Ervin Company began the accounting period with $64,000 in accounts receivable. The ending balance in accounts receivable was $40,000. If the credit sales during the period were $588,000, what is the amount of cash received from customers?
A. $548,000
B. $612,000
C. $24,000
D. $564,000
Answer: B
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Sally buys a used riding lawn mower from the local mower dealership. The lawn mower had a
sign on it that said "as is." The dealer made no promises concerning the performance of the lawn mower. When Sally attempts to use the lawn mower, the brakes fail, the lawn mower crashes into a wall, and Sally is injured. When Sally sues the dealer, what is the outcome? A) Sally wins; she can recover on the basis of implied warranties only. B) The dealer wins; there were no express warranties and all implied warranties have been successfully disclaimed. C) Sally wins; she can recover on the basis of either express or implied warranties. D) Sally wins; she can recover on the basis of express warranties only.
Promising to do something that one does not have an obligation to do in reply to a request from another usually constitutes:
a. consideration b. promissory estoppel c. capacity d. detrimental reliance
Probate is the:
A) reading of a will by a lawyer. B) actual property given away in a will. C) process of declaring a person dead. D) process of managing a decedent's property.
Refer to the data on Expected Demand for Acme Widgets. For the various demand scenarios, if you applied the Laplace criterion, what is the highest payoff?
A. $39.33 million
B. $23.33 million
C. $31.33 million
D. $43.33 million