he buyer and seller. Also, the 1000 bags will be delivered in installments within the same time period. Based on the above scenario, what are the rights and duties of both seller and buyer? Also describe the remedy that should be available to one party in case of breach of contract by another party (write both for buyer and seller)
Q: Panpan purchased a car. She paid ₱250,000.00 as down payment, and ₱5,500.00 payable at the beginning…
A: An amortization schedule is a complete table of periodic loan payments, showing the amount of…
Q: Sarjit Systems sold software to a customer for $80,000. As part of the contract, Sarjit promises to…
A:
Q: The owner of a store bought a number of goods at a price of 40 dinars per unit and paid 980 dinars…
A: solution given Price per unit 40 Amount paid in cash 980 Simple interest rate 4%…
Q: BB, WW and FF agree to sell construction tools for a period of one month. BB agrees te the lawn of…
A: Given: The data is given as, BB- 170000 WW-260000 FF-60000
Q: A man purchased a secondhand truck with a cash price of P350, 000 for his hollow block business. He…
A: Cash Price = P 350,000 Down payment = 20% Loan amount = 350000*(1-0.20) =…
Q: A woman paid $98,000 down for a house and agreed to pay 18 quarterly payments of $4,100 each. If…
A: The present value of an annuity is the current worth of a series of cash flows at a certain rate of…
Q: Irish paid a monthly salary of 15,000.00 and earn a commission of 3% in sales. If she sold a monthly…
A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…
Q: Panpan purchased a car. She paid ₱150,000.00 as down payment, and ₱5,500.00 payable at the beginning…
A: In order to find the cash price of a car it is important to find the present value of it.
Q: Your father purchased a townhouse with a cash price of 1.5M. He was able to negotiate with the…
A: We need to use present value of annuity formula given below to calculate monthly payment amount…
Q: In purchasing an automatic washing machine worth ₱30,000, Lilian pays ₱8,000 cash and agreed to make…
A: The regular payments to be made for the loan taken can be calculated using the PMT function in…
Q: To pay for a farm, Berti has to make equal payments of P135,900.00 at the beginning of each six…
A: The worth of the money varies with time. So, the time value of money computes the worth of the money…
Q: Brisk, Whisk and Frisk agree to sell construction tools for a period of one month. Brisk agrees to…
A: Sales…
Q: Hasanian is intended to buy a house having price of $600000. He approaches to Islamic bank to buy a…
A: Monthly payment is the instalment amount paid by the borrower of the loan, it comprises of interest…
Q: HERE Inc, a telecommunications operator, entered into a contract with Mr. X on March 1, 20x7. In…
A: Following is the answer to the given question
Q: Rookie Cookies wants to rent a new bakery space to operate their business at $10,000 a year for the…
A: Net present value is the present value of cash inflows less Present value of cash inflows. It is one…
Q: Shurgurado Lhines is a dealer of cleaning materials. If it pays PhP1,875 for the vacuum cleaner and…
A: "Hello! Since there are multiple sub-parts posted, we will answer first three sub-parts. If you want…
Q: Karl Yates needs $5,000 to pay for the remodeling work on his house. A contractor agrees to do the…
A: Given, The amount required is $5,000 Rate of interest is 6.3% Term is 10 months
Q: onca Co. is looking for financing to expand its laboratory and buys a patent for a new technology…
A: Amount of note payable that should be recorded is = issue of note - down payment
Q: Jacqueline purchased a machine for $25,000 for his company. He paid 5.00% of this amount as a down…
A: We know that if any down payment is made in the beginning then such an amount will be reduce from…
Q: A farmer in Guiguinto, Bulacan planted 50 mango trees on his property wh ow fruit bearing. For the…
A: Given information : Buyer A proposal : Down payment 50000 Produce from each tree 1000…
Q: As the owner of a copy and print shop, you must collect 6 ½ % of the amount of each sale for sales…
A: Sale = 48,680 Sales tax rate = 6.50%
Q: Engineer Patawaran purchased a lot and agreed to pay Php 33,000.00 a month for two years. If money…
A: Monthly Payment = 33,000 N = 24 months Annual Rate = 9% Interest Rate = Annual Rate / 12 = 9%/ 12…
Q: For their mutual accommodation a draws A bill for RS. 5,000 on B for three months. B accepts it and…
A: Meaning of Accommodation Bills. Bills of Exchange are usually drawn to facilitate trade…
Q: Ryan, an agent, was able to sell Mikoy Frozen Products worth 50,000.00. Given her commission of 10%.…
A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…
Q: Soledad receives a bill for P18,000 dated July 7 with terms 6/15, 4/30, n/60. What cash discount…
A: The term credit sales represent a transfer of goods or services to a customer but the payments are…
Q: In the purchase of a rice cooker, a buyer pays P 200 cash, and he will discharge the balance,…
A: Cash price of the rice cooker will be equal to the sum of down payment of P200 and present value of…
Q: Frozen Delight, Inc. charges an initial franchise fee of $75,000 for the right to operate as a…
A: Date Account Titles and Explanation Debit Credit April 1, 2017 Cash $25,000…
Q: BB, WW and FF agree to sell construction tools for a period of one month. BB agrees to construct a…
A: The question is based on the concept of Partnership Accounting.
