Beef Burgers, Inc contracts to buy five hundred steers from Fattening Feedlots. Before Fattening Feedlots can deliver the steers, there is an outbreak of disease in the feedlot, and all the cattle are quarantined. In this case the perfect tender rule?
A)?applies to both parties
B)?does not apply.
C)?applies only to Beef Burgers.
D)?applies only to Fattening Feedlots.
B
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To find the days' payable,
a. divide 365 by the payables turnover. b. multiply the payables turnover by 365. c. divide the payables turnover by 365. d. subtract 365 from the payables turnover.
Cash equivalents are defined as investments that carry terms of 90 days or less
Indicate whether the statement is true or false
Which of the following is not true?
a. Firms report accounts receivable they expect to collect within one year at the amount of cash the firms expect to receive. b. Both U.S. GAAP and IFRS require firms with significant uncollectible accounts receivable to estimate the amount of uncollectible accounts related to a particular period's sales and recognize that amount as bad debt expense in the same period as the related revenues. c. Firms typically use a contra account to accounts receivable, such as Allowance for Uncollectibles, to reflect the amount of accounts receivable they do not expect to collect. d. The entry to recognize estimated uncollectible amounts involves a debit to Bad Debt Expense and a credit to Allowance for Uncollectibles. e. The write-off of a particular customer's account that becomes uncollectible involves a debit to Accounts Receivable and a credit to Allowance for Uncollectibles .
In the Pinnacle of Entrepreneurship (Second Industrial Revolution), the entrepreneur ______.
a. was not well respected b. was considered “self-made” and was glorified in novels c. worked largely within large corporations d. paid higher taxes than their neighbors working in the factories