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RSB [31]
3 years ago
13

Ocean Vessels, Inc., and Pacific Harbor Company enter into a contract for a sale of a boat. Ocean is a merchant who deals in goo

ds of the kind sold. The goods are defective. Under the UCC, the implied warranty of merchantability is breached
a.​only if Ocean did not know about and could not have discovered the defect.
b.​only if Ocean did not know about the defect.
c.​only if Ocean knew about or could have discovered the defect.
d.​regardless of what Ocean knew or could have discovered.
Business
1 answer:
UNO [17]3 years ago
7 0

Answer:

d.​regardless of what Ocean knew or could have discovered.

Explanation:

The uniform commercial code are a set of rules that govern transactions involving sale of goods. One of such rules is the implied warranty of merchantability.

When goods are sold there is an implied warranty that the item will perform up to a particular level.

For example if one buys a television not is expected that the television will work. If it does not come on, implied warranty has been breached.

So in this case regardless of what Ocean knew or could have discovered, selling defective goods is a breach of implied warranty of merchantability.

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Credit advanced to consumers for the purchases of goods and services
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Read 2 more answers
Herman Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the product
jek_recluse [69]

Answer:

Product 1  - $36

Product 2 -  $ 96  

Product 3  -  $66

Explanation:

The accounting standard for Inventory under IFRS IAS 2 requires that inventory be recognized at cost which includes all the cost incurred to bring the item of inventory to a state or place where the item of inventory becomes available for sale.

These costs includes cost of purchase, freight, Insurance cost during transit etc.  

Subsequently, inventory is to be carried at the lower of cost or net realizable value.

The NRV is the Selling price less the cost to sell.

Given

                             Product 1       Product 2        Product 3

Cost                            $36              $ 106              $ 66

Selling price               $ 88              $ 168             $ 118

Costs to sell                $ 9                $ 72              $ 26

NRV                             $ 79               $ 96              $ 92

6 0
3 years ago
May 24 Sold merchandise on account to Old Town Cafe $18,450. The cost of goods sold was $11,000.
zubka84 [21]

Answer:

Date       General Ledger                                        Debit        Credit

May 24   Accounts Receivable-Old Town Café   $18,450

                      Sales                                                                   $18,450

              Cost of goods sold                                 $11,000

                       Inventory                                                            $11,000

Sept. 30  Cash                                                         $6,000

                      Allowance for Doubtful Accounts                      $12,450

                      Accounts Receivable-Old Town Cafe               $18,450

Dec. 7    Accounts Receivable-Old Town Cafe      $12,450

                      Allowance for Doubtful Accounts                     $12,450

              Cash                                                             $12,450

                       Accounts Receivable-Old Town Cafe               $12,450

7 0
3 years ago
The company currently markets McDog T-bone, Lapdog Lunchtreats, Rover's Potroast, and Puppy Porterhouse in the dog food market.
olasank [31]

Answer:

company's product line in the dog food market

Explanation:

In the description provided, it can be said that Prime Cuts will be an addition to the company's product line in the dog food market. A product line is a group of related products all marketed under a single brand name and are sold by the same company to the same targeted group of consumers. Such as in this scenario, all of the products listed are dog treats/food with different ingredients and are all sold by the same company to people looking for dog food.

4 0
3 years ago
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