Q: BB, WW and FF agree to sell construction tools for a period of one month. BB agrees the lawn of FF.…
A: Given: The data is given as, Brisk- 170000 Whisk-260000 Frisk-60000
Q: HERE Inc, a telecommunications operator, entered into a contract with Mr. X on March 1, 20x7. In…
A: On March 1, 20x7, HERE Inc, a telecommunications operator entered into contract with Mr. X Mr. X…
Q: mith Corp. sells goods to Magnus for $500,000, payment due in 18 months after the goods are…
A: Sales means the amount recorded in books as revenue earned by selling the goods or services. Account…
Q: What is the amount of each payment?
A: A stream of equal cash flows paid or received periodically is termed as annuity. Ordinary annuity…
Q: of cost. All other sales are to be made at 100% mark-up on cost. The activity of the joint…
A: Profit Sharing Ratio: It is the ratio in which the profits or losses of a business unit are shared:
Q: Three friends buy a second-hand equipment that costs PhP 120,000. They give a downpayment of PhP…
A: The machinery is financed by PhP 80,000(PhP 120,000 - PhP 40,000). It will be paid in 24 monthly…
Q: Nesrin, purchased a new car for $9,420, paying $3,000 down payment and agreeing to 12 monthly…
A: Credit rate: The amount charged for a credit loan or purchase is usually represented as a…
Q: Joan Hart borrowed $9,800 to travel to France to see her son Dick. Joan’s loan was to be paid in 50…
A: A loan rebate signifies the amount saved by paying a loan early. The amount is generally saved from…
Q: Karl Yates needs $6,000 to pay for the remodeling work on his house. A contractor agrees to do the…
A: Present Value refers to the discounted value of a single cash flow or multiple cash flows today…
Q: Adam brought van from ola at 24500naira on installment, and paid 4000naira in cash. How much we he…
A: Under the instalment system, an asset can be purchased by paying a small down payment and rest in…
Q: BB, WW, and FF agree to sell construction tools for a period of one month. BB agrees to construct a…
A: Compute the cost of goods sold by adding the sales of BB, WW and FF and divide the resulting value…
Q: Frozen Delight, Inc. charges an initial franchise fee of $75,000 for the right to operate as a…
A: Date Account Titles and Explanation Debit Credit April 1, 2020 Cash $25,000…
Q: A woman paid $92,000 down for a house and agreed to pay 18 quarterly payments of $4,200 each. If…
A: Given:
Q: Ryan, an agent, was able to sell Mikoy Frozen Products worth 50,000.00. Given her commission of 10%.…
A: A commission is a fee paid to a salesperson in exchange for services in facilitating or completing a…
Q: BB, WW and FF agree to sell construction tools for a period of one month. BB agrees to construct a…
A: Introduction:- For one month, BB, WW, and FF agree to offer building tools. BB offers to build a…
Q: Farouk bought an electric appliance through an instalment plan which he paid RM200 down payment. He…
A: Down payment (DP) = RM 200 Monthly payment (P) = RM 120 Annual interest rate = 5% Monthly interest…
Q: On December 15, Judy wrote a letter to David stating that she would sell to David all of the…
A: The remedies for the buyer are as follows: At the time the contract was breached by the seller, a…
Q: Brianna is buying a house for $190,000. She plans to make a 14% down payment. Closing costs include…
A: Closing costs The amount of fees that are paid on the closing of the real estate transaction.
