Company JRSF hired company HJDE to excavate and grade a land which is part of a residential project. The project is financed by bank CC. Company HJDE received 90 % of total payments after finishing half work and anticipated that the last payment was due. The contractor filed suit against bank CC for non-payment of the due amount. The Bank specifies the reason that HJDE did not receive the due payment because it had failed to obtain an engineer’s certificate of completion. To find: The type of contract condition required to obtain the engineer’s certificate.

Question

As a line manager, Peter is often one of the first people to see a problem with the organization’s manufacturing processes caused by lack of employee skill. Resolving the problem is a part of the ______ responsibilities of line management. safety and security of employees training and development legal considerations leadership and motivation labor cost controls

Answer 1

Question

Chapter 13, Problem 7BCP

Summary Introduction

Case summary: Company JRSF hired company HJDE to excavate and grade a land which is part of a residential project. The project is financed by bank CC. Company HJDE received 90% of total payments after finishing half work and anticipated that the last payment was due. The contractor filed suit against bank CC for non-payment of the due amount. The Bank specifies the reason that HJDE did not receive the due payment because it had failed to obtain an engineer’s certificate of completion.

To find:The type of contract condition required to obtain the engineer’s certificate.

Expert Solution & Answer

Trending nowThis is a popular solution!

See solution

Check out sample textbook solution

Students have asked these similar questions

As a line manager, Peter is often one of the first people to see a problem with the organization’s manufacturing processes caused by lack of employee skill. Resolving the problem is a part of the ______ responsibilities of line management. safety and security of employees training and development legal considerations leadership and motivation labor cost controls

Florida Kitchens produces high-end cooking ranges. The costs to manufacture and market the ranges at the company’s volume of 3,000 units per quarter are shown in the following table: Unit manufacturing costs Variable costs $ 1,440 Fixed overhead 720 Total unit manufacturing costs $ 2,160 Unit nonmanufacturing costs Variable 360 Fixed 840 Total unit nonmanufacturing costs 1,200 Total unit costs $ 3,360 The company has the capacity to produce 3,000 units per quarter and always operates at full capacity. The ranges sell for $4,000 per unit. Required: a. Florida Kitchens receives a proposal from an outside contractor, Burns Electric, who will manufacture 1,200 of the 3,000 ranges per quarter and ship them directly to Florida’s customers as orders are received from the sales office at Florida. Florida would provide the materials for the ranges, but Burns would assemble, box, and ship the ranges. The variable manufacturing costs would be…

Can you please solve this general accounting problem?