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.
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.
Keith and his team,employees of an online retailing company,are being trained on cyber surveillance and user security.As part of their training,they are working to identify a solution to the problem of cyber-phishing and data breaches.Which of the following forms of group-building methods is being employed by Keith's team?A) Cross-learningB) Action learningC) Adventure learningD) Virtual realityE) Behavior modeling
Answer: Action learning
Explanation:
From the question, we are informed that Keith and his team, employees of an online retailing company, are being trained on cyber surveillance and user security and as part of their training, they are working to identify a solution to the problem of cyber-phishing and data breaches.
The method used is action learning. This means that the group will get an actual problem, solve it, plan and the results will be shown to the team and the organization.
On January 15, 2021, Bella Vista Company enters into a contract to build custom equipment for ABC Carpet Company. The contract specifies a delivery date of March 1. The equipment was delivered on March 31. The contract requires full payment of $75,000 30 days after delivery. The revenue for this contract should be recorded on
Answer:
31 March 2021
Explanation:
The contract should be recorded on 31 March 2021 because according to the US Generally Accepted Accounting Principles, revenue should be recognize in the book only when service has been rendered to the customer, the selling price of product is fixed and confirmation of service arrangement and amount to be collected.
With regards to the above scenario, since the equipment was not delivered until 31 March, then 31 of March will be recognized.
Company had 200 units of inventory on hand at the end of the year. These were recorded at a cost of $12 each using the last-in, first-out (LIFO) method. The current replacement cost is $10 per unit. The selling price charged by Sandra Company for each finished product is $15. In order to record the adjusting entry needed under the lower-of-cost-or-market rule, the Cost of Goods Sold will be:
Answer:
Debited by $400
Explanation:
Calculation for the Cost of Goods Sold
Using this formula
Cost of Goods Sold= Inventory on hand*(Cost-Current replacement cost)
Let plug in the formula
Cost of Goods Sold=200 units * ($12 - $10)
Cost of Goods Sold= 200 units*2
Cost of Goods Sold = $400 Debited
Therefore the Cost of Goods Sold will be:$400 Debited
Rovinsky Corporation, a company that produces and sells a single product, has provided its contribution format income statement for November. Sales (7,300 units) $ 350,400 Variable expenses 204,400 Contribution margin 146,000 Fixed expenses 103,500 Net operating income $ 42,500 If the company sells 7,200 units, its net operating income should be closest to:
Answer:
Net operating income= 40,500
Explanation:
Giving the following information:
Contribution margin 146,000
Fixed expenses 103,500
Sales= 7,200
First, we need to calculate the unitary contribution margin:
Unitary contribution margin= 146,000/7,300= $20
Now, for 7,200:
Total contribution margin= 7,200*20= 144,000
Fixed costs= (103,500)
Net operating income= 40,500
Budget performance report for a cost center GHT Tech Inc. sells electronics over the Internet. The Consumer Products Division is organized as a cost center. The budget for the Consumer Products Division for the month ended January 31 is as follows: Customer service salaries $546,840 Insurance and property taxes 114,660 Distribution salaries 872,340 Marketing salaries 1,028,370 Engineer salaries 836,850 Warehouse wages 586,110 Equipment depreciation 183,792 Total $4,168,962 During January, the costs incurred in the Consumer Products Division were as follows: Customer service salaries $602,350 Insurance and property taxes 110,240 Distribution salaries 861,200 Marketing salaries 1,085,230 Engineer salaries 820,008 Warehouse wages 562,632 Equipment depreciation 183,610 Total $4,225,270
1. Prepare a budget performance report for the director of the Consumer Products Division for the month of January. If an amount box does not require an entry, leave it blank GHT Tech Inc. Budget Performance Report-Director, Consumer Products Division For the Month Ended January 31 Actual Budget Over Budget Under Budget Customer service salaries $ Insurance and property taxes Distribution salaries Marketing salaries Engineer salaries Warehouse wages Equipment depreciation Total
2. For which costs might the director be expected to request supplemental reports?
1. Customer service salaries and marketing salaries as they are significantly over budget.
2. Customer service salaries, warehouse wages and marketing salaries as they have significantly changed.
3. Engineering salaries and warehouse wages as they are significantly under budget.
Answer:
A.Actual $4,225,270
Budget $ 4,168,962
Over budget $112,370
Under budget $56,062
B. The director be expected to request supplemental request for Customer service salaries, warehouse wages and marketing salaries as they have significantly changed.