Q: Jie purchased a computer priced at $891.06, financing it by paying $60.38 on the date of purchase,…
A: Finance amount (F) = $891.06 - $60.38 = $830.68 Number of payments (n) = 15 r = 11.9% per annum =…
Q: Polly purchased a car. She paid ₱250,000 as down payment, and ₱15,000 payable at the beginning of…
A: Present Value can be calculated using PV function in excel PV (rate, nper, pmt, [Fv], [type])…
Q: What is the approximate contract consideration allocated to the discount?
A: When a machine is sold, various services are provided with the same such as maintenance or…
Q: AA, BB, and CC agree to sell construction tools for a period of one month. AA agrees to construct a…
A: Joint operation: When two or more people or entities tie up to perform a business operation for a…
Mr. A buys 1000 bag of sugar from Mr. B at a price of 5 thousand per bag. Half of the money was paid in cash and another half will be paid after the whole goods are delivered to buyer. Both parties also agree that goods will be delivered by the seller to buyer’ Godown within one month. It was also mentioned in the agreement that cost of delivery will be equally divided between the buyer and seller. Also, the 1000 bags will be delivered in installments within the same time period.
Based on the above scenario, what are the rights and duties of both seller and buyer? Also describe the remedy
that should be available to one party in case of breach of contract by another party (write both for buyer and
seller)
Step by step
Solved in 2 steps
- A contractor bought an asphalt plant from a commercial bank for a certain amount, and the two parties agreed that the contractor would pay an amount of (2) upon signing the contract as an advance, provided that he would pay ten equal annual installments of the value of each payment (0.5) and with an interest of (8%). The first installment starts to be paid at the beginning of the year The fifth is from signing the contract, so what is the value of the factory? And when the payment date came, he persuaded the bank management to postpone the payment (6 years), provided that the interest during this period is (12%), so what is the value of the new installments? After paying two installments, he decided to pay the remaining amount in full when the third installment is due. How much will he pay?Jie purchased a computer priced at $891.06, financing it by paying $60.38 on the date of purchase, and signing a contract to pay equal monthly payments over the next fifteen months. If the terms of the contract state that interest is calculated at 11.9% compounded monthly, how much does Jie have to pay at the end of each month? Jie must make payments of $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)A grocery store chain and a farmer enter a forward contract for 10,000 bushels of wheat. The contract expires 3 months from today, and the store chain agrees to pay $7.50 per bushel. If the wheat price increases to $8.15 per bushel by contract expiration, calculate profit/loss for each party.
- Luis was granted a loan of P 20,000 by his employer CPM Industrial Fabricator and ConstructionCorporation with an interest of 6% for 180 days on the principal collected in advance. Thecorporation would accept a promissory note for P 20,000 non-interest for 180 days. If discountedat once, find the proceeds of the note.Brisk, Whisk and Frisk agree to sell construction tools for a period of one month. Brisk agrees to construct a stand on the front of the lawn of Frisk. Frisk will be paid P2,500 for cleaning up the lawn after the one-month selling period. Brisk, Whisk and Frisk decide that net income, if any will be allocated first by the P2,500 payment to Frisk and then by a 40% commission on individual sales. The balance will be distributed 75% to Brisk and 25% to Whisk. They agree that a cash box will complicate the matters and that all purchases and sales transactions will be out-of-pocket and the responsibility of the individual. Sales to Brisk, Whisk and Frisk are to be at cost, except that the ending inventory may be purchased at 50% of cost. All other sales are to be made at 100% mark-up on cost. The activity of the joint operation is as follows: a. Brisk construct the stand on the front of the lawn at a cost of P10,000; b. Brisk pays for P100,000 for various construction tools. Frisk pays…On 11/01/20X1, TK purchases a new truck at a price of EUR 205,000 plus VAT on Ziel. The transfer of the truck incurs costs of EUR 5,950 including VAT, which must be paid in cash. The insurance for the truck is EUR 480 per year and will be transferred from the company bank account on 01.11.20X1 for one year in advance. The usual useful life is 7 years. The total performance of the truck is estimated at 250,000 km. Which of the following statements regarding business transactions in 20X1 is/are correct? O With use-based depreciation and a use of 11,000 km in the year 20X1, the residual book value on 12/31/20X1 is EUR 194,600. O With straight-line depreciation, the residual book value on 12/31/20X1 is EUR 205,000. O With arithmetic degressive depreciation, the residual book value on December 31, 2020X1 is EUR 201,250. O With geometric degressive depreciation and a geometric depreciation rate of 25%, the residual book value on December 31, 2020X1 is EUR 205,000.
