Home Appliance Corporation contracts with Instate Trucking Company to take a selection of appliance repair parts to Journey Airlines, Inc, with Journey to transport the goods to a KeepSafe Company warehouse. Instate Trucking, Journey Airlines, and KeepSafe each acknowledge possession of the goods by a document of title. Instate Trucking, Journey Airlines, and KeepSafe are?
A)?bailees
B)?buyers.
C)?lessees.
D)?sellers.
A
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Jack has just received a complaint from one of his long-time customers about a problem with the ignition system on some automatic tillers that were delivered last month. Should Jack assume the product is fine and the user is at fault?
What will be an ideal response?
In the CAMELS rating system, which is used to assess the health of the banks, the letter C stands for
A. controls. B. currency reserves. C. capital adequacy. D. compliance with regulations.
In which of the following situations will the implied warranty of merchantability arise?
a. Morgan sold his DVD player to a friend. b. Josh sold his car for $1,000 to a co-worker. c. Seconds, Inc. bought used furniture from Pamela's yard sale. d. Yolanda purchased a curling iron from Value Plus Discount Store.
Poodle Company owns 80 percent of the common stock of Shepherd Inc. Poodle acquires some of Shepherd's bonds from an unrelated party for less than the carrying value on Shepherd's books and holds them as a long-term investment. For consolidated reporting purposes, how is the acquisition of Shepherd's bonds treated?
A. As a retirement of bonds. B. As an increase in noncurrent assets. C. Everything related to the bonds is eliminated in the consolidation worksheet, and nothing related to the bonds appears in the consolidated financial statements. D. As a decrease in the Bonds Payable account on Shepherd's books.