Powell falsely tells Dunagan that she is a member of the partnership of Morgan and Stiles. Dunagan mentions this information to Trammell, who in reliance sells equipment on credit to Morgan and Stiles. Trammell can hold Powell liable for the misrepresentation
a. True
b. False
Indicate whether the statement is true or false
False
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Assigning costs to cost objects
A) provides information for decision making. B) can be accomplished in a number of ways. C) can be a simple or complex process. D) do all of these.
Which of the following is not one of the internal forces of change?
a. Low performance b. New technology c. Low satisfaction d. New leadership
Milton Friedman's philosophy on corporate behavior is: A) a business serves its shareholders best by serving the community
B) a business serves its shareholders best by serving society at large. C) a business serves its shareholders best by serving regulatory interests. D) a business serves its shareholders best by serving shareholders.
Van Beeber Corporation's comparative balance sheet and income statement for last year appear below:Comparative Balance Sheet???Ending BalanceBeginning BalanceCash and cash equivalents$58,000$34,000Accounts receivable48,00036,000Inventory56,00067,000Prepaid expenses24,00016,000Long-term investments280,000220,000Property, plant, and equipment580,000580,000Less accumulated depreciation 270,000 235,000Total assets 776,000 718,000???Accounts payable$32,000$53,000Accrued liabilities38,00021,000Income taxes payable61,00031,000Bonds payable90,00060,000Common stock80,00060,000Retained earnings 475,000 433,000Total liabilities and stockholders' equity 776,000 718,000Income Statement?Sales$700,000Cost of goods sold 360,000Gross
margin 340,000Selling and administrative expense 210,000Net operating income130,000Income taxes 39,000Net income $91,000The company declared and paid $49,000 in cash dividends during the year. It did not sell or retire any property, plant, and equipment during the year. The company uses the direct method to determine the net cash provided by (used in) operating activities.On the statement of cash flows, the selling and administrative expense adjusted to a cash basis would be: A. $210,000 B. $166,000 C. $254,000 D. $201,000