- GerrinAL sells five machines to VernAL for $500,000 per machine, the list price for the machines is $600,000. In a separate contract they sell maintenance services on the five machines for the first year. They charge $12,000 per machine for the maintenance, the list price for maintenance on the machine. As an incentive to sign the maintenance contract, GerrinAL gives VernAL a 25% discount on the purchase of machines in the next 75 days. No discounts are granted to other customers and they project there is 41% probability they will use the discount to purchase one machine with a stand-alone selling price of $600,000. What is the approximate contract consideration allocated to the discount? Select one: a. $150,000 b. $120,000 c. zero d. $50,000 e. $61,500Farouk bought an electric appliance through an instalment plan which he paid RM200 down payment. He had to make 12 monthly payments of RM120 each month to settle the unpaid balance. If the dealer charged him an interest of 5% per annum on the original balance, find the cash price of the item.For their mutual accommodation a draws A bill for RS. 5,000 on B for three months. B accepts it and return it to A. the proceeds of the bill are to be shared by A and B in the ratio of 3/5 and 2/5 respectively. The bill is discounted by A for Rs 4975 and he remits 2/5 of the proceeds to B. Before the due date B draws another bill for 10 000 on A at three months with the help of these proceeds the first bill is met by B and the remaining proceeds are shared by A and B in the ratio 2/5 and 3/5 respectively the bill is discounted for Rs 9 950 before the due date of the second bill A becomes insolvent and his estate pays only 25% of debts Pass the entries in the book of both the parties?
- BB, WW, and FF agree to sell construction tools for a period of one month. BB agrees to construct a stand on the front of the lawn of FF. FF will be paid P2,500 for cleaning up the lawn after the one-month selling period. BB, WW and FF decide that net income, if any will be allocated first by the P2,500 payment to FF and then by a 40% commission on individual sales. The balance will be distributed 75% to BB and 25% to WW. They agree that a cash box will complicate the matters and that all purchases and sales transactions will be out-of-pocket and the responsibility of the individual. Sales to BB, WW and FF are to be at cost, except that the ending inventory may be purchased at 50% of cost. All other sales are to be made at 100% mark-up on cost. The activity of the joint operation is as follows: BB construct the stand on the front of the lawn at a cost of 10,000 BB pays for P100,000 for various construction tools. FF pays P5,000 for permit to operate the concession or business BB…Phumlani of South Africa consigns 10 cases of goods costing $200 per case to Christian in Ghana on the 1 st July 2019. Phumlani ends his account on 31 st December of every financial year. a. Phumlani pays $250 for carriage and insurance for the whole consignment on 1 st July 2019. Phumlani receives an interim account sales with a bank draft from Christian on 28 th December 2019. It shows the following and all currencies converted into US dollars ($): b. Christian has sold 8 cases of goods for $400 each. c. Christian has paid a total of $150 for landing charges and import duties on receipt of the whole consignment. d. He paid selling costs in respect of the 8 cases sold amounting to $160. e. He has deducted his commission of 10% in respect of the 8 cases sold. f. Christian encloses a bank draft of $2,570 to the account sales. Phumlani now wishes to balance off his consignment account at his financial year end 31 st December 2019 and transfer the profit to date to his profit…BB, wW and FF agree to sell construction tools for a period of one month. BB agrees to construct a stand on the front of the lawn of FF. FF will be paid P2,500 for cleaning up the lawn after the one-month selling period. BB, ww and FF decide that net income, if any will be allocated first by the P2,500 payment to FF and then by a 40% commission on individual sales. The balance will be distributed 75% to BB and 25% to WW. They agree that a cash box will complicate the matters and that all purchases and sales transactions will be out-of-pocket and the responsibility of the individual. Sales to BB, WW and FF are to be at cost, except that the ending inventory may be purchased at 50% of cost. All other sales are to be made at 100% mark-up on cost. The activity of the joint operation is as follows: a. BB construct the stand on the front of the lawn at a cost of P10,000; b. BB pays for P100,000 for various construction tools. FF pays P5,000 for permit to operate the concession or business;…