Answer:
Marigold Corp.
The amount received from Bramble is $4,508.
Explanation:
a) Computation of Amount Received:
Jan. 15 Sales = $5,700
Jan. 20 Returns (1,100)
Balance due $4,600
Jan. 24 discount ($92)
Cash collected $4,508
b) Discount allowed = 2% of $4,600 = $92
c) This is in accordance with the trade terms 2/10, n/30, which allows a cash discount of 2% if payment was made within 10 days from the date of purchase, with the last allowed credit within one month. From January 15 to January 24 is 10 days. So, the cash discount of 2% applies on the balance due after the sales returns.
Answer:
d. Ginger cannot be sued under the theory of product liability.
Explanation:
Ginger sells goods to restaurant, and not to direct customers.
Customers can sue the restaurant owner for selling such baked products to them, and not to the direct manufacturer of such products.
Therefore, Ginger cannot be sued.
Although for any loss, the restaurant owner can sue Ginger, but not the direct customers under any scheme of Product liability. As the liability is of restaurant towards people consuming such baked products.
Answer:
services are defined as:
C) the intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value.
Explanation:
A service is a intangible activity that is provided to persons in order to satisfy a need. It is the contrary to a product because a product is tangible and is manufactured. However, services are not manufactured but they are provided to each specific client.
Examples or services are: medical services, education, lawyers advisory, internet connection, counselling, telemarketing.
Answer:
More than one basis for departmentalization
Explanation:
Although departmentalization may be determined within an organization on the basis of one criterion, such as location, most organizations find more than one basis for departmentalization to be a more efficient means of conducting business where the main logic and philosophy is to group various activities. There are many forms and basis of departmentalization which could be either functional departmentalization, customer departmentalization, product departmentalization or location departmentalization. It works quite well and efficient when organization uses more than one basis for departmentalization.
Answer:
Explanation:
Amount realized on sale:
Cash $75,000
Purchaser’s note 675,000
$750,000
Adjusted basis (535,000)
Gain realized on sale $215,000
b. $215,000 gain realized ÷ $750,000 contract price = 28.67% gross profit percentage.
Cash received in year of sale:
Cash at closing $75,000
August principal payment 33,750
$108,750
Gain recognized (108750*28.67%) $31,179
A. Book gain $215,000
Tax gain (31,179)
Book/tax difference $183,821
B. $183,821 × 35% = $64,338 deferred tax liability
The excess of book gain over tax gain is a favorable difference.
