A reply to a request for credit information:
A. involves filling in the blanks and returning the document.
B. always follows an inductive sequence.
C. presents the main idea at the end.
D. should essentially contain opinions of the writer.
Answer: A
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The balance sheet is linked to the retained earnings statement by the ending retained earnings balance
a. True b. False Indicate whether the statement is true or false
Dynasty Corp sold a truck for $15,000 cash. It was originally purchased for $50,000 and had accumulated depreciation of $30,000 at the time of sale. Prepare the journal entry for the sale of truck. Omit explanation.
What will be an ideal response?
The most important dimension of trustworthiness is ______.
a. loyalty b. integrity c. competence d. consistency
Leavitt was interested in buying a new motor home. Among Leavitt's concerns when buying the new motor home was his intended use which was to travel extensively in mountainous areas. A somewhat informed consumer, he had rented a motor home that lacked sufficient engine and braking power to traverse the areas he intended to travel. If the engine and brakes are insufficient, the motor home cannot
maintain ordinary highway speeds going up steep hills and brakes are prone to overheating while going down the mountains. He visited several dealerships but bought one at the Monaco Coach Corporation. Almost immediately upon receiving the vehicle, Leavitt complained that his coach could not maintain ordinary highway speeds going up steep hills and that the brakes were prone to overheating while going downhill. Leavitt presented evidence that while shopping for his coach, he informed Monaco of his plans to use the coach extensively for travel in mountainous areas and of his wish to avoid problems he had experienced with rented vehicles that lacked sufficient engine and braking power. Monaco performed many warranty repairs and other service, but Leavitt ultimately concluded that the engine and brakes, as a matter of design, simply were not suitable for his needs, and he sued.Knowing only that his brakes had failed in town instead of overheating in the mountains would change Leavitt's claim a. from strict liability in tort to negligence. b. from a claim on implied warranty of merchantability to implied warranty of fitness for particular purpose. c. negligence to strict liability in tort. d. from a claim on implied warranty of fitness for particular purpose to one of implied warranty of merchantability.