All categories

3 years ago

A provision requiring a construction contractor to pay $300 for every day it is late in completing the construction contract is:

Business

1 answer:

jasenka [17]3 years ago

7 0

Answer:

liquidated damages provision.

Explanation:

Liquidated damages can be regarded as one that is been presented in some particular legal contracts which is an estimate of otherwise intangible to one of the party or hard-to-define losses. It can be regarded as a provision which give room for the payment of a specified sum in case there is breach of contract by one of the parties. It can be regarded as contractual provision set up so that a party in breach will need to make a payment of pre-determined amount , which serve as compensation for failure by breaching partyin performing particular obligation.

For instance, provision requiring a construction contractor to pay $300 for every day it is late in completing the construction contract is liquidated damages provision.

You might be interested in

Marigold Corp.'s account balances at December 31, 2020 for Accounts Receivable and the related Allowance for Doubtful Accounts a

strojnjashka [21]

Answer:

The necessary adjusting entry would include a credit to the allowance account for $40080

Explanation:

Marigold Corp.'s Account Balances

At December 31, 2020

Accounts Receivable $917000 Debit

Allowance for Doubtful Accounts $1920 credit

Bad Debts $42000

Unadjusted Balance of Uncollectibles $ 1920

Estimated Balances $ 42000

Required Adjustment $ 40080

The data tells that the Allowance for Doubtful Accounts has a credit balance of $1920 the required adjustment to the allowance for doubtful accounts is $ 40080. The required entry is

Bad debts Expense 40,080 Dr.

Allowance for Doubtful Accounts $40,080 credit

4 0

3 years ago

Dagny taggart has just purchased a home and taken out a $400,000 mortgage. The mortgage has a 30minus−year term with monthly pa

Sophie [7]

First we have to calculate the monthly payment on the mortgage which is calculated as =PMT(rate,nper,pv) in excel

Monthly payment = PMT(0.054/12,30*12,400000) = $2,246.12

To calculate the amount of principal for the first three months, we construct the amortization table as shown below:

Month Payment Interest Principal Outstanding

0 400000

1 $2,246.12 1800 $446.12 $3,99,553.88

2 $2,246.12 1797.992446 $448.13 $3,99,105.75

3 $2,246.12 1795.975857 $450.15 $3,98,655.60

Total Principal $1,344.40

The total amount of principal that dagny will pay during the first three months of her mortgage is closest to: $1,344.40

7 0

3 years ago

Shown below are selected data from the financial statements of the Supreme Company. (Dollar amounts are in millions, except for

Yuki888 [10]

Answer:

a. Gross profit rate = Gross profit / sales

= $710,000 * 100

$1,230,000

= 57.72%

b. Supreme Operating Income

Gross Profit $710,000

Operating expenses (440,000)

Operating Profit  270,000

c. Return on Asset = Return/ Average Asset

= $390,000 * 100

$4,000,000

= 9.75%

d. Return on equity = Return / Average equity

= $390,000 * 100

$2,400,000

= 16.25%

e. Price-earnings ratio = Market price per share / earnings per share

= $88/ $4

= 22

Explanation:

Computation of Gross profit

$'000

Net Sales 1,230

Cost of goods sold (520)

Gross Profit 710

3 0

3 years ago

Partnership incurred $15,000 of organizational costs and $75,000 of startup costs in 2011. JKL may deduct $5,000 each of organiz

barxatty [35]

Answer:

False

Explanation:

The cost incurred to startup the business before realization of benefit from the business is called startup cost.

On the other hand organization cost ia a cost which is incurred to organize the business operations.

Startup cost can be amortized over a specific period of time. But the organizational cost is charged when it is incurred, it can not be amortized.

8 0

3 years ago

The ______ approach is a management approach that advocates the idea that a manager's attitude toward employees can affect produ

padilas [110]

Answer:

Human Relations Approach

Explanation:

According to my research on studies conducted by various sociologists, I can say that based on the information provided within the question the approach being described is called the Human Relations Approach. Like mentioned in the question this approach refers to the view that the effectiveness of any organisation depends on the quality of relationships among the people working in the organisation.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

4 0

4 years ago