Maia wrote a check which said, "Pay to the order of Kevin Mathews $10.97.". The next line of the check stated, "One thousand ninety-seven Dollars.". In applying the rules of interpretation, how much should the drawee pay?
a. Nothing; when the instrument is ambiguous it is declared non-negotiable.
b. Ten dollars and 97 cents. Numbers control over words.
c. One thousand, ninety-seven dollars or $1,097.00 . Words control over numbers.
d. Parol evidence would be needed to determine the purpose of the check.
c
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Jefferson has a capital balance of $65,000 and devotes full time to the partnership. Washington has a capital balance of $45,000 and devotes half time to the partnership. If no other information is available regarding distributions, in what ratio is net income to be divided?
a. 6.5:4.5 b. 1:1 c. 4.5:6.5 d. 1:2
Trading securities were sold on January 3, 2018, for $65,000. Those securities were purchased for $52,000 on November 21, 2017, and they had a fair value on December 31, 2017, of $57,000. The entry to record the sale would include a
A) credit to Unrealized Holding Gain/Loss-Trading Securities of $8,000. B) debit to Unrealized Holding Gain/Loss-Trading Securities of $5,000. C) debit to Investment in Trading Securities of $5,000. D) credit to Gain on Sale of Trading Securities of $8,000.
The reason sample size for online surveys generally exceeds that determined statistically is because ________
A) the population variance is larger online B) the population variance is smaller online C) federal regulations require larger samples online D) statistics become less relevant online because statistical theory is weaker online E) the marginal cost of collecting and analyzing larger sample is low
Which of the following is a potential revenue-related fraud scheme?
a. Cutoff problems b. Double counting c. Holding items on consignment d. Partial shipment