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k0ka [10]
2 years ago
6

Solomon works in the finance department of a hospital operated by the country’s national health service. The hospital wishes to

expand its radiology department, and has put out to tender the construction of a new wing. Solomon has been given the task of summarising the terms of each tender for consideration by the Board.
One evening, at a family dinner party, Solomon learns that his uncle’s construction company is about to tender for the contract. Solomon’s uncle is clearly unaware of how closely involved Solomon is with the tender process, and talks informally with Solomon about the hospital, the quality of his company’s work, and how much his company would benefit from such a prestigious contract.



Before being drawn away to socialise with other guests, Solomon’s uncle mentions that the contract, if awarded to his company, would be very profitable and he is very optimistic, as he feels that the contract price at which his company intends to bid is quite low.

Solomon is very fond of his uncle, whose business has been struggling over recent years. 
He realises that his uncle would have a much better chance of winning the contract if he was made aware of the details of the other tenders.

What do you think about this?​
Business
2 answers:
DochEvi [55]2 years ago
7 0

Answer:

It would be unethical and a conflict of interest for Solomon to let his uncle in on the details because it would give his uncle an unfair advantage against the other bidding contractors. It's a form of nepotism

Explanation:

hope this helps have a great day

Snezhnost [94]2 years ago
7 0

Answer: Solomon is an employee of the hospital and his job is to work in best interest of the hospital. It would be unethical for him to award the tender to his uncle as there is a huge conflict of interest. Solomon must get into the contract at an arm's length.

Explanation:

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Which of the following is a factor payment for a factor of production?
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Colex wishes to bid on a contract that is expected to yield after-tax net cash flows of $25,000 in year 1, $30,000 in year 2, an
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Answer

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Step-by-step explanation:

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In answer to a radio advertisement, a teenager two months shy of his 18th birthday contracted to buy a late model car from a car
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Explanation:

When the teenager had not reached the age of majority, holding him liable for the contract would have been challenging. The teenager however reached the age of majority he became legally liable for decisions and contracts.

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6 0
2 years ago
The following costs and inventory data were taken from the accounts of Simon Company for 2010:
kenny6666 [7]

Answer:

Part a

Direct Materials Schedule

Beginning Materials                               $ 8,000

<em>Add</em> Purchases                                      $83,000

<em>Less</em> Ending Materials                          ($ 7,000)

<em>Less</em> Indirect materials                          ($4,000)

Direct Materials Used in Production    $80,000

Part b

Overheads Incurred during the year

                                     $

Factory rent                  8,000

Factory utilities            10,000

Indirect materials          4,000

Indirect labor                 6,000

Total Overheads       $28,000

Part c

Cost of Goods Manufactured Schedule

Direct Materials                                   $80,000

Direct labor                                          $42,000

Overheads                                           $28,000

Add Opening Work In Process           $15,000

Less Closing Work In Process           ($13,000)

Cost of Goods Manufactured           $152,000

Part d

Cost of Goods Sold

Beginning Finished goods Inventory       $16,000

Add Cost of Goods Manufactured         $152,000

Less Ending Finished Goods Inventory ($12,000)

Cost of Goods Sold                                 $156,000

Explanation:

The following steps must be done to reach the cost of goods sold :

  1. Use the Manufacturing Cost Schedule to calculate the Cost of Goods Manufactured
  2. Use the Finished Goods Inventory Account to calculate the Cost of Goods Sold.

See the calculations and schedules prepared above.

8 0
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