At the marriage of her daughter, Lorna is given papers to sign, which the catering company says are the invoices for the food, service, and decorations. Underneath the invoices are a carbon and a contract of sale for a portion of the failing catering business. Lorna signs the papers; her signature is transferred to the sales contract. This is a void contract because it was entered by fraud in the
execution.
a. True
b. False
Indicate whether the statement is true or false
True
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SFAC No. 5 defines disclosure as:
a. presentation of information in the financial statements. b. presentation of information by means other than recognition in the financial statements. c. recognition of information in the financial statements or footnotes. d. presentation of information in any source available.
Suppose you believe that Basso Inc.'s stock price is going to increase from its current level of $22.50 sometime during the next 5 months. For $3.10 you can buy a 5-month call option giving you the right to buy 1 share at a price of $25 per share. If you buy this option for $3.10 and Basso's stock price actually rises to $45, what would your pre-tax net profit be?
A. ?$3.10 B. $16.90 C. $17.75 D. $22.50 E. $25.60
The following information is for Cleveland Company: 12/31/201612/31/2015Accounts receivable $60,000 $84,000 Prepaid rent 20,000 8,000 Long term investments 70,000 80,000 Dividends payable 20,000 24,000 Salaries payable 76,000 82,000 Long term notes payable 170,000 180,000 Additional data for the current year: (1) Sales on account for the period were $80,000. (2) Operating expenses for the period were $52,000. Based on this limited information, what was the net cash inflow from operating activities?
A. $28,000 B. $18,000 C. $22,000 D. $34,000
A poultry farmer is interested in purchasing an egg tester that can measure weight, albumin height, yolk color, and Haugh units all at the touch of a button
The unit will cost $6900 and is expected to last 10 years at which point it can be sold for $500 to a farmer in a less stringently controlled egg market. What is the annual depreciation under the straight line method? A) $640 B) $690 C) $50 D) $740