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olga_2 [115]
4 years ago
7

An express warranty is created when a seller: makes an affirmation of fact or promise concerning the goods that becomes part of

the basis of the bargain. uses descriptive terms as a part of the bargaining process, but the buyer does not take it into consideration when making the purchase. sells goods meant for use for ordinary purposes. avoids using a sample or model as the basis for the contract.
Business
1 answer:
laiz [17]4 years ago
4 0

Question:

An express warranty is created when a seller:

A) makes an affirmation of fact or promise concerning the goods that becomes part of the basis of the bargain.

B) uses descriptive terms as a part of the bargaining process, but the buyer does not take it into consideration when making the purchase.

C) sells goods meant for use for ordinary purposes.

D) avoids using a sample or model as the basis for the contract.

Answer:

The correct choice is A)

An express warranty is created in the contract when a supplier makes a promise concerning the goods that the buyer can hold on to as an incentive to purchase the product.

Explanation:

For example, if a consumer buys a Laptop online, but when it arrives the item is the wrong specifications, wrong color, or is dented or damaged in anyway, an <em>express warranty</em> might entitle the consumer to a refund or replacement.

This warranty usually is stated upfront prior to or during the execution of the sales transaction.

Cheers!

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Under the Uniform Commercial Code (UCC), a warranty that arises when the seller is a merchant-dealer of the goods sold, that war
Vesna [10]

Answer:Implied Warranty of Merchantability

Explanation:An implied warranty for merchantability guarantees that a product will work as expected. If your oven can't maintain a stable temperature, it can't be relied upon to work properly and has violated the implied warranty of merchantability. Under the Uniform Commercial Code, adopted in some form in all states but Louisiana, this warranty applies to the goods of any merchant who regularly deals in the type of merchandise sold.

The warranty guarantees that the product sold will:

Pass without objection in the trade

Be of uniform quality and quantity

Be fit for its ordinary purposes

Be adequately packaged and labeled

Conform to its labels.

6 0
3 years ago
Siskiyou, inc. Has total current assets of $1,200,000; total current liabilities of $500,000; and long term assets of $800,000.
JulijaS [17]

the firm's total liabilities & equity is $2,000,000.

Given,

total current assets = $1,200,000

long-term assets = $800,000

total current liabilities = $500,000

Using the Accounting equation:

Assets = Liabilities + Equity

Now, substituting the values in the above equation.

Also. remember total assets include both current and long term assets.

Therefore, $1,200,000 + $800,000 = Liabilities + Equity

Liabilities + Equity = $2,000,000

The entire assets of a corporation are equal to the sum of its liabilities and shareholders' equity, according to the accounting equation.

Hence, the firm's total liabilities & equity is $2,000,000.

Learn more about Accounting equation:

brainly.com/question/17090843

#SPJ1

3 0
2 years ago
What is an example of the kinds of choices that person might have to make because of scarcity?
Nostrana [21]

Answer: Sharing food their homes giving out water and helping the sick as best as they can.

Explanation:

6 0
3 years ago
For each of the following transactions that occur in their lives, identify whether it is included in the calculation of U.S. GDP
melisa1 [442]

Answer:

Transactions included in the calculation of U.S. GDP:

Transaction C I G X M

1.  X

2. M

3.  I

4. C

5. G

Explanation:

a) GDP constituents:

Consumption (C) = private consumption expenditures by US households and non-profit-making organizations.

Investment (I) = business expenditures by profit-making organizations for purchase of capital goods or input for further processing.

Government purchases (G) = government spendings for public goods.

Exports (X) = Goods and services moved from the US to other countries.

Imports (M) = Goods and services from other countries into the US.

6 0
3 years ago
Here are selected 2017 transactions of Novak Corporation. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2
Oliga [24]

Answer:

dep expense 4,450 debit

   acc depreciation computer    4,450 credit

to record depreciation for the computer

cash                                      4,700  debit

acc depreciation               22,250 debit

loss on disposal                  9,250 debit

    computer                                      35,600 credit

to record sale of computer

dep expense 4,160 debit

acc depreciation truck   4,160 credit

to record depreciation expense for the truck 2017

cash                             9,500

acc depreication        16,640

gain on disposal                        2,040

truck                                          24,100

to record sale of a truck

Explanation:

<u>Computer:</u>

35,600 / 4 = 8,900 depreciation per year

depreciation for 2017

january to june 30th --> half a year so half depreciation

8,900 / 2 = 4,450

then we do the sale of the computer

acc depreciation

from jan 1st 2015 to june 30th 2017

2 and a half year

8,900 + 8,900 + 4,450 =  $22,250.00

book value 35,600 - 22,250  = 13,350

proceeds                                     4,700

loss on disposal                          9,250

<u>truck</u>

Acquisition Value 24100

Salvage Value 3300

ammount subject to depreciation 20800

Useful Life 5

depreciation per year 4160

We need to do the entry for the depreication for the year.

Then we calcualte the gain/loss on disposal

accumualted from jan 2014 to dec 31th 2017

4 years

4,160 x 4 = 16,640

book value 24.100 - 16,640 = 7,460

proceeds                                9,500

gain on disposal                      2040

5 0
4 years ago
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