Pat Painter contracts to paint Harry Homeowner's home for $6,000. Pat would supply all
materials at a cost to Pat of $1,000. Harry breaches by refusing to let Pat paint the house, which
Pat found out before spending any money on the materials.
Pat is able to find another job that
nets a profit of $4,200 during that same time that Harry's house was to be painted. How much
can Pat recover from Harry in damages?
A) $1,800 B) $800 C) $5,000 D) $3,200 E) $1
B
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During July2013 Ralston Company decides to dispose of one of its subsidiaries which qualifies for accounting as a discontinued operation. At the July2013 measurement date Ralston Company estimates that it will report net income of $300,0000 dollars from the measurement date until the disposal date which is expected to be in April 2014 In addition, Ralston estimates that it will lose 100,000 on
the sale of the segment. How much gain or loss on discontinued operations will Ralston report in its 2012 income statement (net of income taxes)? a. $200,000 gain b. $0 c. $100,000 loss d. $300,000 loss
Which of the following is an advantage to visiting a library to look at books for conducting research?
A) Books are more current than what can be found online B) Books are free to borrow C) Books contain a bibliography of similar types of resources for further research D) Librarians have determined the books are worthy of being in the library's collection E) Librarians can scan books into a web portal, allow for downloading
Other comprehensive income would not include:
a. unrealized losses from derivative instruments. b. unrealized holding gains on available-for-sale marketable securities. c. extraordinary items. d. foreign currency translation adjustments.
Variable costing is required by Generally Accepted Accounting Principles (GAAP) for financial statement purposes.
Answer the following statement true (T) or false (F)