Answer:
d. Willis breached the contract, but the breach was not material.
Explanation:
Willis agree to built a new home for Robert. The contract price was $300,000. Robert specified the features for the new home and since he is very picky he did not wanted to compromise on the specification he decided. Willis made a mistake and faucets and linoleum flooring are not exactly what Robert specified. The amount required to put the faucet back to its condition which Robert specified is $300 which is 1 percent of the total contract amount. The amount of breach is not material but Willis has breached the contact with Robert.
When the savings and loan industry collapsed in the 1980s, all of the big accounting firms, except for Arthur Andersen, experienced heavy losses because of their liability for audit work on the collapsed financial institutions.
<h3>What caused the
industry collapse in the 1980s?</h3>
The early 1980s recession was responsible for the collapse of most industries in the 1980s. The recession was a serious economic recession that affected the world in the early 1980 and early 1983, and it was the most severe recession since World War II.
The main factor that lead to the recession was the 1979 energy crisis which was caused by the Iranian Revolution which caused a disruption to the global oil supply and saw oil prices rising sharply in 1979 and early 1980. This rise in oil prices pushed up the rates of inflation in several to new double-digit highs and caused economy problems.
However, during the period when the savings and loan industry collapsed in the 1980s, all of the big accounting firms, except for Arthur Andersen, experienced heavy losses because of their liability for audit work on the collapsed financial institutions.
Read more about 1980s recession
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Answer:
The cash flows from operating activities would be adjusted by the addition of the cash collected from the customers which amounts to $3,884,000.
Explanation:
The movement in the accounts receivable balance at the start and end of an accounting period is due to cash payments, additional credit sales, and any amount written off during the period.
This may be expressed mathematically as
opening balance + sales - cash collected - amount written off = closing balance
$647,000 + $3,820,000 - cash collected = $583,000
Cash collected = $647,000 + $3,820,000 - $583,000
= $3,884,000
Answer:
The answer is £0.2055/$
Explanation:
Exchange rate is the price of one currency in terms of another. It is also the number of units of one currency(price currency) that one unit of another currency(base currency) will buy.
In US, an ounce of gold = $20.67
In british, it costs £4.2474
Therefore, exchange rate of pounds per dollar =
£4.2474/$20.67
=£0.2055/$
Taste of the Tropics is a company that makes fruit juices. It recently lowered the size of its premium juice brand from 64 to 52 ounce containers while maintaining the same pricing is the example of Marginal revenue.
<h3>What is marginal revenue?</h3>
Marginal revenue is the increase in income that results from the sale of one additional unit of output.
The law of diminishing returns states that while marginal revenue can remain constant for a particular quantity of output, it will eventually slow down as the output level grows.
Thus, it is an example of Marginal revenue.
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