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Leya [2.2K]
3 years ago
7

Bolt Corp. dismissed Ace as its general sales agent and notified all of Ace’s known customers by letter. Young Corp., a retail o

utlet located outside of Ace’s previously assigned sales territory, had never dealt with Ace. Young knew of Ace as a result of various business contacts. After his dismissal, Ace sold Young goods to be delivered by Bolt and received from Young a cash deposit for 20% of the purchase price. It was not unusual for an agent in Ace’s previous position to receive cash deposits. In an action by Young against Bolt on the sales contract, Young will:_______.
a. lose, because Ace lacked any express authority to make the contract.
b. lose, because Ace lacked any implied authority to make the contract.
c. win, because Bolt's notice was inadequate to terminate Ace's apparent authority.
d. win, because a principal is an insurer of an agent's acts.
Business
1 answer:
makkiz [27]3 years ago
4 0

Answer:

The correct option is C

Explanation:

Agency is a relationship between two parties whereby one party (agent) agrees to act on behalf of the other party (principal) with respect to third parties. A contract is not required but frequently present. The law of agency is concerned with the rights, duties and liabilities of the parties in an agency relationship.

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Selected accounts with amounts omitted are as follows: Work in Process Aug. 1 Balance 268,300 Aug. 31 Goods finished 168,800 31
Darina [25.2K]

Answer:

b.$12,990

Explanation:

Calculation to determine the amount debited to Work in Process for factory overhead in August, assuming a factory overhead rate of 30% of direct labor costs

Using this formula

Overhead applied = Direct labor cost * Predetermined overhead rate

Let plug in the formula

Overhead applied= 43,300 * 30%

Overhead applied= $12,990

Therefore the amount debited to Work in Process for factory overhead in August, assuming a factory overhead rate of 30% of direct labor costs is $12,990

8 0
2 years ago
What were the economic changes that revolutionized manufacturing in the eighteenth century and led to the factory system?
Daniel [21]

Answer:

The industrial revolution affected the whole global economy, social relations, and culture.

The industrial revolution changed how goods were manufactured, and it all started with the European accumulation of capital and the invention of the steam engine.

The two major sources of energy were coal and oil that were used to power steam engines that moved machinery using water steam. That led to work specialization and urbanization (people moving into large urban areas).

The industrial revolution first started in northwestern Europe, but it then spread to the US, Russia and Japan. The global economy developed new patterns of global trade and production between nations that produced resources and those that processed them and produced goods.

Exporting economies grew around the world because of the need for exporting both raw materials and food supplies from resource producing nations, and the need for exporting finished goods form industrialized nations.

7 0
3 years ago
Journalizing purchase and sales transactions
Firdavs [7]

Based on the given purchase and sale transactions, the journal entries are:

Date             Account Title                                   Debit                    Credit

Feb 3      Merchandise inventory                   3,300

                            Account payable                                       3,300

Feb 7            Account payable                               900

                    Merchandise inventory                                               900

Feb 9            Merchandise inventory                    400

                      Cash                                                                               400

Feb 10           Account receivable                        4,700

                      Sales revenue                                                             4,700

Feb 10            Cost of goods                                  2,350

                       Freight out                                          370

                      Merchandise inventory                                            2,350

                      Cash                                                                             370

Feb 12             Account payable                             2,400

                       Cash                                                                          2,328

                       Merchandise inventory                                                 72

Feb 28             Cash                                                 4,606

                         Sales discount                                      94

                         Account receivable                                               4,700

<h3 /><h3>What are the journal entries?</h3>

When goods are purchased, they will be debited to the Merchandise inventory account. If they were paid for with cash, they will be credited to the cash account. On account is credited to Accounts Payable.

When goods are sold, the cost of goods sold will have to be debited to account for the cost of the purchase that is now being sold.

Because the goods were paid for in the discount period, a 3% discount would apply:

= 2,400 x (1 - 3%)
= $2,328

A 2% discount would apply to the Feb 10. sales for the same reason:
= 4,700 x (1 - 2%)

= $4,606

Find out more on discount terms at brainly.com/question/24086159.

#SPJ1

4 0
2 years ago
which of the following should be avoided when solving a problem? A) Assessing B)Compromising C) Procrastinating D) Projecting
nexus9112 [7]
Procrastinating and that’s the answer
7 0
2 years ago
Marle Construction enters into a contract with a customer to build a warehouse for $950,000 on March 30, 2021, with a performanc
Mandarinka [93]

Answer:

The correct answer is option (B).

Explanation:

According to the scenario, computation of the given data are as follows:

As probability is not correctly given.

Let probability be:

July 31, 2021 = 65%

August 7, 2021 = 25%

August 14, 2021 = 5%

August 21, 2021 = 5%

So, We can calculate the transaction price by using following formula:

Transaction price = (Amount + Bonus) × Probability

July 31, 2018 =  ($950,000 + $50,000) × 65% = $650,000

August 7, 2018 = ($950,000 + $40,000) × 25% = $247,500

August 14, 2018 = ($950,000 + $30,000) × 5% = $49,000

August 21, 2018 = ($950,000 + $20,000) × 5% = $48,500

So, Total transaction price = $650,000 + $247,500 + $49,000 + $48,500

= $995,000

5 0
3 years ago
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