Jennifer has offered to sell her laptop computer for $750 to Jack. She tells Jack that the computer is only six months old but, in fact, it is three years old, and Jennifer wants to unload the lemon. Jack agrees to buy the computer based on Jennifer's representations. This contract is
A) a void agreement because of the fraud involved
B) a voidable contract, one that Jack can void.
C) a voidable contract, because it is unilateral.
D) a void contract because of the UCC.
B
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The gross profit of Larry Company for 2015 is $300,000, cost of goods manufactured is $400,000, the beginning inventories of goods in process and finished goods are $28,000 and $35,000, respectively, and the ending inventories of goods in process and finished goods are $50,000 and $70,000, respectively. The cost of goods sold of Larry Company for 2015 must have been
A) $378,000. B) $265,000. C) $278,000. D) $365,000.
In attribute sampling, the risk of incorrect rejection deals with which of the following?
a. Effectiveness. b. Efficiency. c. Reliability. d. Both A and B.
Investigative techniques under which approach include invigilation, surveillance, and covert operations?
a. Documentary evidence b. Testimonial evidence c. Physical evidence d. Personal observation
Northbrook Corporation is preparing a statement of cash flows. The following transactions occurred during the year: 1. Sold machinery for $9,000 cash. 2. Purchased a building for $80,000 cash. 3. Issued $70,000 worth of stock to acquire an airplane. 4. Converted long-term bonds by issuing $100,000 worth of stock. 5. Declared and paid a $10,000 cash dividend. Transaction 2 would be found on the
statement of cash flows in the A) cash flows from operating activities section. B) cash flows from financing activities section. C) cash flows from investing activities section. D) noncash investing and financing transactions section.