In Naples v. Keystone Building and Development Corp in which the Naples sued Keystone for the cost of repairing major problems in the house Keystone built for the Naples, the state supreme court held that:
a. the Naples should be awarded the full amount necessary to restore them to the position they would have been in had the contract been properly performed
b. the Naples need not be awarded the full amount necessary to restore them to the position they would have been in had the contract been properly performed
c. the Naples should be awarded the half the amount necessary to restore them to the position they would have been in had the contract been properly performed
d. the Naples should be awarded 20% of the full amount necessary to restore them to the position they would have been in had the contract been properly performed
e. none of the other choices are correct
a
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On January 1, $362,400 of par value bonds with a carrying value of $388,000 is converted to 60,400 shares of $5 par value common stock. The entry to record the conversion of the bonds includes all of the following entries except:
A. Debit to Premium on Bonds Payable $25,600. B. Debit to Bonds Payable $362,400. C. Credit to Paid-In Capital in Excess of Par Value, Common Stock $86,000. D. Debit to Bonds Payable $388,000. E. Credit to Common Stock $302,000.
An aircraft company would most likely have
A) a high inventory turnover. B) a low profit margin. C) high volume. D) a low inventory turnover.
Uncommitted inventory that is physically on hand is called ______.
A. ready-to-buy B. ready-to-sell C. made-to-stock D. available-to-promise
The following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 1: Cash$1200? Accounts Receivable$900? Dividends 600? Common Stock 1075? Land 900? Revenue 900? Accounts Payable 500? Expense 600? Retained earnings 1725? What is the amount of net income that will be reported on the Year 1 income statement?
A. $300. B. $900. C. $100. D. $600.