BUSINESS COLLEGE

The implied warranty of fitness for a particular purpose requires: a. proof that the seller made the first contact with the buyer.
b. proof that the seller used the term "warrant."
c. proof that the seller is a merchant.
d. none of the above

Answers

Answer 1
Answer:

Answer: (D)

None of the above

Explanation:

Implied warranty of fitness for a particular purpose is a warranty that a seller has knowledge about a product and the purpose of that product, and the seller guarantees the buyer that the product is fit to be used for that purpose.

The requirements therefore are that;

• The seller knows about the product required by the buyer, and its purpose.

• The seller knows the buyer is relying on his expertise.

Therefore, none of the options provided above are requirements of implied warranty of fitness for a particular purpose.

Related Questions

Alpine Corporation reported the following information for fiscal 2017 and 2016. December 31 2017 2016 Operating assets $164,101 $153,211 Operating liabilities 120,785 114,836 Net cash flow from operations 46,709 39,540 Net operating profit after tax (NOPAT) 33,371 31,742 Discount factor 6.0% 6.0% What are the company's free cash flows to the firm (FCFF) for 2017?A. $28,430B. $24,638C. $28,907D. $25,797E. None of the above
The management of Kabanuck Corporation is considering dropping product V41B. Data from the company's accounting system appear below:Sales $939,000Variable expenses $413,500Fixed manufacturing expenses $525,500Fixed selling and administrative expenses $353,000All fixed expenses of the company are fully allocated to products in the company's accounting system. Further investigation has revealed that $215,500 of the fixed manufacturing expenses and $126,500 of the fixed selling and administrative expenses are avoidable if product V41B is discontinued.What would be the effect on the company's overall net operating income if product V41B were dropped?
Following is a recent BusinessSoftware Corp. press release: REDMOND, Wash.—March 16, 2016 — BusinessSoftware Corp. today announced that its board of directors have declared a quarterly dividend of $0.18 per share. The dividend will be payable on June 9, 2016, to shareholders of record on May 19, 2016. The ex-dividend date will be May 17, 2016 Prepare the journal entries BusinessSoftware Corp. used to record the declaration and payment of the cash dividend for its 8,600 million shares.
Chang Corp. has $375,000 of assets, and it uses only common equity capital (zero debt). Its sales for the last year were $550,000, and its net income was $25,000. Stockholders recently voted in a new management team that has promised to lower costs and get the return on equity up to 15%. What profit margin would the firm need in order to achieve the 15% ROE, holding everything else constant? Do not round your intermediate calculations.
Rayya Co. purchases a machine for $159,600 on January 1, 2019. Straight-line depreciation is taken each year for four years assuming a eight-year life and no salvage value. The machine is sold on July 1, 2023, during its fifth year of service.Prepare entries to record the partial year’s depreciation on July 1, 2023, and to record the sale under each seperate situation. (1) The machine is sold for $79,800 cash. (2) The machine is sold for $67,032 cash.

The gross profit method is most commonly used to:_______ a. estimate the cost of inventory from incomplete records. b. determine the exact cost of inventory. c. develop a sales budget. d. replace the year-end physical inventory.

Answers

Answer:

a. estimate the cost of inventory from incomplete records.

Explanation:

The gross profit method is used to estimate the cost of inventory from incomplete records. This is done by determining the amount of gross profit using the Sales Revenue and the Gross Profit Margin. Then finding the difference between the Cost of Goods available for sale and this Gross Profit to reach to the estimated cost of inventory.

The tragedy of the commons suggests that ________.(A) an ongoing process of give and take is based on mutual trust.
(C) mutual trust is based on an ongoing process of give and take.

Answers

Answer:

(A) an ongoing process of give and take is based on mutual trust.

Explanation:

Tragedy of the commons is a situation where individuals in a shared resource system act independently in their own self-interest. They behave in opposition to the common good and deplete shared resources.

In shared resource system there needs to be a collaborative approach between the parties to make sure resources are not exploited.

There needs to be an ongoing process of give and take based on mutual trust to sustain the system.

The concept of the tragedy of the commons has been used in sustainable development, economics, sociology, politics, taxation, and global warming.

The Work-in-Process inventory account of a manufacturing firm shows a balance of $4,090 at the end of an accounting period. The job cost sheets of two uncompleted jobs show charges of $570 and $370 for materials, and charges of $600 and $800 for direct labor. From this information, it appears that the company is using a predetermined overhead rate, as a percentage of direct labor costs, of: Multiple Choice 43%.

