Lazur Corp entered into a contract with Baker Suppliers, Inc, to purchase a used word processor from Baker. Lazur is engaged in the business of selling new and used word processors to the general public. The contract required Baker to ship the goods to Lazur by common carrier pursuant to the following provision in the contract: "FOB Baker Suppliers, Inc, loading dock.". Baker also represented in
the contract that the word processor had been used for only 10 hours by its previous owner. The contract included the provision that the word processor was being sold "as is," and this provision was in a larger and different type style than the remainder of the contract. Assume that Lazur refused to accept the word processor even though it was in all respects conforming to the contract and that the contract is otherwise silent. Under the UCC Sales Article:
a. Baker can successfully sue for specific performance and make Lazur accept and pay for the word processor.
b. Baker may resell the word processor to another buyer.
c. Baker must sue for the difference between the market value of the word processor and the contract price plus its incidental damages.
d. Baker cannot successfully sue for consequential damages unless it attempts to resell the word processor.
.B
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Which of the following is/are true regarding long-lived assets with a finite life?
a. The firm consumes the asset's services over time in generating revenues. b. The balance sheet carrying value decreases over time as the firm recognizes the cost of the asset as an expense. c. A portion of the acquisition cost is recognized as an expense each period. d. Management must estimate the asset's finite life. e. all of the above
A scheduling process used to determine the approximate completion time for each job, the capacity required in each time period by beginning with the current date for those jobs that have known processing requirements, and loading the jobs forward in time is called ______.
a. current-date scheduling b. forward scheduling c. due-dates scheduling d. backward scheduling
Which of the following is not a guideline for constructing a frequency distribution?
a. If possible, open-end classes should be avoided. b. The set of classes must be mutually exclusive and exhaustive. c. Whenever possible, the classes should have equal width. d. Whenever possible, class widths should be round numbers. e. All of these are guidelines for constructing a frequency distribution.
Stacy, who is married and sole shareholder of ABC Corporation, sold all of her stock in the corporation for $100,000. Stacy had organized the corporation in 2009 by contributing $225,000 and receiving all of the capital stock of the corporation. ABC Corporation is a domestic corporation engaged in the manufacturing of ski boots. The stock in ABC Corporation qualified as Sec. 1244 stock. The sale
results in a(n) A) ordinary loss of $125,000. B) long-term capital loss of $125,000. C) long-term capital loss of $100,000 and ordinary loss of $25,000. D) ordinary loss of $100,000 and long-term capital loss of $25,000.