The Following Are the Current Month's Balances for Toys Galore

question 140

Multiple Choice

The following are the current month's balances for Toys Galore, before preparing the trial balance. What amount should be shown for Jones, Capital on the trial balance?

• A)$16,500
• B)$8,250
• C)$14,500
• D)$31,000

Know the elements that make marketing objectives effective.

Learn about the various marketing forecasts used in planning.

Familiarize with the BCG Matrix and its application in strategic marketing.

Understand the role of mental imagery in cognition and problem-solving.

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Definitions:

Implied Warranty

A legal assumption in commerce that goods are reasonably fit for the general purpose for which they are sold, even if not expressly stated.

Operation of Law

A way in which rights or liabilities are automatically transferred or changed due to existing legal rules, rather than the action of the parties.

Implied Warranty

An unwritten and unspoken guarantee that a product or service will meet a minimum level of quality and will perform as expected, even though it is not explicitly stated in a contract.

Merchantability

A warranty that goods sold will meet a minimum level of quality and will be fit for the purpose for which they are sold.