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lukranit [14]
2 years ago
14

Construction Products Company and Dante enter into a contract for a sale of bricks and stones. Construction Products knows the p

urpose for which Dante will use the goods. Under the UCC, an implied warranty of fitness of a particular purpose arises Group of answer choices
Business
1 answer:
Dafna1 [17]2 years ago
3 0

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>

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Bonnie is writing a cover letter for a job application. She has written the introduction describing her strengths. However, she
Fittoniya [83]
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5 0
2 years ago
Ski Powder Resort ends its fiscal year on April 30. The business adjusts its accounts monthly, but closes them only at year-end
Murljashka [212]

Answer:

a. We have:

Lift ticket value is = $80,000

Cash = $97,000

b. We have:

Lift ticket value = $854,000

Cash = $337,000

c. We have:

Lift ticket revenue - Best month = January 31

Lift ticket revenue - Amounts = $480,000

Cash - Best Month = December 31

Cash - Amounts = $55,000

Explanation:

Note: This question is not complete. The complete question is therefore provided before answering the question as follows:

Ski Powder Resort ends its fiscal year on April 30. The business adjusts its accounts monthly, but closes them only at year-end (April 30). The resort's busy season is from December 1 through March 31. Adrian Pride, the resort's chief financial officer, keeps a close watch on Lift Ticket Revenue and Cash. The balances of these accounts at the end of each of the last five months are as follows:

November 30 - Lift ticket revenue = $26000, Cash = $8000

December 31 - Lift ticket revenue = $200,000, Cash = $63000

January 31 - Lift ticket revenue = $680,000, Cash = $67,000

February 28 - Lift ticket revenue = $760000, Cash = $97,000

March 31 - Lift ticket revenue = $880,000, Cash = $110,000

Mr. Pride prepares income statements and balance sheets for the resort. Assuming they are prepared for:

a. The month ended February 28.

1. Indicate what amount will be shown in the statements for Lift Ticket Revenue.

Lift ticket value =

2. Indicate what amount will be shown in the statements for cash

Cash =

b. The entire "busy season to date" — that is, December 1 through March 31.

1. Indicate what amount will be shown in the statements for Lift Ticket Revenue.

Lift ticket value =

2. Indicate what amount will be shown in the statements for cash.

Cash =

c. In terms of Lift Ticket Revenue and increases in Cash, which has been the resort's best month? (Indicate the dollar amounts.)

Lift ticket revenue - Best month =

Lift ticket revenue - Amounts =

Cash - Best Month =

Cash - Amounts =

The explanation of the answer is now given as follows:

a. Indicate what amount will be shown in the statements for Lift Ticket Revenue and Cash for the month ended February 28.

1. Lift ticket value = Lift ticket revenue for February 28 - Lift ticket revenue for January 31 = $760,000 - $680,000 = $80,000

2. Cash = Cash for February 28 = $97,000

b. Indicate what amount will be shown in the statements for Lift Ticket Revenue and Cash for the entire "busy season to date" — that is, December 1 through March 31.

<u>1. For Lift ticket value</u><u> </u>

Lift ticket value = Lift ticket value for the month ended December 31 + Lift ticket value for the month ended January 31 + Lift ticket value for the month ended February 28 + Lift ticket value for the month ended March 31  …………………….. (1)

Where;

Lift ticket value for the month ended December 31 = Lift ticket revenue for December 31 - Lift ticket revenue for November 30 = $200,000 - $26000 = $174,00

Lift ticket value for the month ended January 31 = Lift ticket revenue for January 31- Lift ticket revenue for December 31 = $680,000 - $200,000 = $480,000

Lift ticket value for the month ended February 28 = Lift ticket revenue for February 28 - Lift ticket revenue for January 31 = $760,000 - $680,000 = $80,000

Lift ticket value for the month ended March 31 = Lift ticket revenue for March 31 - Lift ticket revenue for February 28 = $880,000 - $760,000 = $120,000

Substituting the values into equation (1), we have:

Lift ticket value = $174,000 + $480,000 + $80,000 + $120,000 = $854,000

<u>2. For Cash </u>

Cash = Cash for the month ended December 31 + Cash for the month ended January 31 + Cash for the month ended February 28 + Cash for the month ended March 31 …………….. (2)

Where;

Cash for the month ended December 31 = $63000

Cash for the month ended January 31 = $67,000

Cash for the month ended February 28 = $97,000

Cash for the month ended March 31 = $110,000

Substituting the values into equation (2), we have:

Cash = $63,000 + $67,000 + $97,000 + $110,000 = $337,000

c. In terms of Lift Ticket Revenue and increases in Cash, which has been the resort's best month? (Indicate the dollar amounts.)

The best month indicates the month with the highest value. Therefore, we have:

<u>1. For Lift ticket revenue</u>

Lift ticket revenue - Best month = January 31

Lift ticket revenue - Amounts = $480,000

<u>2. For cash</u>

Increase in cash for the month ended December 31 = Cash for December 31 - Cash for November 30 = $63,000 - $8000 =  55,000

Increase in cash for the month ended January 31 = Cash for January 31 - Cash for December 31 = $67,000 - $63,000 = $4,000

Increase in cash for the month ended February 28 = Cash for February 28 - Cash for January 31 = $97,000 - $67,000 = $30,000

Increase in cash for the month ended March 31 = Cash for March 31 - Cash for February 28 = $110,000 - $97,000 = $13,000

Therefore, we have:

Cash - Best Month = December 31

Cash - Amounts = $55,000

4 0
2 years ago
If your friend Raheem asks you, “What type of account should I use to save for retirement,” what would you tell him?
SSSSS [86.1K]

Answer:

Roth IRA account

Explanation:

The best type of account that you should save money in for Retirement is a Roth IRA account. This will allow you to put and save a maximum of $5,500 USD per year which will compound annually with interest and can be redeemed when you retire. Once you redeem your money at the age of 65 1/2 it will be completely tax-free. Meaning you have no liabilities with that money whatsoever and you can simply enjoy your retirement with that money.

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2 years ago
You are planning an AD implementation for a company that currently has Sales, Accounting, and Marketing departments. Each depart
netineya [11]

Answer:

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4 0
2 years ago
Peter's Audio has a yield to maturity on its debt of 7.8 percent, a cost of equity of 12.4 percent, and a cost of preferred stoc
OleMash [197]

Answer:

= 9.5%

Explanation:

The weighted average cost of capital can be computed as follows:

After tax cost of debt :

= Before-tax cost of debt (1-T)

= 7.8% ×  (1-0.21)

= 6%

Market value

Equity = 105× 22= 2,310.00

Preferred stock = 25× 45= 1,125.00              

Bonds= 98% × 1500=<u>1,470.00</u>

Type                   cost    Market value         Cost × equity

Equity               12.4       2,310.00                  286.44

Preferred stock  8%          1,125.00              90.00

Bond                6%        <u>1,470.00 </u>              <u>1 90.58 </u>

                                        4,905.00         467.02

WACC = (467.02/4,905.00 ) × 100

          = 9.5%

8 0
2 years ago
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