A personal articles floater helps insure specific items like heirlooms
Indicate whether the statement is true or false
TRUE
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The net income reported on the income statement for the current year was $275,000 . Depreciation recorded onfixed assets and amortization of patents for the year were $40,000 and $9,000, respectively. Balances of currentasset and current liability accounts at the end and at the beginning of the year are as follows: End Beginning Cash $50,000 $60,000 Accounts receivable 112,000 108,000 Inventories
105,000 93,000 Prepaid expenses 4,500 6,500 Accounts payable (merchandise creditors) 75,000 89,000 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by theindirect method? a. $198,000 b. $324,000 c. $352,000 d. $296,000
Florence borrows $1,500 from Fremont, leaving her gold necklace with Fremont as collateral. Two weeks earlier, Florence had borrowed $1,000 from Corner Bank. Florence signed a security agreement and a financing statement giving Corner Bank a security interest in the same gold necklace. The financing statement is filed in the appropriate location. If Florence defaults on both loans, which creditor
has the superior rights to the necklace? a. Fremont, because his loan was the first to attach. b. Fremont, because possession takes priority over filing. c. Corner Bank, because Fremont did not perfect his interest. d. Corner Bank, because Fremont did not have a written security agreement.
Who of the following philosophers subscribe to ethical egoism?
a. Ayn Rand b. Thomas Hobbes c. Adam Smith d. All of the above
Lynk Corp. drives perishable goods, such as eggs, bread, and muffins to small grocery stores. In addition to taking legal title of the goods it distributes, Lynk Corp. also checks the stock and suggests reorder quantities to the grocery stores. It is evident that Lynk Corp. is a(n) _____.
A. agent B. broker C. drop shipper D. truck jobber