A disadvantage of LTL shipping is that it ______.
a. costs much more than FedEx or UPS
b. has a higher risk of product damage or loss because of the frequent freight handling at the terminals
c. is more regulated than other forms of shipping
d. frequently does not meet ISO requirements
c. is more regulated than other forms of shipping
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Evert Company recently acquired 5,000 shares of its $2 par value common stock for $10 per share. Evert initially issued the stock for $7.50 per share. Required:
Assuming the shares were purchased as treasury shares, prepare the necessary journal entry to record the purchase of the 5,000 shares.Continuing with the assumption that the shares were purchased as treasury shares, prepare the journal entry to record the sale of 2,500 shares of the treasury stock for $11.50 per share. Continuing with the assumption that the shares were purchased as treasury shares, prepare the journal entry to record the subsequent sale of 2,000 shares of treasury stock for $9.75 per share. Assuming the shares were purchased and retired, prepare the journal entry to record the retirement of the shares. What will be an ideal response?
Which of the following situations results in a contingent liability?
A) Making a credit card sale B) Dishonoring a note C) Estimating uncollectible accounts expense D) Discounting a note
A gift causa mortis differs from an inter vivos gift in that a gift causa mortis:
A) Can only be made to family members. B) Requires witnesses to be effective. C) Sometimes is automatically revoked. D) Has different requirements regarding consideration.
Rorzex, Inc entered into a contract with Denzil under the terms of which Denzil would receive $20,000 if he stole trade secrets from the leading competitor of Rorzex. Denzil performed his end of the agreement by delivering the trade secrets. Rorzex now refuses to pay Denzil for his services. Denzil:
a. may recover based upon the express contract of the parties. b. may recover based upon a quasi-contractual theory in order to prevent the unjust enrichment of Rorzex. c. will be unable to recover, because this is an illegal contract. d. will be able to recover based upon promissory estoppel, because he has detrimentally relied upon the promises made by Rorzex.