1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
GrogVix [38]
2 years ago
6

In a cost reimbursable contract, _____. the contract usually details the quality of the goods or services, the timing needed to

support the project, and the cost of delivering goods or service the organization agrees to pay the contractor for the cost of performing the service or providing the goods plus a profit the contract provides an incentive for performing on the project above the established baseline in the contract the contractor assumes the risks for unexpected increases in labor and materials that are needed to provide the service or materials and in the quantity of time and materials needed developing a clear scope of work, creating a list of highly qualified bidders, and developing a clear contract is critical
Business
1 answer:
JulsSmile [24]2 years ago
7 0

Answer:

the organization agrees to pay the contractor for the cost of performing the service or providing the goods plus a profit.

Explanation:

A contract can be defined as an agreement between two or more parties (group of people) which gives rise to a mutual legal obligation or enforceable by law.

There are different types of contract in business and these includes: fixed-price contract, cost-plus contract, bilateral contract, implies contract, unilateral contract, adhesion contract, unconscionable contract, option contract, express contract, cost reimbursable contract, etc.

In a cost reimbursable contract, the organization, which is the client agrees to pay the contractor for the cost of performing the service or providing the goods plus a profit.

This ultimately implies that, a client such as a business organization that enters into a cost reimbursable contract with another party such as a contractor, agrees to pay the contractor an agreed amount of money upon the completion or execution of the contract.

You might be interested in
Gonzalez Company has been in business for several years. At the end of the current year, the ledger shows:
Westkost [7]

Answer:

Debit : Bad Debts = $16,370

Credit : Allowance for doubtful debts = $16,370

Explanation:

The question states that bad debts are expected to be 5% of the accounts receivables. This means that it is: $327,400 x 5% = $16,370.

An account for allowance for doubtful debts is a contra account created, predicting that certain debtors will not be able to pay for the goods and services they purchased. The 5% may be based on historical experiences. Doubtful debts aren’t officially uncollectible, it is simply a prediction, but bad debts are, where you have officially written off a certain accounts receivable as uncollectible.

An allowance for doubtful debts is recorded in the balance sheet, directly under accounts receivables. Bad debts are recorded as an expense in the income statement.

The initial entry for allowance for doubtful debts is incorrect, hence it would have to be corrected before the new amount can be recorded. Correction:

Debit : Allowance for doubtful debts = $7900

Credit : Bad debts = $7900

The accounts will be cancelled off and the new entry can be recorded...

Debit : Bad Debts = $16,370

Credit : Allowance for doubtful debts = $16,370

When the amount is officially declared uncollectible, the allowance for doubtful debts account will be debited and the accounts receivables account will be credited.

6 0
3 years ago
Which networking trend involves the use of personal tools and devices for accessing resources on a business or campus network?
Sloan [31]

The networking trend that involves the use of personal tools and devices for accessing resources on a business or campus network is called BYOD or bring your own device

This trend in networking allows its users to use personal devices and tools on business and campus networks.

7 0
3 years ago
A construction company entered into a fixed-price contract to build an office building for $32 million. Construction costs incur
Delicious77 [7]

Answer:

company gained a gross profit of $2 million

Explanation:

Data provided in the question;

Contract price to build an office = $32 million

Construction costs incurred during the first year = $9 million

Estimated costs to complete at the end of the year = $21 million

Therefore,

Total cost incurred to complete the construction of the office at the end of the first  year

=  Construction costs incurred during the first year + Estimated costs to complete at the end of the year

= $9 million + $21 million

= $30 million

Thus,

The revenue generated by the company = Contract price - cost incurred

= $32 million - $30 million

= $2 million

since the revenue is positive, hence the company gained a gross profit of $2 million

8 0
3 years ago
Trey, Inc. reports a taxable loss of $140,000 for 2018. Its taxable incomes for the years 2015 through 2017 respectively were $2
laiz [17]

Answer:

$117500

Explanation:

Taxable loss = $140000 for 2018

Taxable incomes : $25000 for 2015, $35000 for 2016, $40000 for 2017

tax rate = 30%

Net loss on 2018 income statement can be offset by the taxes paid on taxable income for 2 years prior to 2018 ( i.e 2016 and 2017 )

first calculate taxes on taxable incomes for 2016 and 2017

$35000 * 30% = $10500

$40000 * 30% = $12000

hence taxable profit = 10500 + 12000 = $22500

Net loss to be reported on 2018 income statement

= $140000 - $22500 = $117500

8 0
3 years ago
Bond payments are generally more predictable than stocks because:_______.
lianna [129]

The bond payments are more predictable than stocks because bond owners know the size and timing of payments they will receive.

Bonds refers to the promise by a borrower to pay the lender his/her principal and the interest on the loan given.

  • Bonds is an instrument used by company as an alternatives to taking a loan from banks.

  • Generally, the bond payments are more predictable than stocks because bond owners know the size and timing of payments they will receive.

Therefore, the Option C is correct.

Read more about Bonds

<em>brainly.com/question/25481446</em>

4 0
2 years ago
Other questions:
  • In one state, a mortgagee holds legal title to real property offered as collateral for a loan, and the mortgagor retains the rig
    12·1 answer
  • A call center has a total of 12 telephone lines coming into its customer service department, which is staffed by 5 customer serv
    7·1 answer
  • JumpIn Products is a market leader in playground equipment, which is typically large, bulky, and very heavy. In order to compete
    15·1 answer
  • Both Bond Bill and Bond Ted have 5.8 percent coupons, make semiannual payments,
    5·1 answer
  • A financial planning service offers a college savings program. The plan calls for you to make six annual payments of $14,000 eac
    10·1 answer
  • The survey that found 75% of consumers would consider going to another company after a bad customer service experience surprises
    15·1 answer
  • Rufus, a supervisor at an automobile store, is considered friendly by his subordinates and has the authority to assign important
    10·1 answer
  • Breanna works in the mall and her hours increase during busy shopping times of the year. Breanna has a plan to save $25 each wee
    11·1 answer
  • The growth of industry is related to the growth of immigration in the late 19th century because:
    7·1 answer
  • Jose is opening a small restaurant. On weekends, he works with his cousin to construct the tables, chairs, and counters that wil
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!