Suppose parties to a contract that is under the UCC fail to specify some term. The UCC:
a. provides appropriate remedies for the breach created by that failure b. has rules to fill the gap about a silent term
c. supplies all necessary terms to complete any commercial contract
d. requires the terms to be completed before it recognizes a valid contract e. provides a special master to arbitrate all open terms
b
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Doran Systems Corp has grown significantly over the past year. One area that has plagued the Controller of Doran is the reconciliation of supplies expense. The end-of-year supplies on hand totaled $20, and purchases totaled $500, and supplies on hand at the beginning of the year amounted to $200 . How much will Doran Systems report as supplies expense for the current year?
a. $ 200 b. $ 680 c. $ 220 d. $ 700
A company had the following purchases and sales during its first year of operations: PurchasesSalesJanuary:12 units at $1506 unitsFebruary:22 units at $1555 unitsMay:17 units at $1609 unitsSeptember:14 units at $1658 unitsNovember:12 units at $17015 unitsOn December 31, there were 34 units remaining in ending inventory. Using the perpetual LIFO inventory costing method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.)
A. $4528. B. $4773. C. $5310. D. $4114. E. $7280.
A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $200 worth of merchandise. On July 28, it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the payment on July 28 is:
A. Debit Accounts Payable $1,800; credit Cash $1,800. B. Debit Merchandise Inventory $1,600; credit Cash $1,600. C. Debit Accounts Payable $1,600; credit Merchandise Inventory $32; credit Cash $1,568. D. Debit Accounts Payable $1,600; credit Cash $1,600. E. Debit Cash $1,600; credit Accounts Payable $1,600.
What is positioning? How does positioning affect all MPR efforts?
What will be an ideal response?