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3 years ago

A warranty of title does not arise automatically under a contract for a sale of goods.

1 answer:

4 0

The answer is it depends if the seller is the owner or a representative of the seller.

The answer is True if the seller is the one selling the product. The warranty of title is added automatically once the purchase is made. But in the situation wherein the seller had asked someone to represent him, then the title would not be automatically be added.

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On February 14, Garcia Associates Co. paid $2,300 to repair the transmission on one of its delivery vans. In addition, Garcia pa

Ksju [112]

Answer with its Explanation:

On February 14, the repairment of transmission is the repair and maintenance cost and hence it must be accounted for as an expense.

The Double entry would be:

Dr Repairs and Maintenance Expense $2,300

Cr Cash $2,300

On the same date, the installation of GPS system is an addition of an asset in the delivery truck hence it must be capitalized.

The Double entry would be:

Dr Delivery Van $450

Cr Cash $450

4 0

3 years ago

If the market rate of interest is 6 percent, what is the present discounted value of $1,000 that will be paid in

Pachacha [2.7K]

The formula for percent discount value after n years at the rate r is given by
pdv=fv/(1+r)^n
where fv is the fixed value
here only fixed value is given to us so we will calculate the discounted value for coming 10 years
after
year 1=943.4
2=890
3=839.62
4=739.09
5=747.26
6=704.96
7=665.06
8=627.41
9=591.90
10=558.39

6 0

3 years ago

Residential Investment Payments of Factor Income to the rest of the world National Income Inventory Adjustment 0.00 Personal Con

Ivanshal [37]

Please find full question attached

Answer and Explanation:

Gross domestic product is calculated:

Gross Domestic Product(GDP) = Gross National Product (GNP) - Receipts of factor income from rest of the world + Payments of factor income to the rest of the world

So to find GDP, we calculate GNP

GNP = NNP+Depreciation

To calculate GNP, we calculate NNP:

Net national product (NNP) =national income, so we have,

NNP = $2,445 billion

GNP = NNP + Depreciation = $2,445+$75

GNP = $2,520 billion

So we substitute in GDP formula to calculate GDP

GDP = 2,520 - 70 + 50 = $2500 billion

GDP = $2,500 billion

Government consumption and gross investment= Government transfer payments + Non-residential investments

Government consumption and gross investment is given by G

G = 200+250 = $450 billion

G = $450 billion

3 0

3 years ago

Presented below are selected account balances for Homer Winslow Co as of December 31, 2014.

Ronch [10]

Answer:

Sales Revenue 410,000 debit

Income Summary 410,000 credit

--to close revenues accounts--

Income Summary 95,000 debit

Administrative Expenses 38,000 credit

Income Tax Expense 30,000 credit

Sales Returns and Allowances 12,000 credit

Sales Discounts 15,000 credit

--to close expenses and other--

Income Summary 18,000 debit

Dividends 18,000 credit

--to close dividends--

Income summary 297,000 debit

Retained Earnings 297,000 credit

--to close the income summary against RE--

Explanation:

We have to close against income summary he temporary accounts:

To close this accounts we need to post them in their opposite side of the normal balance. Revenues will be debited while expenses credited.

At last, we solve for the income summary balance and close it against retained earnings

410,000 - 95,000 - 18,000 = 297,000

4 0

3 years ago

A young couple living in rural west-central Missouri heard about the closing of a local grocery store. Although a small operatio

Zina [86]

Answer:

The correct answer is letter "C": the invisible hand.

Explanation:

In Economics, the term "invisible hand" refers to the belief that markets are created according to the demands and needs of individuals who take advantage of opportunities without the need for the intervention of other parties like a government. The term was coined by Scottish Enlightenment thinker Adam Smith (1723-1790) in his book "<em>An Inquiry into the Nature and Causes of the Wealth of Nations</em>" (1776).

8 0

3 years ago