Gene steals Hilary's brooch and sells it to Imelda. Hilary can recover the brooch from Imelda
A. only if Imelda did not know that the brooch was stolen.
B. only if Imelda did not give sufficient consideration for the brooch.
C. only if Imelda knew that the brooch was stolen.
D. under any circumstances.
Answer: D
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Which of the following typically would not be done to satisfy a current liability?
A) Use long-term assets to satisfy the liability B) Render a service to satisfy the liability C) Use current assets to satisfy the liability D) Take on another current liability to satisfy the liability
Did you go to the concert with the ________?
A) Thompson's B) Thompsons' C) Thompsons
Debate continues among economists, political scientists, and legal scholars as to what role, if any, the government should play in the relationship between consumers and business organizations
Indicate whether the statement is true or false
Tetra Co. uses the perpetual inventory system and a FIFO cost flow method. On January 1, the company purchased 2100 units of inventory that cost $2.50 each. On January 12, the company purchased an additional 3100 units of inventory at a cost of $2.35 each. On January 20, Tetra Company sold 4100 units of inventory. Which of the following entries would be required to recognize the cost of goods sold on that date?
A.
| Cost of goods sold | 9950? | |
| Inventory | 9950? |
B.
| Inventory | 10,050? | |
| Cost of goods sold | 10,050? |
C.
| Inventory | 9950? | |
| Cost of goods sold | 9950? |
D.
| Cost of goods sold | 10,050? | |
| Inventory | 10,050? |