Cost of Goods Sold of Company B is 58%. Than COGS = $240742 and Total Operating Expenses are $149025. Hence $415072-$240742-$149025 = $25305. Therefore Net Income will be lower by ($54361-$25305) = $29056. Case 2 Answer 1: Cost of Goods Sold (50% of $110000) = $55000. Answer 2: The most likely reason for the high figure for cost of goods sold is that purchases are made in excess. It means that if the purchases are made at $54500 than the level of cost of goods sold may be
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express warranty or mere “puffing”? Under the UCC‚ express warranties arise when a seller or lessor indicates any of the following: an affirmation or promise of fact‚ a description of the goods‚ or a sample shown as conforming to the contract of goods. Express warranties are created with only statements of fact‚ whereas statements that relates to the supposed value or worth of the goods‚ or statements of opinion or recommendations of the goods are considered “puffery” and no warranty is created
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Equity is frequently referred to as a supplement to the common law. Cruzon defines Equity as a system of law developed by the court of chancery in parallel with the common law. It was designed to complement it‚ providing remedies for situations that were unavailable at Law. Because of this‚ Equity provided a dimension of flexibility and justice that was often times lacking because of the common law’s rigidity. This rigidity stems from the fact that‚ while courts sometimes altered their jurisdictions
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distinct from the provision of remedies for violations of that right (just because a right was violated doesn’t necessarily mean there’s a remedy) Choices between responsible solutions in a world of limited possibilities (A solution requires the decision maker to select between alternative possible solutions in a world of limits) GOAL: to use actual professional judgment to choose as wisely as possible between all the alternative remedial solutions TYPES OF REMEDIES (usually classified according
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COMMON REMEDIES FOR EUTHANASIA: CARE AND COMMUNICATION Euthanasia refers to the practice of ending a life in an attempt to relieve pain. It has been a controversial topic for a long time and innumerable researches have been done on this issue. In this essay‚ various articles have been considered in order to summarize two key areas of concern in euthanasia and the corresponding suggestions of the articles for these areas. The first key area of concern for many scholars is the subjective
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A teacher is an individual who plays the most vital role in the development of any being. The future of any student depends on the qualities and dedication of a teacher. It is the teacher who creates an interest in students to develop and progress and achieve what ever aims they set for themselves. A good teacher requires skills of Leadership‚ organization and communication. Firstly‚ either from a natural ability or through a process of learning‚ good teachers will have leadership qualities and
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For other uses‚ see Common law (disambiguation). Common law‚ also known as case law or precedent‚ is law developed by judges through decisions of courts and similar tribunals‚ as opposed to statutes adopted through the legislative process or regulations issued by the executive branch[1]. A "common law system" is a legal system that gives great precedential weight to common law‚[2] on the principle that it is unfair to treat similar facts differently on different occasions.[3] The body of precedent is
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Equity has brought benefits to many litigants who would otherwise have been severely disadvantaged by the common law. Discuss‚ with reference to decided cases. William the Conqueror found England with no single system of law common to the whole country. The law was mainly sets of customary rules which differed from area to area. For example‚ in one area you could get away with stealing‚ in another it would be seen as crime. There was no such thing as ‘ The English Legal System” until William’s
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litigation. Access to justice is a fundamental right and is protected under Article 6 European Convention of Human Rights‚ therefore‚ if society is to operate effectively there must a way of ensuring that disputes between individuals can be resolved. Importantly‚ this does not necessarily have to involve going to court. There have always been alternatives to court‚ the best known is probably negotiation reached through a compromise. It was following the 1996 Woolf Report that ADR began to be more encouraged
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Outline the development of common law and equity. A The Law in England didn’t come about all at once‚ but has developed over the centuries. There are 5 different sources of law: Customs‚ Judicial decision‚ Acts of Parliament‚ Delegated Legislation and‚ most recently‚ European Law. However‚ new law is still being created today. The law as we know it today all started in 1066‚ when William the Conqueror invaded England. He found a country with no single system of law‚ just sets of customary rules
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