Explanation:
Preparation of the budget performance report for the director of the Consumer Products Division for the month of January.
GHT Tech Inc.
Budget Performance Report for Director, Consumer Products Division For the month ended January 31
Actual Budget Over budget Under budget
Customer Service Salaries $ 602,350 $ 546,840 $ 55,510 Over budget
Insurance and Property Taxes
110,240 114,660 $ 4,420 Under budget
Distribution Salaries 861,200 872,340 11,140 Under budget
Marketing Salaries 1,085,230 1,028,370 56,860 Over budget
Engineer Salaries 820,008 836,850 16,842 Under budget
Warehouse Wages 562,632 586,110 23,478 Under budget
Equipment Depreciation 183,610 183,792 182 Under budget
Totals
Actual $4,225,270
Budget $ 4,168,962
Over budget $112,370
Under budget $56,062
2. The director be expected to request supplemental reports for Customer service salaries, warehouse wages and marketing salaries as they have significantly changed.
All of the following are reasons that the statement of cash flows is useful to the analyst except: A. The statement of cash flows shows how cash is generated during an accounting period and how it has been used. B. A positive net income figure on the income statement is ultimately insignificant unless a company can translate its earnings into cash, and the only source in financial statements for learning about cash generation is the statement of cash flows. C. The statement of cash flows shows the adjustments made to net income in order to calculate cash flow from operations; those should be examined to determine why cash flow from operations is negative or positive. D. The statement of cash flows is the only financial statement that cannot be manipulated.
Answer: The statement of cash flows is the only financial statement that cannot be manipulated
Explanation:
The cash flow statement is used to know how much cash is coming into and going out of a business.
The statement of cash flows shows the adjustments that can be made to the net income to calculate cash flow from operations.
The assumption that the statement of cash flows is the only financial statement that cannot be manipulated is wrong.
The statement of cash flows is the only financial statement that cannot be manipulated is not reason that the statement of cash flows is useful to the analyst.
Cash flow statements are important for all investors, which makes financial analysts increase the inflow of cash flow so that it looks good for investors and becomes confident in the business.
Therefore, cash flow is essential in providing cash availability its inflow and outflow to accountants as well as analysts that is further used for developing income statements.
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Tech giant, TimeHop was concerned about creating a workspace that was inviting and encouraged collaboration. Knowing that most of its employees would work odd hours, there was care taken to lighting choices and types of furniture. TimeHop was concerned with
Answer:
physical design
Explanation:
TimeHop was concerned about creating a workspace that was inviting and encouraged collaboration and here TimeHop was concerned with physical design because the reason for this is the the firm tailored their work space to the needs of employees thus being concerned with physical designso answer is physical designThe owners of Spokes Bicycle Shop worry that cash flow this winter may be insufficient to meet the current operating expenses. While they anticipate a surplus of cash inflow as warm weather approaches, they need funds now to meet the company's immediate obligations. The owners can best resolve cash flow concerns by obtaining ________ financing.
Answer:
Short-term.
Explanation:
Short-term can be explained to be financing of business for short period of time from different sources. This financing are seen to be in the periods of a year and is said to be for smaller scale businesses.
It is easily necessary to secure additional funds to cover expenses, especially for those smaller businesses or to take the next step in growing the business. These short term loans are seen to be a lending option that work for many businesses that experience seasonal revenue fluctuations, and are easily taken back from the enterprise on a daily basis or monthly to cover up for the year.
College dorm residents frequently want to keep and prepare their own food and snacks to save money or have a late-night snack. However, their dorm rooms are often woefully short of space. MicroFridge understands this and markets a combination microwave, refrigerator, freezer, smoke sensor, and charging station appliance targeted to these students. MicroFridge is most likely using which basis of segmentation
Answer:
behavioral segmentation
Explanation:
Based on this scenario, it can be said that MicroFridge is using behavioral segmentation. This is a form of marketing segmentation that focuses on dividing individuals into different groups based on their specific behavioral patterns that they share in common. Which in this case is the fact that the students tend to keep and prepare their own food and snacks to save money. By targeting individuals with these behaviors they are more likely to sell their product due to its unique features that become beneficial to individuals exhibiting these behaviors.
