Answer:
Correct Answer:
B) Implied warranty of fitness
Explanation:
A products liability claim normally involves injury or damage caused by a defective product. Proving the claim usually involves one or more of three basic theories of liability: negligence, breach of contract/warranty, and strict liability.
<em>Since there was a bridge of warranty by the truck dealership despite Palmer demanding the best truck, he would be able to sue the dealership under implied warranty of fitness.</em>
Answer:
The present value of the total amount that Brooke needs to have saved at the beginning of her son's first year of college is 31.959,13
Explanation:
Tuition Fees after inflation at
Year 18 = 15000* ( 1+6.5%)18 = 46599.8157
Year 19 = 15000* ( 1+6.5%)19 = 49628.8037
Year 20 = 15000* ( 1+6.5%)20 = 52854.6759
Year 21 = 15000* ( 1+6.5%)21 = 56290.2299
Since discount rate = 10%
So discount factor = 1+r = 1+10% = 1.1
Since fees are paid at beginning of period hence
Present Value of Fees = Fees (year 18)/1.1^18 +Fees at Year 19/1.1^19 +Fees at Year 20/1.1^20 + Fees at year 21/1.1^21 = 46599.8157/1.1^18 + 49628.8037/1.1^19 + 52854.6759/1,1^20 + 56290.2299^21 = 31959.13
Cost of merchandise sold = Beginning inventory + purchases - [purchase discount +ending inventory].
Cost of merchandise sold = 5000 + 21,800 - [790 + 5,100]
26, 800 - 5,890 = 20,910
Therefore, the amount of money that is used to produce the merchandise sold is $20, 910.
Answer:
Prepare the journal entries for above accounts
Explanation:
1. Cash Dr.147,000
Sales Discount Dr.1,314
A/R Cr.148,314
2. Account Receivable Dr.5,620
Disallowance for Bad debts Cr.5,620
3. Allowance for Doubtful Accounts Dr.26,900
Account Receivable Cr.26,900
4. Bad Debts Expense Dr.26,900
Allowance for Doubtful Accounts Cr.26,900
Answer:
has a fair market net worth sufficient to sustain the risks of the program.
Explanation:
FINRA is an acronym for Financial Industry Regulatory Authority. It is a non-profit agency in the United States of America, which is saddled with the responsibility of handling the licensing and regulation of broker-dealers in securities.
A direct participation program (DPP) can be defined as a financial security which gives an investor (customer) access to the cash flow and tax benefits of a business venture.
Under FINRA rules, to recommend a direct participation program (DPP) to a customer, the registered representative must ascertain and ensure that the customer has a fair market net worth that is considered to be sufficient to sustain the risks associated with the program, including loss of investment and lack of liquidity.
