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fenix001 [56]
2 years ago
12

Portraits. Belinda, a famous portrait painter, agreed to paint Harry's portrait for $5,000. She also agreed to paint the portrai

ts of Michelle's two Welsh Corgi dogs, Baby and Bree. Michelle agreed to pay Belinda $12,000 for the portraits. Belinda charged Michelle more because dogs annoyed her. Belinda met the spoiled dogs, and they really got on her nerves. Plus, she was behind on finishing Harry's portrait. Belinda, therefore, proceeded to assign the right to receive the money for the dog portraits and the duty to paint the dog portraits to her assistant, Fred. He eagerly accepted and painted the portraits. As payment for amounts she owed him for various duties, Belinda also assigned to Fred the right to receive payment from Harry. Neither the contract Belinda had with Harry nor the contract she had with Michelle expressly prohibited assignment or delegation of contractual rights and duties. Belinda finished the portrait of Harry and called him to come and pick it up. Meanwhile, a disgruntled secretary who disliked Belinda told both Michelle and Harry about the agreements with Fred. Michelle was furious and refused to pick up the portrait or pay anyone. Harry likewise refused to pay for his portrait claiming that the right to payment could not be assigned. What would be the most likely result if Fred sues Michelle for the $12,000 payment?
Business
1 answer:
Otrada [13]2 years ago
6 0

Answer:

Fred will win because the right to receive payment could be validly assigned.

Explanation:

all contract gives room for some certain rights and duties. By an obligation, the individual whose right it is to receive payment will transfer the right to collect that same payment from the same person (obligor) to any other person (third person).

Going by the question above Belinda, the well-known portrait painter is the obligee who transfers the right to receive payments from the obligors to a third party named Fred who is stands as an assistant. It was clearly stated in the question that “Belinda also assigned to Fred the right to receive payment from Harry. Neither the contract Belinda had with Harry nor the contract she had with Michelle expressly prohibited assignment or delegation of contractual rights and duties.”

Going by this above statement then one can confirm it very clear that the payment could be assigned and receiving the payment is within Fred’s right.

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Leelanau Corporation uses a job-order costing system. The following data are for last year: Work in process beginning balance $
ratelena [41]

Answer:

The correct answer is $138,500.

Explanation:

According to the scenario, the given data are as follows:

WIP beginning = $10,500

WIP ending = $19,000

Cost of goods manufactured = $323,000

Direct material = $115,000

Direct labor = $78,000

So, we can calculate the amount of overhead by using following formula:

Overheads = Total manufacturing costs - Direct materials - Direct labor

Where, Total manufacturing cost = Cost of goods manufactured + Ending WIP - Beginning WIP

= $323,000 + $19,000 - $10,500

= $331,500

So, by putting the value in the formula:

Overheads = $331,500 - $115,000 - $78,000

= $138,500

Hence, the amount of overhead is $138,500.

3 0
2 years ago
Shawn saw an ad in the newspaper that showed a new four-door sedan on sale for $14,999. when shawn arrived at the dealership, he
Luba_88 [7]
It is the Bait and switch strategy.
6 0
2 years ago
Read 2 more answers
Due to a recent hurricane there is a major loss of sugarcane crops. At the same time in the U.S. consumers are eating healthier
Free_Kalibri [48]

Answer and explanation:

We should consider that at the same time as the hurricane, U.S. consumers were cutting back on sugar foods. It implies that the quantity demanded for sugar foods was likely to decrease bringing the prices up. However, the hurricane affecting the sugarcane crops affects the supply which will be lower. Thus, definitely, if the quantity supplied is lower so will the price.

4 0
2 years ago
The theory of _____, developed by Michael Porter, focuses on the importance of country factors, in addition to factor endowments
Lynna [10]

Answer:

The correct answer is letter "D": national competitive advantage.

Explanation:

American Professor Michael Porter (born in 1947) proposed the National Competitive Advantage Theory to give an idea of why some countries achieve success in determined industries compared to others. The theory, in other words, aims to explain nations' competitive advantage and the path to reach it.

Also known as Porter's Diamond Model, the factors Porter based his concept on are <em>firm strategies, structure and rivalry; related industries; demand conditions; </em>and<em>, factor conditions.</em>

7 0
2 years ago
5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following co
Pavlova-9 [17]

Answer:

Percentage of completion method                    

                                                  2018                 2019              2020

revenue(10mil*%complete)  $3888890        $5258030    $853080

cost incurred                       -$2184000       - $3860000    -$4080000

Gross profit                          $1704890          $1398030     -$3226920

percent complete                          2018                        2019                 2020

cost incurred/ estimated cost        38.3889%           91.4692%             100%

Revenues for 2019 = contract price * %complete - 2018 revenues

Revenues for 2020 = total contract price - revenues for 2018 and 2019

Explanation:

COMPLETE QUESTION BELOW

5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information. (Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.)

2018 2019 2020

Cost incurred during the year $ 2,184,000  $ 3,860,000  $ 4,080,000  

Estimated costs to complete as of year-end  5,616,000   4,220,000   0  

2018 2019 2020

Revenue    

Gross profit (loss)    

UPDATE: Contract price is $10,000,000

7 0
2 years ago
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