arrow_forward Oh no! Our expert couldn't answer your question. Don't worry! We won't leave you hanging. Plus, we're giving you back one question for the inconvenience. Here's what the expert had to say: Hi and thanks for your question! Unfortunately you have posted a question, which isn't covered in Bartleby Q&A at the moment. We've credited a question back to your account. Apologies for the inconvenience. Ask Your Question Again 2 of 5 questions left until 3/27/20 Question Asked Mar 25, 2020 1 views 1. Anthony hired David, a plumber to fix sewer connection leak. David agreed to fix it for $200.00.At the commencement of work Anthony paid David $100 and the balance was to be paid upon completion of work. As David was about to complete the work, Anthony asked David to also fix the tap leak. David said “that would be another $100”. After fixing the sewer connection, David tried to fix the tap leak. David could not fix the tap leak completely, as it required new fittings. David removed the tap to temporarily stop the leak. David asked Anthony to buy the fittings for the tap. Anthony paid David $300.00. Anthony bought the fittings but David did not return. Anthony had to hire a different plumber to complete the tap work who charged him $100. Is the said contract discharged? Explain clearly Can Anthony seek a remedy?
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
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1. Anthony hired David, a plumber to fix sewer connection leak. David agreed to fix it for $200.00.At the commencement of work Anthony paid David $100 and the balance was to be paid upon completion of work. As David was about to complete the work, Anthony asked David to also fix the tap leak. David said “that would be another $100”. After fixing the sewer connection, David tried to fix the tap leak. David could not fix the tap leak completely, as it required new fittings. David removed the tap to temporarily stop the leak. David asked Anthony to buy the fittings for the tap. Anthony paid David $300.00.
Anthony bought the fittings but David did not return. Anthony had to hire a different plumber to complete the tap work who charged him $100.
Is the said contract discharged? Explain clearly
Can Anthony seek a remedy?
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