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Nastasia [14]
4 years ago
12

Seventeen years ago, Susan designed a corrugated steel culvert for a rural road. Her work was accepted and paid for by the count

y engineering department. Last winter, the culvert collapsed as a loading logging truck passed over. Although there were no injuries, there was damage to the truck and the roadway, and the county tried unsuccessfully to collect on Susan's company's bond. The judge denied the claim on the basis that the work was done too long ago. This defense is known as:________.
(a) privity of contract
(b) duplicity of liability
(c) statute of limitations
(d) caveat emptor
(c) statute of limitations
Business
1 answer:
Lemur [1.5K]4 years ago
4 0

Answer:

C. Statute of limitations.

Explanation:

Statute of limitations are laws which states the time limit of when legal proceedings must be initiated between concerned parties from the date in which alleged offence was perpetrated.

In statue of limitations, the time limit for somebody is wronged to initiate legal action is not fixed in all jurisdiction. It means that depending on the nature of the alleged offense under statute of limitation, time allowed to institute legal actions varies.

Example of statue of limitation is that for certain states, the time limit to initiate legal case say on fraud is two years. It means that one must bring up the case in a court of law within the stipulated two years period. Once the two year grace elapse, one can no longer sue for fraud in the court of law.

Although there is no time limit for certain offence like murder case, sex offence with minor etc.

As in the case above, the judge threw away the case because according to the law of statute of limitation, a party that is wronged can only sue the wrong doer within the stipulated time as spelt out within the jurisdiction where the alleged offence was committed.

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A company purchased inventory on January 1, 20X2, for $600,000, and uses the FIFO method. On December 31, 20X2, the inventory ha
bagirrra123 [75]

Answer:

See below

Explanation:

It is to be noted that under IFR, inventories are carried at a lower of cost or net realizable value, which is $550,000 in this scenario.

Also, under the United states GAAP, inventories are carried at a lower of cost or market . Here, the replacement cost of $525,000 would be used because it is below NRV and its equal to the difference between NRV and normal profit margin.

7 0
3 years ago
Lambert Manufacturing has $120,000 to invest in either Project A or Project B. The following data are available on these project
Angelina_Jolie [31]

Answer:

c. $74,450

Explanation:

The computation of the Net present value is shown below  

= Present value of all yearly cash inflows after applying discount factor + salvage value - initial investment  

where,  

The Initial investment is $120,000

All yearly cash flows would be

= Annual net operating cash inflows × PVIFA for 6 years at 14%  

= $50,000 × 3.8887

= $194,435

Refer to the PVIFA table

Now put these values to the above formula  

So, the value would equal to

= $194,435 - $120,000

= $74,435 approx

6 0
3 years ago
on december 1, bright company receives a 6% interest-bearing note from galvalume company to settle a $20,000 account receivable.
andreyandreev [35.5K]

At December 31, bright should record interest revenue of $100. Money gained by lending money or money acquired from depositing or investing can both be referred to as interest revenue.

Is interest revenue a liability or an asset?

If a company anticipates receiving the interest payment within the year, it typically records the interest receivable as a current asset on its balance sheet. Companies that collect interest from loans view this revenue as a significant source of income that belongs at the top of the income statement. It is the price of taking out a loan from a bank, financial institution, bond buyer, or another lender. In order to assist a business finance its operations, such as the acquisition of rival businesses or machinery, plant, and property, interest expense is incurred.

To learn more about interest revenue, refer to:

brainly.com/question/27992328

3 0
1 year ago
The aggregate demand curve shows a _____ relationship between _____ and _____ at a given spending growth.
rewona [7]

The aggregate demand curve shows a relationship between aggregate price level and demand at the given spending growth.

<h3>What is demand?</h3>

Demand is explained as the requirement of a certain product in the market, usually this demand is varied if the prices are changed and the demand also is impacted by the supply.

If the prices are high it is highly likely that the demand of that product will reduce if the product is not a necessity.

If the prices are lower the demand for the product will increase.

Learn more about demand and supply at brainly.com/question/27305760

#SPJ1

5 0
2 years ago
Bramble Company typically sells subscriptions on an annual basis, and publishes six times a year. The magazine sells 102000 subs
nirvana33 [79]

The answer is option A. a. Cash 900,000 Unearned

Subscription Revenue 900,000

On the part of the seller, the sale of 60,000

Magazines at $15 constitute liability.

Remember that cash has already been received by the company.

Hence, this amount is yet to be earned by the company that it is considered liability on the part of the seller.

Account  Title                                       Debit          Credit

Cash 60,000 subscriptions * $15   $900,000

Unearned Subscription Revenue                           $900,000

Take note that the unearned subscription revenue is amortized to subscription revenue on a monthly or yearly basis.

Disclaimer:-your question is incomplete, please see below for complete question.

a. Cash 900,000 Unearned

Subscription Revenue 900,000

b. Prepaid Subscriptions 900,000

Cash 900,000 Subscriptions

c. Receivable 150,000

Unearned Subscription Revenue 150,000

d. Subscriptions Receivable 900,000

Subscription Revenue 900,000

Learn more about subscriptions here:-brainly.com/question/15301858

#SPJ4

4 0
1 year ago
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