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ivanzaharov [21]
3 years ago
9

An agreement between Jim and his 18-year-old daughter, Betty, provides that he will give her $25,000 if she does not marry until

after her 22nd birthday. One month after reaching the age of 22, Betty, still unmarried, claims the $25,000. Jim refuses to pay, claiming that the agreement was illegal. Is Jim correct
Business
1 answer:
Mariulka [41]3 years ago
4 0

Answer:

No, Jim is not correct.

Explanation:

Betty will win this case.

Generally, the law encourages marriage as its policy. If there is any contract that prevent or restrict marriage in whatever way, such contract would be considered null and void because it is against the public policy.

Despite the above, contracts will be generally considered valid when they place reasonable restrictions on marriage. In this question, the restriction placed on Betty that she should get married until after her 22nd birthday is reasonable and has to be considered to be valid. Based on this, Betty has to be paid the $25,000 as laid down in the binding contract between the two parties.

Therefore, Jim is not correct.

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Krepps Corporation produces a single product. Last year, Krepps manufactured 35,040 units and sold 29,600 units. Production cost
marissa [1.9K]

Answer:

Ending Inventory will be valued at $171,604

Explanation:

Your question was incomplete, I have attached the full question as an image below.

Ending Inventory = Total manufacturing cost × Ending  Inventory / Units Manufactured

where,

<u>Total Manufacturing Cost Calculation :</u>

Direct materials                             $266,304

Direct labor                                        $157,680

Variable manufacturing overhead   $297,840

Fixed manufacturing overhead     $385,440

Total Manufacturing Cost                 $1,107,264

Ending Inventory = $1,107,264 × (35,040 units - 29,600 units) / 35,040 units

                             = $171,604

Therefore, ending Inventory will be valued at $171,604

7 0
3 years ago
What are you primarily doing when you reconcile your checking account?
wlad13 [49]

I believe the answer is: B. Making sure that your records match your bank’s records.

During this process, it is very common to see some difference between your records and the bank's. This could be caused by occurrence such as outstanding check, mistakes during recording, insufficient funds, etc. In order to fix this, you need to make an adjustment to find out why the difference occurs.

7 0
3 years ago
Read 2 more answers
Suppose the United States is currently producing 100tons of hamburgers and 45tons of tacos and Mexico is currently producing 20t
katrin2010 [14]

Answer: 50 additional tons of hamburgers

Explanation:

United States opportunity costs:

Hamburger opportunity cost = 45/100 = 0.45 tons of tacos

Taco opportunity cost = 100/45 = 2.22 tones of hamburgers

Mexico opportunity cost:

Hamburger opportunity cost = 25/20 = 1.25 tons of tacos

Taco opportunity cost = 20/25 = 0.8 tones of hamburgers

US should specialize in Hamburger production because they have a lower opportunity cost.

If both countries combined production of hamburgers then the total would be:

= 100 + 20

= 120 tons of hamburgers

<em>There is missing information on this question which is the US production of hamburgers when it produces 0 tacos. We shall assume that number to be 170 tons of hamburgers.</em>

The total additional tons produced would be:

= US tons when producing only hamburgers - Combined hamburger production

= 170 - 120

= 50 additional tons of hamburgers

3 0
3 years ago
Which of the following is not one of the conditions that make it more likely that firms will be able to coordinate their efforts
tatyana61 [14]

Answer:

The condition that make its difficult for firms to coordinate their efforts to control output quotas and pin point cheating is A) when market demand tends to be more volatile.

Explanation:

All the options except A will make it difficult for firms to control output quotas and detect cheating. From reading the options B,C and D it is quite clear that in the market there is a presence of cartel ( which can be defined as a association of producers in an industry who comes together to set the prices and output quotas ) but even if there is presence of cartel in industry, the efforts to restrain output will fail if the demand of the products and services in volatile in the market, it would become difficult for them to pin point where the cheating has taken place.

3 0
4 years ago
Desert Company exchanged 3,000 shares of its stock, for equipment from Jungle Company. Desert's stock has a par value of $50 per
iren2701 [21]

Answer:

Desert Company

The amount that Desert should record as the historical cost of the equipment is:

= $170,993.

Explanation:

a) Data and Calculations:

Value of stock exchanged = $150,000 (3,000 * $50)

Fair value of equipment = $170,993

Gain from exchange of Equipment for shares = $20,993

b) The quoted fair value of Jungle's equipment should be used to record the historical cost in the financial statement of Desert Company.   This value represents the only verifiable value.  This value should then be compared to the value of the Desert shares exchanged with Jungle to determine if there is a loss or a gain from the exchange.

6 0
3 years ago
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