How much must be deposited at the beginning of each year to accumulate to $10,000 in four years if interest is at 9%
Answer:
Annual deposit= $2,186.69
Explanation:
Giving the following information:
Future value= $10,000
Number of peridos= 4 years
Interest rate= 9% compounded annually
To calculate the annual deposit required, we need to use the following formula:
FV= {A*[(1+i)^n-1]}/i
A= annual deposit
Isolating A:
A= (FV*i)/{[(1+i)^n]-1}
A= (10,000*0.09) / [(1.09^4) - 1]
A= $2,186.69
Sara spends $25 for an all-day ticket to an amusement park. After one ride, it begins to rain and she wishes she had never come. Since she has already paid for her ticket, she should stay at the amusement park until it closes or she has wasted her $25.A. TrueB. False
Answer:
False.
Explanation:
False, it is given that Sara spends $25 for all-day ticket in the amusement park. However, this is a shuck cost that she can not recover. Moreover, she has taken one ride so marginal analysis shows that all his $25 is not wasted. She has utilized some portion of their money so we can not say that she has wasted all his money.
By using bootstrap marketing strategies (unconventional, low-cost, creative techniques) small companies can get as much "bang" for their marketing bucks as their larger rivals.
Answer:
The given statement relates to bootstrap marketing strategies
Explanation:
In simple words, Bootstrap marketing relates to an advertising strategy usually used by entrepreneurs to create a business from the bottom up with little but private money and, luckily, money from the very first sale.
This method is usually used by start ups for capturing initial market share and with the expertise of an angel investor they can really go for high goals.
On January 1, 2017, Ann Price loaned $157773 to Joe Kiger. A zero-interest-bearing note (face amount, $210000) was exchanged solely for cash; no other rights or privileges were exchanged. The note is to be repaid on December 31, 2019. The prevailing rate of interest for a loan of this type is 10%. The present value of $210000 at 10% for three years is $157773. What amount of interest income should Ms. Price recognize in 2017
Answer:
15,777
Explanation:
Given the following :
Amount loaned = $157,7723
Prevailing Interest rate on such loan = 10%
Recognizable interest:
Amount loaned * Interest rate
$157,773 * 10%
157,773 * 10
15,777.3
= 15,777( to the nearest thousand)
Therefore, the amount of income Ms. Price will recognize in 2017 is $15,777.
On Monday, the seller offers to sell his vacant lot to the buyer for $42,000. On Tuesday, the buyer counteroffers to buy for $40,500. On Friday, the buyer learns that several other prospects may be making offers on the property, so he withdraws the counteroffer and agrees to the original asking price of $42,000. Under these conditions, there is
Answer:
b. not a valid agreement because the buyer's counteroffer was a rejection of the seller's offer, and once rejected, an offer cannot be accepted later.
Explanation:
Since in the question it is mentioned that the vacant lot is offered for $42,000 but the buyer counteroffers to buy $40,500 but afterward he agreed to the original price of $42,000
So this situation represents that it is not a valid agreement as the counteroffer made by the buyer was rejected by the seller and once it is rejected then the same could not be accepted
Therefore the correct option is b.
An agent of a broker-dealer "A" has been terminated and is associating with broker-dealer "B." The terminated agent agrees to turn over his clients to another agent at broker-dealer "A" in return for half of the commissions generated by those clients over the following year. This arrangement is:
Answer: Prohibited
Explanation:
This agreement is prohibited because agents working in different firms are not allowed to split commissions. The agent who has been terminated from broker-dealer A is associating with broker-dealer B and seeing as the arrangement is for a year, it will last the entirety of the time that both agents will be in different firms.
Danton, a popular performer, dies. His spouse Caitlin sells their house to Buck. Unknown to Caitlin or Buck, in one of the closets is the master recording of an unreleased album. With respect to this recording, Buck can
Answer:
not keep it because there was no voluntary consent to its sale.
Explanation:
In this situation, Buck can not keep the unreleased album because there was no voluntary consent to its sale. When Danton died, all of his belongings became Caitlin's property. Since she did not know about the album or even that it was in the house when selling the house to Buck, she never agreed to transfer ownership of the album to Buck. Therefore, the album still belongs to Caitlin and Buck must return it.
Harley-Davidson disciples share a common, deeply held attraction to the brand. Harley appeals include: freedom, independence, power, and authenticity. Harley-Davidson doesn't just sell motorcycles. It sells self-expression, lifestyles, aspirations, and dreams. This illustrates core customer values
Answer: Brand personality
Explanation:
Brand personality is what the customers can easily relate to about a particular brand. To develop and maintain a strong brand, having a brand personality is vital.
