A bailment is different from a gift because:___. a. a gift requires consideration, but a bailment does not.
b. a gift is always a contract, but a bailment is generally not a contract.
c. a gift requires delivery, but a bailment does not.
d. in a bailment, only possession of the property is transferred to the bailee, whereas with a gift, both possession and ownership must pass to the donee.

Answers

Answer 1

Answer:

Answer: d. in a bailment, only possession of the property is transferred to the bailee, whereas with a gift, both possession and ownership must pass to the donee.

Explanation:

When you give a person a gift, you are giving the person both ownership of that gift and the possession as well. For instance, if you give a person a car as a gift, that person now owns the car and will use it as they please.

With a bailment, there is no transfer of ownership. The bailor is simply giving the bailee possession of the property in question which means that after the bailee is done with the property, they have to return it back to the bailor.

Related Questions

Northwood Company manufactures basketballs. The company has a ball that sells for $25. At present, the ball is manufactured in a small plant that relies heavily on direct labor workers. Thus, variable expenses are high, totaling $15.00 per ball, of which 60% is direct labor cost. Last year, the company sold 50,000 of these balls, with the following results:_______. Sales (50,000 balls) $ 1,250,000 Variable expenses 750,000 Contribution margin 500,000 Fixed expenses 320,000 Net operating income $ 180,000Required: 1. Compute (a) last year's CM ratio and the break-even point in balls, and (b) the degree of operating leverage at last year’s sales level. 2. Due to an increase in labor rates, the company estimates that next year's variable expenses will increase by $3.00 per ball. If this change takes place and the selling price per ball remains constant at $25.00, what will be next year's CM ratio and the break-even point in balls? 3. Refer to the data in (2) above. If the expected change in variable expenses takes place, how many balls will have to be sold next year to earn the same net operating income, $202,000, as last year? 4. Refer again to the data in (2) above. The president feels that the company must raise the selling price of its basketballs. If Northwood Company wants to maintain the same CM ratio as last year (as computed in requirement 1a), what selling price per ball must it charge next year to cover the increased labor costs? 5. Refer to the original data. The company is discussing the construction of a new, automated manufacturing plant. The new plant would slash variable expenses per ball by 40.00%, but it would cause fixed expenses per year to double. If the new plant is built, what would be the company’s new CM ratio and new break-even point in balls? 6. Refer to the data in (5) above. a. If the new plant is built, how many balls will have to be sold next year to earn the same net operating income, $202,000, as last year? b. Assume the new plant is built and that next year the company manufactures and sells 37,000 balls (the same number as sold last year). Prepare a contribution format income statement and compute the degree of operating leverage.
Use the following information to prepare a multistep income statement and a classified balance sheet for Eller Equipment Co. for Year 1. Salaries expense $122,000 Beginning retained earnings $61,100 Common stock 110,000 Warranties payable (short term) 6,500 Notes receivable (short term) 32,500 Gain on sale of equipment 19,000 Allowance for doubtful accounts 19,000 Operating expenses 65,000 Accumulated depreciation 66,000 Cash flow from investing activities 116,000 Notes payable (long term) 160,000 Prepaid rent 38,000 Salvage value of building 21,000 Land 95,000 Interest payable (short term) 6,000 Cash 41,000 Uncollectible accounts expense 45,000 Inventory 101,000 Supplies 6,500 Accounts payable 55,000 Equipment 243,000 Interest expense 36,000 Interest revenue 6,200 Salaries payable 68,000 Sales revenue 940,000 Unearned revenue 47,000 Dividends 20,000 Cost of goods sold 595,000 Warranty expense 9,200 Accounts receivable 108,000 Interest receivable (short term) 3,600 Depreciation expense 3,000
Which of the following ratios indicate strong capacity for a company? Select ALL correct answers.Low profit margin ratioLow asset turnover ratioLow operating margin ratioLow debt to equity ratioHigh debt service coverage ratio
R. C. Barker makes purchasing decisions for his company. One product that he buys costs $50 per unit when the order quantity is less than 500. When the quantity ordered is 500 or more, the price per unit drops to $48. The ordering cost is $30 per order and the annual demand is 7,500 units. The holding cost is 10 percent of the purchase cost. If R. C. wishes to minimize his total annual inventory costs, he must evaluate the total cost for two possible order quantities. What are these two possible quantities?a. 300b. 306c. 500d. 200e. None of the above
If the cost of the beginning work in process inventory is $70,000, costs of goods manufactured is $935,000, direct materials cost is $339,000, direct labor cost is $219,000, and overhead cost is $324,000, calculate the ending work in process inventory:

