If a seller has not made a specific representation about a product, the buyer may still be protected by an express warranty.
Answer the following statement true (T) or false (F)
False
Express warranties are specific representations about a product and, if not mentioned, are not applicable.
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A telephone book listing citizens' names, addresses, and phone numbers may not be copyrighted.
Answer the following statement true (T) or false (F)
Existing claims related to product warranties and litigation as of December 31, 2016, indicate that it is probable that a liability has been incurred. However, as of December 31, 2016, the amount of the obligation cannot be reasonably estimated. Based on these facts, an estimated loss contingency should be
A) accrued. B) disclosed but not accrued. C) neither accrued nor disclosed. D) classified as an appropriation of retained earnings.
Total fixed costs vary inversely with levels of production
Indicate whether the statement is true or false
A company's store was destroyed by an earthquake on February 10 of the current year. The only information for the current period that could be salvaged included the following: Beginning inventory, January 1:$44,000Purchases to date:$198,000Sales to date:$310,000Historically, the company's gross profit ratio has been 30%. Estimate the value of the destroyed inventory using the gross profit method.
What will be an ideal response?