From the question, we are informed that Harley appeals include freedom, independence, power, and authenticity and that Harley-Davidson doesn't just sell motorcycles, it sells self-expression, lifestyles, aspirations, and dreams. This illustrates brand personality.
True, its illustrated Core Customer Value.
Core customer values refers to the perception of what a product or service of a company is worth to a customer against the effort of buying such product.
These values are what attracts customers to a product or a firm.Question sometime asked by customer that what do i gain from this product despite being costlier? The Core values the customer got from the product or firm keeps the attraction.In conclusion, the values are displayed effectively by product or firms in other to persuade new customer as well as to attract existing customers.
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Links Cable Network has decided to offer a one-hour appointment window for customers needing installation or repair of its service, which will require the company to have several technicians on call. Links hopes this practice will give it an advantage over the competition, none of which have adopted such a practice. Links Cable Network is introducing a(n) ______ change.
Answer:
Radically innovative.
Explanation:
In this scenario, Links Cable Network has decided to offer a one-hour appointment window for customers needing installation or repair of its service, which will require the company to have several technicians on call. Links hopes this practice will give it an advantage over the competition, none of which have adopted such a practice. Links Cable Network is introducing a radically innovative change.
A radically innovative change is a strategic business approach aimed at developing the business drastically.
Jose Suarez has been hired as sales manager at a new firm and is trying to come up with a sales force compensation method. He would like to have selling expenses relate directly to sales resources, an aggressive sales force, and minimization of non-selling tasks. What compensation method(s) would best fulfill his requirements
Answer:
straight commission
Explanation:
Straight commission refers to the commission in which only a sales percentage could be given in terms of commission no extra payment, no salary is given. The percentage could be based on the performance of the salesperson i.e how much sales he sold so according to that the percentage is given
Therefore the given situation represents the straight commission method
Land is purchased for $256,000. Additional costs include a $15,300 fee to a broker, a survey fee of $2,400, $1,750 to construct a fence, and a legal fee of $8,500. What is the cost of the land
Answer:
The answer is $282,200
Explanation:
The cost of an asset includes the purchase price (cost of acquisition) and the cost neccessary to bring it usage.
For example, for cost of acquiring a machinery, the purchase price minus any trade discount plus cost of transportation, plus any tax paid on acquisition plus cost of installation etc.
But for the acquisition of land, all the cost except the cost of fence of the land will be considered.
So we have:
Purchase price. $256,000
Broker's fee. $15,300
Survey fee. $2,400
Legal fee $8,500
Cost of the land. $282,200
A donor gave $75,000 to a nongovernmental, not-for-profit charity with instructions that the funds be transferred to Sam Smith, an individual who lost his home in a fire. The not-for-profit would:
Answer:
B) Record the $75,000 cash and credit a liability
Explanation:
Possible options:
A) Record the $75,000 cash and credit temporarily restricted revenue. B) Record the $75,000 cash and credit a liability C) Do either (a) or (b), depending upon the policy of the not-for-profit D) Not record the transaction.Non-for-profit charities must record all cash donations, but since the funds were donated for an specific purpose, their use is restricted. Therefore, the charity must record a liability (which has a normal credit balance).
Claire Nevsky is in charge of advertising for her company and has produced a 30-second television spot to promote one of the company's new products. One of her assistants just out of college believes that the commercial has too much visual and audio information packed into such a small amount of time. The assistant is specifically concerned about limits in the receiver's
Answer:
Channel capacity
Explanation:
The channel capacity is the rate in which the data and information could be converted through a channel of communication
Here, in the given question as it is mentioned that the commercial includes more visual and audio information that to be converted into a less amount of time so this determines the channel capacity for the limits
Carfax offers a report on used cars for $39.99. It details the ownership type and history, vehicle mileage, accident reports, and other information. Carfax is an example of how markets try to:
Answer:
lessen the lemons problem by reducing asymmetric information.
Explanation:
Since in the question it is mentioned that the Carfax offered a report on a cars that are used for $39.99. The information involves type of ownership, history, vehicle mileage, accident reports, and other type of information
Based on the above information, the markets lowered the lemon problem i.e. asymmetric information that represents the failure of information
Assume the following: (1) the interest rate on 6-month treasury bills is 8 percent per annum in the United Kingdom and 4 percent per annum in the United States; (2) today's spot price of the pound is $1.50 while the 6-month forward price of the pound is $1.485.If the price of the 6-month forward pound were to ____, U.S. investors would no longer earn an extra return by shifting funds to the United Kingdom.a. Rise to $1.52b. Rise to $1.53c. Fall to $1.48d. Fall to $1.47
Answer:
d. Fall to $1.47
Explanation:
currently you will need $1,500 to purchase £1,000 and invest in British bonds. After 65 months you will have £1,040, which you should be able to convert into $1,544.40. If you invested in US bonds, you would have $1,530, so this arbitrage will yield $14.40.
