When Hester's car breaks down, she asks Insta-Tow, Inc, to tow it to Jerry's Repair Shop. There is no discussion of a price, and Hester and Insta-Tow do not sign any documents. Later, Insta-Tow sends Hester a bill. With respect to Hester's obligation to pay the bill, this is
a. an express contract.
b. an implied contract.
c. no contract.
d. a quasi contract.
B
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Exhibit 11-1 On January 1, Year 1, Hills purchased equipment for $350,000. The equipment had an estimated useful life of ten years and an estimated residual value of $50,000. Use the double-declining-balance method to answer the following question(s). ? ? Refer to Exhibit 11-1. How much depreciation should Hills record on the asset in year 2?
A) $16,000 B) $24,000 C) $56,000 D) $48,000
Which of the following statements about packaging is true?
A. A package should satisfy not only the needs of final consumers but also those of intermediaries. B. A package doesn't have much promotion impact at retail stores. C. Better packaging almost always increases total distribution cost. D. A good package can aid in the promotion effort, but it's not as effective as advertising. E. All these statements are true.
Comparing firms using a common-size balance sheet rests on the assumption that
a. the size or scale of a business does not affect the relation between a given balance sheet item and total assets. b. the size or scale of a business does affect the relation between a given balance sheet item and total assets. c. the large purchaser can negotiate better terms, including lower per-unit prices. d. more negotiating power would appear on the large purchaser's balance sheet as proportionately smaller amounts reported for inventory relative to the amounts reported by a smaller purchaser with less negotiating power. e. more negotiating power would appear on the large purchaser's balance sheet as proportionately larger amounts reported for accounts payable relative to the amounts reported by a smaller purchaser with less negotiating power.
A company uses a process costing system. Its Welding Department completed and transferred out 100,000 units during the current period. The ending inventory in the Welding Department consists of 30,000 units (75% complete with respect to direct materials and 40% complete with respect to conversion costs). Determine the equivalent units of production for the Welding Department for direct materials and conversion costs assuming the weighted average method.
A. 122,500 materials; 112,000 conversion. B. 112,500 materials; 130,000 conversion. C. 130,000 materials; 112,000 conversion. D. 130,000 materials; 130,000 conversion. E. 107,500 materials; 118,000 conversion.