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3 years ago

10

McGregor allows customers to pay with credit cards. the company charges McGregor 3% of the sale. when a customer uses a credit c

ard for $200 for services provided McGregor would?

1 answer:

KengaRu [80]3 years ago

6 0

Charge a total of $206

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Valerie promises Teresa that she will pay Teresa $50 if Teresa will clean Valerie's house by noon on Saturday. If Teresa cleans

Leya [2.2K]

Answer:

b) false

Explanation:

This could be considered a bilateral and executory contract because both parties agreed to perform and exchange consideration in the future (in this case, Saturday). But it cannot be considered an implied contract.

E.g., an implied contract happens when you enter a movie theater and a commercial relationship is established where the movie theater must allow you to see a movie and you must pay your ticket for doing so. The same applies for other public places restaurants, theme parks, etc.

But in this case, Valerie's house is not a place where any person is free to attend. You cannot just go into Valerie's house and start cleaning so that she pays you $50.

Implied contracts might also result from previous performances, e.g. Teresa cleans Valerie's house every Saturday for almost 2 years now. The past performance might result in an implied contract, but this wouldn't be the case here either.

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4 years ago

Since the middle of the 20th century, the international global business system has been shaped by global institutions. Countries

harina [27]

Answer:

a. True

Explanation:

This statement is correct, as global institutions were created with the objective of regulating global business from international treaties, which implemented a set of rules and regulations that must be followed by all organizations in a global market, as a form of protection to organizations, society and the environment, such as legislative and economic changes, crises and possible negative impacts inherent to organizations in a global business system.

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3 years ago

g Messersmith Company is constructing a building. Construction began in 2020 and the building was completed 12/31/20. Messersmit

Pachacha [2.7K]

Answer:

Weighted average accumulated expenditures were

$ 3,600,000

Explanation:

The Weighted average accumulated expenditures are calculated considering the payments made to the contructing company weighted by the time that the constructing company hold the money divided by the period of contruction.

Please see the details below:

Payment Date Expenditure Cap Period Weight Weighted Exp

07/01/2020 $3,000,000 6 (12-6) 0,50 $1,500,000

09/01/2020 $6,300,000 4 (12-8) 0,33 $2,100,000

12/31/2020 $6,000,000 0 - 0- 0-

TOTAL $15,300,000 $3,600,000

Capitalization Period: Example: 12 Months - 6 Months transcurred.

12/31/2020 - ending of contruction

07/01/2020 - The moment went the payment was made, 6 months since the beginning of the construction.

4 0

3 years ago

Which reason is most important for performing an inventory and making photographs of equipment?

olasank [31]

An inventory refers to a detailed list of materials and goods in stock. These items are to be later sold or repaired. It is important to perform an inventory and to take photos of the equipment for taxing purposes, i<span>n case of possible damage or theft, and when deciding whether to purchase additional equipment.</span>

5 0

3 years ago

Noah Construction Company is building a large complex for a contract price of $5,000,000. This is a three-year project and the r

Zepler [3.9K]

Answer:

$625,000

Explanation:

Calculation for how much income is recognized in Year 3

First step

Year 1 2 3

Cost incurred Till date

1000 (1000+1500)2500 (2500+1250)3750

Estimated cost to complete

3000 1500 0

Total cost of contract

4000 4000 3750

Second step

Using this formula to calculate for the percentage of completion for each year

Percentage of completion =Cost incurred till date /Total cost

Let plug in the formula

Yeat 1= 1,000/4,000 =25%

Year 2= 2,500/4,000 =62.5%

Year 3=3,750/3,750 =100%

Last step

Year 1 2 3

Contract price 5000 5000 5000

Less:Total cost (4000) (4000) (3750)

Gross profit 1000 1000 1250

Percentage of completion

25% 62.5% 100%

Gross profit to be recognized till date (1000*25%)=250 (1000*62.5%)=625 (1250*100%)=1,250

Less:Gross profit recognized till prior year

0 -250 -625

Gross profit to be recognized in current period

250 375 625

Hence;

Year 1 Gross profit is $250,000

Year 2 Gross profit is $375,000

Year 3 Gross profit is $625,000

Therefore the amount of income recognized in year 3 will be $625,000

8 0

3 years ago