But if instead the British pound fell to $1.47, then your profit would only be $28.80, less than if you invested in US bonds. You again would have £1,040 in 6 months, but that would only be equal to $1,528.80.
Suppose there are 1000 firms in a market and all are identical. Firm A will hire 20 workers when the wage rate is $10, 25 workers when the wage rate is $9, and 30 workers when the wage rate is $8. The equilibrium wage rate for a number of years has been $9. If the wage rate falls to $8, we know that
Answer:
d. the quantity demanded for the market will increase to less than 30,000 workers.
Explanation:
Missing options:
a. the quantity demanded for the market will increase to 30,000 workers. b. the quantity demanded for the market will increase to more than 30,000 workers. c. the quantity demanded for the market will increase, but we can't tell which of the above answers is correct. d. the quantity demanded for the market will increase to less than 30,000 workers.maximum total demand for labor = 30 (at $8) x 1,000 firms = 30,000 workers, but since the equilibrium rate had been $9 for many years, some workers have already been hired at $9, and it is usually very difficult to lower someone's wage once they have been working. Even thought the quantity demanded will increase, it will probably not be able to reach 30,000 workers.
Hayduke Corporation reported the following results from the sale of 5,000 units in May: sales $300,000, variable costs $180,000, fixed costs $90,000, and net income $30,000. Assume that Hayduke increases the selling price by 5% on June 1. How many units will have to be sold in June to maintain the same level of net income?
Answer:
4,444.44 units
Explanation:
For the computation of Number of units to be sold to earn target profit first we need to follow some steps which are shown below:-
Selling price per unit = Sales ÷ Number of units sold
= $300,000 ÷ 5,000
= $60
Variable cost per unit = Total variable cost ÷ Number of units sold
= $180,000 ÷ 5,000
= $36
Increase in selling price = $60 × 5%
= $3
New selling price per unit = $60 + $3
= $63
New contribution margin per unit = New selling price per unit - Variable cost per unit
= $63 - $36
= $27
Number of units to be sold to earn target profit = (Fixed cost + Target profit) ÷ Contribution margin per unit
= ($90,000 + $30,000) ÷ $27
= $120,000 ÷ $27
= 4,444.44 units
"Jobs Now is an employment website. Like its competitors, it offers free listings in every category, which is free for job seekers but not for companies. This feature of Jobs Now is an example of"
Answer:
A revenue model
Explanation:
A revenue model is a business organizational framework and strategy for balancing a business expenditure and income generation per revenue stream outlined by the business by identification of the veritable revenue sources, the structure of the pricing for the access to the value derived from the revenue source, as well as how customers are to pay for the value of the services of the revenue source
In essence, a revenue model maps value to buyers of a given valuable product.
Olin, a professional artist and art teacher, convinces Plato, who has no artistic ability, that he has considerable talent and induces him to pay Olin $10,000 for art lessons. When Plato realizes the truth, he files a suit against Olin. Plato is most likely to recover on the basis of
Answer:
Fraud
Explanation:
Fraud can be defined as a criminal deception or deceit that is aimed at resulting in financial gain.
From the above question, Olin defrauded Plato of $10,000 despite knowing that Plato had no talent. This is fraudulent and as such can help Plato's case against olin.
Cheers.
The discount rate assigned to an individual project should be based on: Group of answer choices the firm's weighted average cost of capital. the actual sources of funding used for the project. the current risk level of the overall firm. the actual sources of funding used for the project. the estimated riskiness associated with the individual project.
Answer:
none of the choices are correct
Explanation:
When the discount rate assigned for an individual project then it should be based on the risk i.e attached to the fund use needed by the project
There were various cases when a risky firm invested in a less risky project also if the same cost of capital is used so the firm could alter the decision of an investment in a negative manner
Therefore none of the choices are correct
Cash sales are normally 25% of total sales and all credit sales are expected to be collected in the month following the date of sale. The total amount of cash expected to be received from customers in September is:
Answer:
The total amount of cash expected to be received from customers in September is the sum of 25% of the September sales plus 75% of the August sales.
Explanation:
