Mumtaz, Badia and Ilya are partners in a business partnership, called MBI. Mumtaz contributes $15,000 to the business, Badia contributes $10,000 and Ilya contributes $5,000. The partners agree among themselves that they will share partnership profits and losses in proportion to their contributions. In addition, the partnership borrows $30,000 from the bank. The business doesn't work out, and MBI is unable to repay the loan. Mumtaz pays the bank $30,000. How much can she recover from Ilya?
A) nothing
B) $5,000
C) $10,000
D) $15,000
E) $30,000
B
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The Pittsburgh Peelers are a professional soccer team playing in Major League Soccer. They recently approached Darth Water, a leading sports-drink manufacturer, to sponsor their team for the upcoming season
Darth Water agrees to sponsor the team for an amount of $1 million, to be paid in installments over the course of the season. Darth Water instructs its bank, Orange County Bank, to wire the funds to Pittsburgh Peelers' bank, the Jersey Shore Bank. Which of the following parties is the originator of the wire transfer in the above case? A) Pittsburgh Peelers B) Jersey Shore Bank C) Darth Water D) Orange County Bank
Double D Ranch and Esau enter into a contract on August 1 for the sale of 200 cattle. Esau cancels the contract ten days later. Double D is unable to sell the cattle to another buyer. Double D can
A. force Esau to accept the cattle and pay for them. B. recover the contract price from Esau but must hold the cattle for him. C. recover the contract price from Esau and keep the cattle. D. recover the contract price from Esau but must destroy the cattle.
Chelsea, an agent for Bountiful Seafood, Inc., has often done business with Alvin's Dockside Diner on Bountiful's behalf. When Chelsea and Bountiful terminate their agency, to avoid liability for later deals, Alvin's must be notified by
A. Chelsea and Bountiful. B. Chelsea only. C. Bountiful only. D. no one.
Using the information provided, what is the length of the production cycle for the firm?
Perfect Purchase Electronics Selected Income Statement Items, 2014 Cash Sales $1,500,000 Credit Sales $7,500,000 Total Sales $9,000,000 COGS $6,000,000 Perfect Purchase Electronics Selected Balance Sheet Accounts 12/31/2014 12/31/2013 Change Accounts Receivable $270,000 $240,000 $30,000 Inventory $125,000 $100,000 $25,000 Accounts Payable $110,000 $90,000 $20,000 A) 6.08 days B) 7.60 days C) 53.33 days D) 6.84 days