Answer: Estes and Fortis
Explanation: Product liability suit is the region of legislation in which producers, distributors, suppliers, dealers, and others who make commodities accessible or lease products to the public are held accountable for harms those products cause.
The negligence could occur in the production operation involving low -quality materials, design negligence when the commodity is naturally hazardous or useless hence inadequate despite the care applied when producing it or marketing negligence when the important product instructions and warnings are not given prior to the usage. In this case, Dig Deep Inc. is liable to Estes and Fortis for the injury they sustained from using their product, backhoe.
Answer:
Given that,
Note face value = $12,000
Interest rate = 7%
Time period = 90 days
Interest amount:
= Face value × Interest rate × Time period
= $12,000 × 0.07 × (90/360)
= $210
Therefore, the journal entry is as follows:
On October 30,
Interest receivables A/c Dr. $210
To Interest revenue $210
(To record the interest value on note)
The entry to record this event would include a LOSS OF $40,000.
The equipment original cost = $420,000
Accumulated depreciation = $200,000
Selling price = $180,000
Loss = 180,000 - [420,000 - 200,000]
= 180,000 - 220 = - 40,000
Thus, a loss of $40,000 was experienced in the sale of the equipment.
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The adjust row amounts feature helps in creating Quick books accountant budgets as it makes updating budgets much faster and allows for consistency and easy use.
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