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love history [14]
3 years ago
5

Medical Equipment Supply Company and Natural Rehabilitation Center enter into a contract for a lease of a certain number of whee

lchairs. Medical Equipment assures the lessee that it has valid title to the goods. Under the UCC, this type of title warranty arises
Business
1 answer:
nydimaria [60]3 years ago
6 0

Answer:

a. automatically.

Explanation:

Since in the question it is mentioned that there is a contract between the center and the company for leasing a certain number of wheelchairs. Also, it gives assurance with respect to the good title to be valid

And under the UCC, this title warranty arises automatically as in this case the automatization is done in most of the cases

Hene, the correct option is a.

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the answer is a demand curve

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According to the international financial reporting standards, partnerships must disclose information in the same manner as
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A local government operates on a calendar-year basis. Prepare journal entries to record the following transactions and events fo
sergeinik [125]

Answer:

Feb. 1     DR Cash                                                 $400,000

                  CR Tax anticipation notes                                     $400,000

Dec 31   DR Expenditures - Interest                       $3,666.67

                    CR Accrued Interest Payable                               $3,666.67                  

Working

February to December = 11 months

Interest = 400,000 * 1.0% * 11/12 months = $3,666.67

April 1      DR Investments                                          $100,000

                     CR Cash                                                                  $100,000

Sept. 30   DR Cash                                                    $50,200

                      CR Investments                                                        $50,000

                            Interest Income                                                        $200  

Working

Interest Income = 50,000 * 0.8% * 6/12 months

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3 0
3 years ago
On October 1, Bramble's Carpet Service borrows $362000 from First District Bank on a 3-month, $362000, 6% note. What entry must
Luba_88 [7]

Answer:

Dr Interest expense -$21,720

Cr interest Payable - $21,720

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Interest

Since it is a short-time loan (3-month), the interest rate will be prorated to 3-month.

Interest expense = $362,000 × .06 × 3/12 = $21,720

Hence,  following entries will be recorded :

Dr Interest expense -$21,720

Cr interest Payable - $21,720

For Principal amount  Borrowed:

Cr Loan payable $362000

Dr. Bank Account $362000

Upon Settlement :

Dr. Interest Payable $21,720 and Cr Bank Account $21,720

Dr. Loan payable $362000 and Cr Bank Account $362000

4 0
3 years ago
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