Complete Question:
Construction Products Company and Dante enter into a contract for a sale of bricks and stones. Construction Products knows the purpose for which Dante will use the goods. Under the UCC, an implied warranty of fitness of a particular purpose arises:
Group of answer choices.
a. if the buyer is relying on the seller to select suitable goods.
b. if the buyer asks for it.
c. if the seller is a merchant who deals in goods of the kind sold.
d. in conjunction with lease contracts, not sales contracts.
Answer:
a. if the buyer is relying on the seller to select suitable goods.
Explanation:
In this scenario, Construction Products Company and Dante enter into a contract for a sale of bricks and stones. Construction Products knows the purpose for which Dante will use the goods (bricks and stones). Under the Uniform Commercial Code (UCC), an implied warranty of fitness of a particular purpose arises if the buyer is relying on the seller to select suitable goods. This simply means that, Construction Products who is the seller of the bricks and stones implied a warranty of fitness because they know the purpose for which Dante will use the acquired goods and should meet his requirements or needs.
<em>Hence, Construction Products Company is bounded by the contractual agreement (warranty) to provide quality goods which would meet Dante's reasons for buying them since he relying on their expertise or judgmental skills. </em>
Answer:
B. $7.58
Explanation:
earnings per share = (net income - preferred dividends) / weighted average of shares outstanding
shares outstanding:
January 1: 100,000 x 12/12 = 100,000
October 1: -20,000 x 3/12 = -5,000
weighted average = 95,000
EPS = $720,000 / 95,000 = $7.5789 =$7.58
Stock options are not included in the basic EPS calculation.
Answer:
The answer is: $40,000
Explanation:
Chris's opportunity cost of working as a consultant instead of working as a business manager (her old job) is $40,000. So in order for Chris to earn normal profit, the difference between his revenue and his combined explicit (e.g. rent, assistant's salary) and implicit costs (opportunity cost) is zero.
Answer:
$52,860
Explanation:
The computation of the ending inventory using the lower of cost or market method is shown below:
Product Cost Net realizable value Lower of cost or NRV
RSK-89013 600 × $38 = $22,800 600 × $47 = $28,800 $22,800
LKW-91247 420 × $47 = $19,740 420 × $40 = $16,800 $16,800
QEC-57429 510 × $26 = $13,260 510 × $32 = $16,320 $13,260
Carrying value of the ending inventory is $52,860
Answer with Explanation:
A "Centrally Planned Economy" refers to an economy where the government's authority affects the economic decisions of the business owners. This means that the business owners and the consumers do not have a say when it comes to their decisions regarding the supply and demand of the items.
This also means that the business owner cannot decide on what product he will be producing, including its process of production and distribution.
Additional Explanation:
Although the command economy signals a <em>lack of freedom for business owners,</em> it has some advantages as well. It results to <u>low unemployment level.</u> The government has the ability to set the number of workers that the business owners will hire in order to address the unemployment rate. Products and services that will be produced are all directed for <em>the good of the people</em>. It is not "profit-driven."
