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3 years ago

List the impact of the consumer protection act on businesses

1 answer:

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The Consumer Protection Act is poised to shift the power dynamic towards the customer – and smart businesses can stay ahead of the pack by attending free talks on the new law during the Business Opportunities and Franchise Expo, at the Coca-Cola Dome from 16 to 19 September 2010.

The legislation will have a direct impact on large and small enterprises alike, whether they are in the services, manufacturing, retail, consumer goods or other sectors. The Act has a number of far-reaching implications that savvy businesses should be mindful of.

During the expo, jointly presented by the Thebe Exhibitions and Projects Group (TEPG) and the Eskom Foundation, Tracy Lawler, the Managing Director of 2iC, will be conducting free talks seminars on the Consumer Protection Act (CPA), in partnership with Wilken Duff Attorneys.

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An asset was purchased for $33,000 on January 1, 2019. The asset's estimated useful life was five years, and its residual va

Gekata [30.6K]

Answer:

loss of $1,200

Explanation:

Depreciation is the systematic allocation of cost to an asset. it is given as

Depreciation = (cost - salvage value)/useful life

When an asset is sold at an amount lower than its carrying or net book value, a loss on sale/disposal is recognized otherwise, a gain on disposal. The netbook value is the cost less accumulated depreciation.

Depreciation = ($33,000 - $4,000)/5

= $5800

Netbook value at disposal = $33,000 - $5800

= $27,200

Gain/(loss) on disposal = $26,000 - $27,200

= ($1,200)

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3 years ago

Swann Company sold a delivery truck on April 1, 2016. Swann had acquired the truck on January 1, 2012, for $45,500. At acquisiti

olganol [36]

Answer:

Journal Entries

Dr. Cash_________________$11,125

Dr. Accumulated Depreciation $36,125

Cr. Truck ________________ $45,500

Cr. Gain on Disposal ________$1,750

Dr. Cash_________________$7,525

Dr. Loss on Disposal ________$1,850

Dr. Accumulated Depreciation $36,125

Cr. Truck ________________ $45,500

The gain is reported as a realized gain in the income statement after operating income for the period.

The loss is reported as a realized loss in the income statement after operating income for the period.

Explanation:

We need to calculate the depreciation for the 3 months of 2016.

Depreciation for the period = ( ( Initial cost -Residual Value ) / Useful life ) x Time Fraction = ( ( $45,500 -$3,000 ) / 5 ) x 3/12 = $2,125

Book Value on April 1, 2016 = Book Value on December 31, 2015 - Depreciation for 2016 = $11,500 - $2,125 = $9,375

Accumulated Depreciation = Initial cost - Book value = $45,500 - $9,375 = $36,125

Now compare The bok value o sale price to calculate the gain or losss

Gain = Sale Value - Book value = $11,125 - $9,375 = $1,750

Loss = Book Value - Sale value = $9,375 - $7,525 = $1,850

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3 years ago

Profit Inc., a manufacturing firm, has purchased raw materials worth $10,000 on credit from its vendors. The business plans to s

andrezito [222]

Profit Inc., a manufacturing firm, has purchased raw materials worth $10,000 on credit from its vendors. The business plans to settle the vendor’s full payment after two months. Under "current liabilities"section of balance sheet this account will be recorded as "account payable".

Answer: Option (B) is correct

Explanation:

Raw material purchased on credit from a vendor is a liability and it is shown under current liabilities in "accounts payable". Since raw material purchased on credit and payment is to be made after two months.

Payment due gives rise to liability. Now current liability is a company's short term obligations that are to be paid back within a year. Here the firm will have to make payment within two months to the vendor.

8 0

3 years ago

Read 2 more answers

As the labor market became more competitive in the later 19th century, employers began to offer all of the following EXCEPT:

il63 [147K]

As the labor market became more competitive in the later 19th century, employers began to offer all of the following except for letter C. Vacation Days.
When this happens, the market demands employers/workers to be more productive.

8 0

3 years ago

The value-added method involves taking the cost of intermediate outputs (i.e., outputs that will, in turn, be used in the produc

Brut [27]

Answer:

Value Added = Value of Output - Intermediate Consumption = Final Goods . Value

Explanation:

This can be explained with an example:

A produces flour & sells it to Grocer for Rs 100. Grocer produces Wheat & sells it to Baker for Rs 150. Baker produces bread & sells it to Consumers for Rs 200.

Value of Final Product (Used by end consumers) i.e Bread = Rs 200.

However if considering total Value Of Output including all value added at each stage = 100 + 150 + 200 = 450. This is Overestimated value of Final product Bread, because of 'Double Counting' - Grocer's wheat includes the intermediate good (good purchased for further resale/reprocessing) value of flour and Baker's bread includes value of Wheat & flour intermediate products both.

This problem can be solved by: Calculating Value Added (by subtracting intermediate consumption) at each stage & then summing it to get the Final good value.

In this case: Farmer's Value Added = VO - IC = Flour Value - 0 = 100 .

Grocer's Value Added = VO - IC = Wheat - Flour Value = 150 - 100 = 50

Baker's Value Added = VO - IC = Bread - Wheat Value = 200 - 150 = 50

Adding value added by all these 3 we get , 150 + 50 + 50 = 200 i.e equal to final good bread value 200.

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3 years ago