Answers

Answer:

125%

Explanation:

The computation of predetermined overhead rate is shown below:-

Manufacturing overhead = $4,090 - ($570 + $370 + $600 + $800)

= $4,090 - $2,340

= $1,750

Total direct labor = $600 + $800

= $1,400

Manufacturing overhead = Predetermined overhead rate × Direct labor

Predetermined overhead rate = Manufacturing overhead ÷ Direct labor

= $1,750 ÷ $1,400

= 125%

Therefore for computing the predetermined overhead rate we simply divide the manufacturing overhead by direct labor.

Next year Baldwin plans to include an additional performance bonus of 0.25% in its compensation plan. This incentive will be provided in addition to the annual raise, if productivity goals are reached. Assuming the goals are reached, how much will Baldwin pay its employees per hour?Select: 1
$28.22
$31.04
$28.15
$29.63

Answers

Answer:

What Baldwin pays to its employees per hour is $29.63

Explanation:

Consider the following calculations to find the Baldwin pays to its employees.

Total raise = 5% + 0.25% = 5.25%

Present wages = $28.15

Baldwin will pay = $28.15* (1.0525) = $29.63

Final answer:

Baldwin will pay its employees $x + 0.0025x + annual raise per hour if productivity goals are reached which is $29.63

Explanation:

To calculate how much Baldwin will pay its employees per hour, we need to consider the additional performance bonus of 0.25% and the annual raise. Let's assume the current hourly rate is $x. The additional performance bonus can be calculated by multiplying 0.25% by the hourly rate, which is 0.0025x. The total amount per hour will then be the sum of the hourly rate, the additional performance bonus, and the annual raise.

Therefore, Baldwin will pay its employees $x + 0.0025x + annual raise per hour if productivity goals are reached. Thus, it can be calculated as -

Total raise = 5% + 0.25% = 5.25%

Present wages = $28.15

Baldwin will pay = $28.15* (1.0525)

= $29.63

Learn more about Calculating employee compensation here:

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Calculating Residual Income East Mullett Manufacturing earned operating income last year as shown in the following income statement: Sales $531,250 Cost of goods sold 280,000 Gross margin $251,250 Selling and administrative expense 184,500 Operating income $66,750 Less: Income taxes (@ 40%) 26,700 Net income $40,050 At the beginning of the year, the value of operating assets was $390,000. At the end of the year, the value of operating assets was $460,000. East Mullett requires a minimum rate of return of 10%. Required: For East Mullett, calculate: 1. Average operating assets $ 2. Residual income $

Answers

Answer:

1. $425,000

2. $24,250

Explanation:

The computations are shown below:

1. For Average Operating Assets  

Average operating assets = (Beginning Operating Assets + Ending Operating Assets) ÷ 2

= ($390,000 + $460,000) ÷ 2

= $425,000

2. Residual income =  Operating income - (Average operating assets × Minimum Required Rate of Return)

= $66,750 - ($425,000 × 10%)

= $66,750 - $42,500

= $24,250

The following data (in millions) are taken from the financial statements of Tarrow Corporation: Recent Year Prior Year Revenue $386,972 $356,000 Operating expenses 326,634 303,000 Operating income $60,338 $53,000 a. For Tarrow Corporation, determine the amount of change in millions and the percent of change (round to one decimal place) from the prior year to the recent year for: Revenue Operating expenses Operating income Amount of Change (in millions) Percent of Change (round to 1 decimal place) Increase or Decrease 1. Revenue $fill in the blank 1 30,976 fill in the blank 2 % 2. Operating expenses fill in the blank 4 fill in the blank 5 3. Operating income fill in the blank 7 fill in the blank 8 b. During the recent year, revenue and operating expenses . As a result, operating income , from the prior year.

Answers

Answer:

Tarrow Corporation

a) Amount of change in millions and the percent of change:

                                   Amount      Percentage   Direction

                                of Change     of Change   of Change

Revenue                    $30,972           8.7%          Increase

Operating expenses   23,634           7.8%          Increase

Operating income       $7,338          13.8%          Increase

b) During the recent year, revenue and operating expenses increased by 8.7% and 7.8% respectively.  As a result, the operating income increased by 13.8%, from the prior year.

Explanation:

a) Data and Calculations:

Tarrow Corporation:

                                Recent Year    Prior Year    Change  Percentage

Revenue                   $386,972      $356,000    $30,972   8.7% Increase

Operating expenses 326,634         303,000      23,634    7.8% Increase

Operating income     $60,338        $53,000       $7,338  13.8% Increase
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