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Papessa [141]
3 years ago
10

Molly sells bracelets to Jean's Place, a boutique store. Molly is scheduled to deliver 100 bracelets on July 1. On June 15, Jean

, the owner of Jean's Place calls Molly and says "I might not be able to pay for your bracelets." Molly does not deliver the bracelets on July 1. Jean can probably recover from Molly for breach of contract. Group of answer choices True False
Business
1 answer:
BabaBlast [244]3 years ago
6 0

Answer: False

Explanation:

The contract is such that Molly agreed to bring bracelets if Jean would pay for said bracelets.

The terms of the contract therefore are that Jean would pay and Molly would deliver. Jean then calls Molly and says that they will be unable to pay which means that they are not going to be able to hold up their responsibilities in the contract.

Molly has the right to then cancel the contract because the other party will not be able to perform their obligations and face no repercussion for it.

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Misterio Company uses a standard costing system. During the past quarter, the following variances were computed:
kotykmax [81]

Answer:

1. Total hours allowed = 40,000

  Actual direct labour hours worked = 52,000.

2. Standard hourly rate = $10

   Actual rate = $10.2

3. Actual output= 20,000 units

Explanation:

The variable overhead efficiency variance in hours= variable overhead efficiency variance in Dollar/Variable overhead standard rate

= $24,000/$2= 12,000 hours unfavorable

Let the actual hours be V

Let the standard hours for the actual output achieved be = V

The actual hours worked = 130% of the standard hours allowed

Actual hours =130% × V = 1.3V

1.3V - V= 12,000

V=12000/0.3=40,000

Total hours allowed = 40,000

Actual labour hours= 130%× 40,000=52,000

Total hours allowed = 40,000

Actual direct labour hours worked = 52,000.

Standard labour rate =

Labour effciency variance in Dollar /Labour efficiency variance in hours

= 120,000/12,000=$10

Standard hourly rate = $10

Rate variance = (Actual rate - standard rate)× Actual hours

Let the actual rate be = Y

      10,400   = ( Y - 10) × 52,000

10,400= 52000Y- 520,000

Y= (520,000 + 10,400)/52,000=10.2

Actual rate = $10.2

Standard labour hours for actual output = Actual output × standard hours

Let the actual output be = m

40,000 = m × 2

m= 40,000/2= 20,000 units

Actual output= 20,000 units

3 0
3 years ago
What is the most popular ownership structure within the u.S.?
Shkiper50 [21]

Answer: As far as business is concerned, the most popular ownership structure in the U.S. is SOLE PROPRIETORSHIP.

Explanation:

Sole proprietorship is the form of business that is owned by a single person, it is easy to form and the business owner exercises total control over their business.

The business owner is solely liable for losses made in the business, and also enjoys all the profits of the business alone.

Usually this kind of business will mostly end with the death of the business owner.

3 0
3 years ago
You are planning to buy 2019 MINI Cooper on a loan. Price of the car is $26,000. You are planning to make monthly payments for t
Sergeu [11.5K]

Answer:

$1,223.91

Explanation:

As per the concept of time value of money, the value of money today is more than the value of money tomorrow.

Given:

Price of car = $26,000

Interest rate 12%, compounded monthly

Tenure = 2 years

Now, Price of the car is the value of money today to purchase the car. So, while computing the monthly payment for car $26,000 will be considered as present value.

Monthly payment for car can be computed easily using Microsoft excel.

Use the following mentioned formula to calculate the monthly payment.

"=PMT(rate,nper,pv,[fv])"

wherein,

Rate = 12%/2 (because it has been compounded monthly)

nper = 2*12 (because 2 years are to be compounded monthly.)

Pv = $26,000 (as mentioned earlier)

Since, there is no Fv so it blank.

5 0
3 years ago
Suppose the United States has a comparative advantage over Mexico in producing pork. The principle of comparative advantage asse
vichka [17]

Answer:

d. Mexico has nothing to gain from importing United States pork.

Explanation:

The principle of comparative advantage asserts that countries (in this case Mexico) are better off importing certain goods (in this case pork), given that the opportunity cost of importing such goods are less in comparison to the production costs of manufacturing them within the country.

By definition, a country is said to have a <em>comparative advantage</em> over another, when they can produce a certain good or service at a lower marginal or opportunity cost.

6 0
3 years ago
On November 1, 2021, Aviation Training Corp. borrows $51,000 cash from Community Savings and Loan. Aviation Training signs a thr
nekit [7.7K]

Answer:

1. November 01,2021

Dr Cash 51000

Cr Notes Payable 51000

2. December 31,2021

Dr Interest expense 510

Cr Interest Payable 510

3. February 01,2022

Dr Interest expense 510

Dr Interest Payable 255

Dr Notes Payable 51000

Cr Cash 51,765

Explanation:

Preparation of to record the necessary entries

1. November 01,2021

Dr Cash 51000

Cr Notes Payable 51000

(Being to Record the issuance of note)

2. December 31,2021

Dr Interest expense 510

(51,000*6%*2/12)

Cr Interest Payable 510

(Being to record the adjustment for interest)

3. February 01,2022

Dr Interest expense 510

Dr Interest Payable 255

(51,000*6%*1/12)

Dr Notes Payable 51000

Cr Cash 51,765

(510+255+51000)

(Being to Record the repayment of the note at maturity)

6 0
2 years ago
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