When it is claimed that a contract is too indefinite to be enforced, a court will do its best to find the intent of the parties and thereby reach the conclusion that the contract is not too indefinite
Indicate whether the statement is true or false
True
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Which of the following transactions is a use of cash?
A. Issuance of a stock dividend B. Short-term borrowing of cash C. Acquisition of land by issuing a short-term note payable D. Purchase of treasury stock
Potlatch Company manufactures sonars for fishing boats
Model 100 sells for $200. Potlatch produces and sells 5,000 units per year. Cost data are as follows: Variable manufacturing $95 per unit Variable selling and administrative $5 per unit Fixed manufacturing $270,000 per year Fixed selling and administrative $130,000 per year An offer has come in for a one-time sale of 300 units at a special price of $130 per unit. The marketing manager says that the sale will not affect the company's regular sales activities, and that it will not require any variable selling and administrative costs. The production manager says that there is plenty of excess capacity and the sale will not impact fixed costs in any way. What is the effect of this deal on operating income? A) Operating income increases by $200. B) Operating income increases by $1,500. C) Operating income decreases by $10,500. D) Operating income increases by $10,500.
Which of the following is not usually included in an asset's tax basis?
A. Sales tax. B. Installation costs. C. Shipping. D. Purchase price. E. All of the choices are included in an asset's tax basis.
In an assignment or delegation, the third parties' rights or duties arise after the contract is made
Indicate whether the statement is true or false