Marvel Developers Corp. built a subdivision in which it offered a number of houses for sale. The Smiths bought one of these houses. During the first rain, water entered under the crawl space of the house and accumulated to a depth of 17 inches in a room where the furnace and water heater were located. This frequently caused the water heater to perform inefficiently. With each rainfall, water continued to collect. The house became damp and developed a serious mildew problem. What remedies do the Smiths have?
What will be an ideal response?
The Smiths can sue Marvel Developers Corp. for breach of the implied warranty of habitability. The warranty applies to builders, builder-vendors, and developers and guarantees that the house is free of hidden defects that would render it unsafe or unsuitable for human habitation. A breach of this warranty subjects Marvel to liability for damages, measured by either the cost of the repairs or the loss of the value of the house.
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The approved payroll disbursement voucher is used to:
a. record time worked b. record hours worked on specific jobs c. prepare and disburse employee paychecks d. prepare a payroll transfer check
At the beginning of January of the current year, Sorrel Co.'s ledger reflected a normal balance of $72,000 for accounts receivable. During January, the company collected $18,800 from customers on account and provided additional services to customers on account totaling $14,500. Additionally, during January one customer paid Mikey $7000 for services to be provided in the future. At the end of January, the balance in the accounts receivable account should be:
A. $69,300. B. $74,700. C. $76,300. D. $4300. E. $67,700.
During the responding stage you do all of the following EXCEPT
a. forming your opinions on the message. b. providing feedback. c. communicating our thoughts and feelings about the message we’ve received. d. reacting to the message.
Joan contributes cash of $48,000, and Jamie contributes office equipment that cost $40,000 but is valued at $32,000 to the formation of a new partnership. The entry to record the investments in the partnership is:
A) Cash 48,000 Equipment 40,000Capital, Joan 48,000Capital, Jamie 40,000 B) Cash 48,000 Equipment 32,000Capital, Joan 48,000Capital, Jamie 32,000 C) Cash 48,000 Equipment 40,000Loss 8,000Capital, Joan 48,000Capital, Jamie 48,000 D) Cash 48,000 Equipment 40,000Capital, Joan 48,000Capital, Jamie 32,000Loss, Jamie 8,000