Patrick agrees to sell two different goods to his friend Ron, a retailer. One item is legal, and one item is illegal. The contract price is $2,000. In this case:
A) Patrick may not recover payment for either of the items, or in some cases, he may recover for the legal item, but not for the illegal item.
B) Patrick may only recover for the legal item, and he may not recover for the illegal item.
C) the contract is unconscionable under the UCC.
D) Patrick may not recover payment for either of the items.
A
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Francetti Co purchased $6,000 of napkins for its business. One-fourth of the bill is unpaid. Upon review of the napkins still on hand, 20% were still available. What combination of amounts would affect the income statement and statement of cash flows? Statement of Cash Flow Income Statement
a. ($6,000) ($6,000) b. ($4,500) ($6,000) c. ($4,500) ($4,800) d. ($6,000) ($4,800)
On a statement of cash flows prepared using the direct method, a schedule must be provided that reconciles net income to net cash flows from operating activities
Indicate whether the statement is true or false
Answer the following statements true (T) or false (F)
1. In direct material purchases, the frequency of purchasing transactions is relatively low. 2. Supplier performance management (SPM) is not as comprehensive a tool as the supplier scorecard. 3. One of the steps in implementing an SPM process is to award contracts to suppliers. 4. One of the main reasons for companies to maintain an SPM database is to eliminate long-term performing suppliers.
When a company pays cash to repurchase its own common stock, this is reported as a cash outflow in the financing activities section of the statement of cash flows.
Answer the following statement true (T) or false (F)