Four basic steps are used in an ABC system. List the proper order of these steps, which are currently scrambled below:a. Identify the primary activities and estimate a total cost pool for each.b. Allocate the costs to the cost object using the activity cost allocation rates.c. Select an allocation base for each activity.d. Calculate an activity cost allocation rate for each activity.A) c, a, b, dB) a, c, d, bC) b, a, c, dD) a, d, c, b

Answers

Answer:

B) a, c, d, b

Explanation:

a. Identify the primary activities and estimate a total cost pool for each.

c. Select an allocation base for each activity.

d. Calculate an activity cost allocation rate for each activity

b. Allocate the costs to the cost object using the activity cost allocation rates

The United States taxes the domestic and remitted foreign earnings of U.S. based MNEs no matter where the earnings occurred. This is an example of a/an ________ approach to levying taxes.

Answers

Answer:

The correct answer is A) worldwide.

Explanation:

The concept of a global approach to tax collection is the determination of the tax burden without considering the origin of the profits reported in the tax declaration, which implies the homogenization of the tax burden that becomes effective taking into account double treaties. taxation, where information is received from other countries on the behavior of foreign branches in this regard.

An investment had a nominal return of 11.1 percent last year. If the real return on the investment was only 7.3 percent, what was the inflation rate for the year

Answers

Answer:

inflation rate= 3.8%

Explanation:

Giving the following information:

Nominal return= 11.1 percent

Real return= 7.3 percent

The real return on investments is the difference between the nominal return and the inflation rate.

Real return= nominal return - inflation rate

inflation rate= nominal return - real return

inflation rate= 11.1 - 7.3

inflation rate= 3.8%

Final answer:

The inflation rate is determined by subtracting the real return on an investment from its nominal return. In this case, the inflation rate is 3.8 percent.

Explanation:

The inflation rate can be calculated by subtracting the real return from the nominal return. In this case, the nominal return is 11.1 percent and the real return is 7.3 percent.

To calculate the inflation rate, we use the formula: Inflation rate = Nominal return - Real return. So, the inflation rate would be: 11.1 - 7.3 = 3.8 percent.

This means that the value of money decreased by 3.8 percent over the course of the year due to inflation.

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"Ursula is the most popular person in her apartment complex. Everyone knowsher face and where she lives. Given what we know about location and interactionpatterns, which of the following statements about Ursula‘s apartment is most likelytrue?"The apartment is in a back corner of the complex.The apartment has a door opening to a private hallway.The apartment is upstairs and far from a stairwell.The apartment is right next to the mailboxes.

Answers

Answer:

d. The apartment is right next to the mailboxes.

Explanation:

As it is mentioned in the statement that every one knows where Ursula lives and also everyone knows her face. These things make it impossible for the first three statements to be true.

a. If her apartment is in the back corner, she will have interaction with people only while getting out and into the apartment which will not ensure that everyone will know her.

b. A door opening to a private hallway still doesn't ensure that she is this much social.

c. Upstair and far from stairwell also tells that only few people will know her, not all.

d. This one is true as she lives right next to mailboxes and every person in apartment tends to check their mailboxes and probability of knowing her face and where she lives is the highest.

Which of the following you should use if you expect the probability for an increase in pound value is greatee than that for decrease

Answers

what are the options?

Which of the following statements is NOT CORRECT? a. Foreign bonds and Eurobonds are two important types of international bonds.
b. A Eurodollar is a U.S. dollar deposited in a bank outside the U.S.
c. The term Eurobond applies only to foreign bonds denominated in U.S. currency.
d. Any bond sold outside the country of the borrower is called an international bond.
e. Foreign bonds are bonds sold by a foreign borrower but denominated in the currency of the country in which the issue is sold.

Answers

Answer:

b. A Eurodollar is a U.S. dollar deposited in a bank outside the U.S.

Explanation:

A Eurodollar is a bond issued by a foreign company in US dollars instead of heir own domestic currency. Eurodollars are issued and redeemable at the foreign country, no the US. It has nothing to do with money deposited in banks outside of the US, since it refers to bonds, not deposits.

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