healthy periods of time when his mind is fully fun
vova2212 [387]

Answer:

2. False

Explanation:

Capacity to a contract refers to whether the person to a contract is legally competent to enter into such a contract.

For instance, lunatics, drunkards, minors, criminals and person of unsound mind are deemed incapable of entering into a contract.

A person diagnosed with dementia, which impairs his decision making would normally be regarded as incapable to signing a contract.

But, capacity is ascertained as per the situation i.e at the time the contract is signed or entered into.

In the given case, Ronald entered a contract while he was sane and in healthy state of mind. His judgement at the time of entering such a contract wasn't impaired by dementia.

Thus, the contract will be legally enforceable as per the law.

6 0
3 years ago
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