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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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The revenues and expenses of Paradise Travel Service for the year ended May 31, 2018, follow: Accounts Fees earned $809,500 Offi
abruzzese [7]

Answer:

$377,200

Explanation:

Preparation for a retained earnings statement for the year ended May 31, 2018

First step is to calculate the Net income

Net income During The Year

Accounts Fees earned $809,500

Less Office expense 295,200

Miscellaneous expense 10,600

Wages expense 450,900

Net Income $52,800

Second step is to calculate the Change In Retained Earnings

Dividends $15,600

Net Income $52,800

Change In Retained Earnings $37,200

($52,800-$15,600)

Now let calculate retained earnings statement

Beginning retained earnings $340,000

Add Change In Retained Earnings $37,200

($52,800-$15,600)

Retained Earning May 31, 2018 $ $377,200

($340,000+$37,200)

Therefore the retained earnings statement for the year ended May 31, 2018 is $377,200

3 0
3 years ago
A company uses the percent of sales method to determine its bad debts expense. At the end of the current year, the company's una
MakcuM [25]

Answer:

D) Debit Bad Debts Expense $1,683; credit Allowance for Doubtful Accounts $1,683.

Explanation:

First thing to do is to complete the question as:

Based on past experience, the company estimates 0.3% of net credit sales to be uncollectible. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense?

Multiple Choice

A) Debit Bad Debts Expense $1,728; credit Allowance for Doubtful Accounts $1,728.

B)  Debit Bad Debts Expense $3,063; credit Allowance for Doubtful Accounts $3,063.

C)  Debit Bad Debts Expense $1,038; credit Allowance for Doubtful Accounts $1,038.

D) Debit Bad Debts Expense $1,683; credit Allowance for Doubtful Accounts $1,683.

E)  Debit Bad Debts Expense $2,373; credit Allowance for Doubtful Accounts $2,373.

Solution

Part 1) Determine the estimated uncollectible this will be based on the past experiences. The calculation is as follows

Net Sales x The Company's estimate of net credit sales which are uncollectible

= $791,000 x 0.3 = $2,373

Part 2: Determine the total amount in the adjusting entry as follows

The calculation will be as follows:

The estimated uncollectible calculated in part 1 - the given allowance for the uncollectible account (allowance for doubtful accounts)

<u>Note we are subtracting the amount in the doubtful accounts because it is a credit and not a debit figure</u>

Therefore:

$2,373 - $690 = $1,683

Based on the figures we do the following

D) Debit Bad Debts Expense $1,683; credit Allowance for Doubtful Accounts $1,683.

6 0
3 years ago
The action of blocking time when a physician is unavailable is referred to as setting up an appointment:
tensa zangetsu [6.8K]
I believe the answer is plan
3 0
3 years ago
On January 1 of Year 1, Pierce Company borrowed $200,000 on a 10-year, 7% installment note payable. The terms of the note requir
erastovalidia [21]
A. Debit interest expense, $14,000; debit notes payable, $11,000; credit cash, $25,000
8 0
2 years ago
The biotech company Olderna has developed a new coronovirus vaccine it calls bug-b-gone or BBG. Unfortunately, it requires a fer
nasty-shy [4]

Answer:

1. q = 60 million doses

2. 360 millions

Explanation:

Given that:

The cost function C(q) = 5,000 + 0.1q²

Then, the Marginal cost MC = \frac{dC}{dq}  = 0.2 \ q

Again, inverse demand curve p(q) = 18 - 0.2 q

Then the total revenue TR = p*q = 18 -0.2q^2

Also; the marginal revenue MR = \frac{dTR}{dq}

= 18 - 0.1q

In the bid to maximize profits from BBG; MR = MC

i.e

18 - 0.1 q = 0.2 q

0.3 q = 18

q = 18/0.3

q = 60 million doses

At the profit maximizing output, the price charged will be equal to :

\mathbf{p_m = 18-(0.2*60)} \\ \\ \mathbf{p_m = 18-12} \\ \\ \mathbf{p_m = 6\ dollars \ per  \ dose}

Thus; producer surplus of Olderna at the monopoly price and quantity  = price × quantity

= $6 × 60 millions

= 360 millions

7 0
3 years ago
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