The Chadmark Corporation's total cash receipts for a typical month is $2,976.
Data and Calculations:
Budgeted monthly sales = $3,000
Credit terms = 2/10 net 45
Percentage that take discount = 40%
Sales with discount =$1,200 ($3,000 x 40%)
Cash receipts from the 40% customers = $1,176
Cash Discounts =$24
Sales without discount = $1,800 ($3,000 x (1 - 40%)
Total cash receipts = $2,976 ($1,800 + $1,176)
Thus, Chadmark's total cash receipts for typical month is $2,976.
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The basis for an action in strict liability which is set forth in the Restatement (Second) of Torts Section 402A can be summarized by the following six requirements. The product must have been in a <u>safe condition</u> when the defendant sold it. The defendant must normally be engaged in the <u>business</u> <u>of selling</u><u> </u>(or otherwise distributing) that product. Most of the states require that the product must be _<u>unreasonably dangerous</u> to the user or consumer because of its defective condition. The plaintiff must incur <u>physical harm</u> to self or property by use or consumption of the product. The defective condition must be the <u>proximate cause</u> of the injury or damage. The goods must not have been <u>substantially damaged</u><u> </u>from the time the product was sold to the time the injury was sustained.
<u>Explanation</u>
- When the product is bought it must be in defective condition as per Restatement ( second ) of Torts Section 402A.
- The second point as per Restatement ( second) of Torts , section 402 states that the defendant must be in the business of selling or distributing the product.
- Moreover, the product must also be unreasonably dangerous to the consumer owing to its bad or defective condition. The plaintiff should incur physical harm to self by the consumption of such product.
It's the same because more money when It came out
Answer:
C) Auction with reserve.
Explanation:
During an auction with reserve if the auctioneer is not able to reach a minimum price set by the owner of the objects that are being auctioned, then the owner has the right to withdraw his objects. Usually the reserve price is set before the auction takes place but may be changed during the auction depending on the actual bids. The reserve price is commonly not disclosed to the bidders in an auction.
Answer:
Here is the complete question with options: Abbey Company completed the annual count of its inventory. During the count, certain items were identified as requiring special attention. Decide how each item would be handled for Abbey Company's inventory.
item#1: Goods in transit shipped to Abbey(Purchaser) FOB destination:
item#2: Goods in transit shipped to Abbey(purchaser) FOB shipping point.
item#3: Goods in transit shipped by Abbey(seller) FOB destination.
item#4: Goods in transit shipped by Abbey(seller) shipping point.
Now, checking how these items are handled by Abbey company´s inventory.
item#1: Goods in transit shipped to Abbey(purchaser) FOB destination: Excluded from inventory as goods has not arrived to the buyer´s place, therefore, ownership will not be transferred.
item#2: Goods in transit shipped to Abbey FOB (purchaser) shipping point: Included in inventory as goods are shipped to shipping point, so ownership will be transferred if carrier accept the goods from the seller.
item#3: Goods in transit shipped by Abbey FOB(seller) destination: Included in the inventory as Abbey owns the goods while goods is in transit.
item#4: Goods in transit shipped by Abbey(seller) shipping point: Excluded from inventory as a seller, Ownership has been transferred from Abbey.
