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Leokris [45]
3 years ago
5

Which contractual standard for product safety and liability says that buyers chose to make purchases and therefore every purchas

e involves informed consent and is ethically legitimate?
Business
1 answer:
taurus [48]3 years ago
3 0
<span>The contractual standard for product safety and liability that says the buyer chose to make the purchases and knows the each purchase involves informed consent is often referred to as the standard of caveat emptor. This is simply a warning that lets the buyer know and understand the product is sold as is and is subject to all defects. Basically, another way of saying buyer be ware.</span>
You might be interested in
1. According to the Small Business Administration, the percentage of businesses that
Aleksandr [31]

a or c

Explanation:

depending on startups it's risky , especially if it's fortune 500 companies multi level marketing . they tend to do well the first 6-8 years .

a mom and pop does well first few years and they can tell where it's headed first 4 years . normally takes more money in the beginning to stay above water unless you have it all funded and planned out A 44 percent

8 0
3 years ago
Read 2 more answers
Dahlia Colby, CFO of Charming Florist Ltd., has created the firm’s pro forma balance sheet for the next fiscal year. Sales are p
IgorC [24]

Answer:

<u>a.- </u>

<u>Current Balance Sheet</u>

Current Assets:  80   Liabilities               40

Fixed                 280  Long Term Debt   125

                                  Common Stock      53

                                  RE:                         142  (A)

Total Assets      360 Total liab + Equity 360

<u>c-1</u>

Projected Balance sheet

Current Assets:  96     Liabilties                  48

Fixed assets:      336   Long term debt      174.6 (B)

                                     Common Stock        53

                                    RE                            156.4

Total Assets      432   Total Liab+ SE          432

b) external funds nedeed addiontal external fund 57.6 Millions

c-2 the total liab will be 222.6

Explanation:

sales increase 20% to 480 so previously it had: 480/(1+20%) = 400

profit margin 15%

net income: 480 x 15% = 72

Dividends: 72 x 20% = 14.4

RE Increase: 14.4

<u>(A) RE </u>is solve by diffrence using the accounting equation

assets = liab + equity

360 = 40 + 125 + 53 + RE

RE = 360 - 40 - 125 - 53 = 142

<u>(B) Long term debt </u>is solve by diffrence using the accounting equation

assets = liab + equity

360 = 40 + LT debt + 53 + 156.4

LT debt= 360 - 40 - 53 -156.4= 174.6

Current liabilities:

40 + 125 = 165

Proejcted liab:

48 + 174.6 = 222.6

found needed: 222.6 - 165 = 57.6

6 0
3 years ago
The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 2019, the end of t
solong [7]

Answer:

The Gorman Group

1. The Gorman Group

Income Statement

For the Year Ended October 31, 2019

Service Fees                                                     $421,010

Rent Revenue                                                        4,450

Total Revenue                                                $425,460

Salaries Expense                           $301,820

Depreciation Expense—Equipment 16,400

Rent Expense                                    13,700

Supplies Expense                               9,710

Utilities Expense                                8,780

Depreciation Expense—Buildings    5,850

Repairs Expense                               4,840

Insurance Expense                          2,650

Miscellaneous Expense                   4,520  $368,270

Net Income                                                      $57,190

The Gorman Group

Statement of Owner's Equity

For the Year Ended October 31, 2019

Nicole Gorman, Capital                   $378,780

Net Income                                           57,190

Nicole Gorman, Drawing                   (22,200)

Owner's Equity, October 31, 2019  $413,770

2. Closing Journal Entries at October 31, 2019:

Debit Income Summary $368,270

Credit:

Salaries Expense                           $301,820

Depreciation Expense—Equipment 16,400

Rent Expense                                    13,700

Supplies Expense                               9,710

Utilities Expense                                8,780

Depreciation Expense—Buildings    5,850

Repairs Expense                               4,840

Insurance Expense                          2,650

Miscellaneous Expense                   4,520

To close the expenses accounts to the income summary.

Debit:

Service Fees   $421,010

Rent Revenue    4,450

Credit Income Summary $425,460

To close the revenue accounts to the income summary.

3. The amount of net income would have been $137,200.

Explanation:

a) Data and Calculations:

The Gorman Group

End-of-Period Spreadsheet

For the Year Ended October 31, 2019

Adjusted Trial Balance

Account Title                                           Dr.               Cr.

Cash                                                    $13,880

Accounts Receivable                           30,210

Supplies                                                 4,720

Prepaid Insurance                               10,200

Land                                                    89,000

Buildings                                           319,000

Accumulated Depreciation-Buildings             $103,900

Equipment                                       230,000

Accumulated Depreciation-Equipment            135,300

Accounts Payable                                               29,520

Salaries Payable                                                    2,930

Unearned Rent                                                       1,330

Nicole Gorman, Capital                                     378,780

Nicole Gorman, Drawing                  22,200

Service Fees                                                      421,010

Rent Revenue                                                      4,450

Salaries Expense                             301,820

Depreciation Expense—Equipment 16,400

Rent Expense                                    13,700

Supplies Expense                               9,710

Utilities Expense                                8,780

Depreciation Expense—Buildings    5,850

Repairs Expense                               4,840

Insurance Expense                          2,650

Miscellaneous Expense                   4,520

Totals                                          1,077,220 1,077,220

Amount of Nicole Gorman's Capital increased by $115,000:

Net income would have been $137,200 instead of $57,190.

Closing Nicole Gorman, Capital = $515,980

Less Drawings               22,200

        Beginning capital 378,780    400,980

Increase in capital =                       $115,000

4 0
2 years ago
Lakeside Inc. produces a product that currently sells for $57.60 per unit. Current production costs per unit include direct mate
Sidana [21]

Answer:

It is convenient to make the changes.

Explanation:

Giving the following information:

Selling price= $57.60 per unit.

Direct materials= $22

Direct labor= $24

Variable overhead= $11.00

Fixed overhead= $11.00.

New costs:

Direct material cost= 22*1.2= $26.4

Direct labor cost= 24*1.2= $28.8

<u>I suppose that the selling price will increase by $40.</u>

To determine whether the changes increase profit or not, we need to calculate the unitary contribution margin per unit for both options:

Contribution margin= selling price - unitary variable cost

Actual Contribution margin:

Contribution margin= 57.6 - (22 - 24 - 11)= 0.6

New contribution margin:

Contribution margin= 97.60 - (26.4 - 28.8 - 11)= $31.4

5 0
2 years ago
Which of the following is a critical dilemma when implementing fiscal policy in reference to timing lags?
Pepsi [2]

Answer: Option C

Explanation: In simple words, critical dilemma refers to the confusions and problems that may arise and are pretty hard to solve.

While implementing fiscal policies in an economy the authorities must have proper information however the information takes time and cost to get collected and processed.

This situation is called information lag and is a critical dilemma as the individuals in authority have to decide whether to go for information processing and collecting or not.

8 0
3 years ago
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