Answer:
$63,852
Explanation:
The computation is shown below:
a) PV of payments is
= $23,500 × (1.07^30 - 1) ÷ (0.07 × 1.07^30)
= $2,91,612
b) The Loan PV of payments is $3,00,000
c) And, the Balloon payment required is
= (Borrowed amount - loan PV payments) × (1 + rate of interest)^number of years
= ($300,000 - $291,612) × 1.07^30
= $63,852
Answer:
What is entirely true about this contract is:
The contract is a VALID contract but is also a VOIDABLE contract on the part of Larry but NOT on the part of Sprint.
Explanation:
As a minor, Larry (he was under the age of 18 when he signed the contract with Sprint) lacks the contractual capacity to enter into the contractual relationship with Sprint. But since he has signed the contract in exchange for the purchase of the cell phone, Larry can either honor the deal or void the contract. This is why the contract is said to be valid but voidable at Larry's behest. However, after Larry has turned 18, if he has not done anything to void the contract, then the contract with Sprint can no longer be voided.
Answer:
Adjusted Bank Balance = $85,000
Explanation:
Adjustment of bank balance is a bank reconciliation procedure, that is used to match the amount in the bank statement with the amount in the company's balance sheet.
To adjust the bank balance, particulars that need to be subtracted or added to the bank statement balance has to be identified and treated accordingly.
For this example, the adjusted balance is calculated thus:
Adjusted bank balance = (Bank statement balance) - (outstanding checks) +(deposit in transit)
Adjusted Bank Balance = 78,000 - 2,400 + 9,400 = $85,000
Note:
outstanding checks are subtracted because they are payments to be made made by the company, representing a liability to the company (payer)
deposit in transit is an income to the company that has not been credited yet, but that will be credited.
Answer:
$ 49,640
Explanation:
The question is asking for PLANNING BUDGET
Planning Budget does not in anyway mean flexible budget.
So the quantity of units for Planning Budget would be what the company budgeted that is 7,300 units
The next step in the solution to the question will be to know the cost per unit. For Direct Labor the price given is $ 6.80 per unit
Total Direct Labor for May in the planning budget would be 7,300 X 6.80 = $ 49,640
Before the times of the labor unions, both the employer and the employee reserved the right of employment at will, meaning either one could terminate the agreement at any time and for any reason.
The correct term for the situation proposed in the question is employment at will. The other options describe agreements that have arisen since the creation of the labor unions.
The first option, a closed shop, described an agreement made between the hiring party and the labor unions in which the hiring party agrees to <u>only hire members of the union</u>, while an open shop is just the opposite.
Collective bargaining, on the other hand, is the long process in which the workers of an institution work through their labor unions in order to <u>negotiate contracts </u><u>and the terms of </u><u>employment</u><u>, which include income and benefits. </u>
Therefore the only option that existed prior to the development of labor unions is employment at will, which allowed the termination of a contract at any time for any reason.
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