Opie offers to sell his guitar to Pinky for $100. Pinky agrees. They complete and sign a printed form, and Pinky gives Opie a check for the price. This check is
A. a formal contract.
B. an informal contract.
C. a simple contract.
D. no contract.
Answer: A
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On January 1, 2016, Randolf Company signed a contract to have Rory Associates construct a manufacturing facility at a cost of $14,000,000. It was estimated that it would take three years to complete the project. Also on January 1, 2016, to finance the construction cost, Randolf borrowed $14,000,000 payable in seven annual installments of $2,000,000 plus interest at the rate of 9%. During 2016,
Randolf made progress payments totaling $5,000,000 under the contract, and the average amount of accumulated expenditures was $3,000,000 for the year. The excess borrowed funds were invested in short-term securities, from which Randolf realized investment income of $330,000. What amount should Randolf report as capitalized interest at December 31, 2016? A) $ 0 B) $ 270,000 C) $ 510,000 D) $1,260,000
Which of the following characteristics of a good process layout is FALSE?
a. It minimizes material handling. b. It minimizes transportation costs. c. It minimizes customer waiting time. d. It maximizes employee waiting time.
The waiver of premium option can result in the savings value of a life insurance policy increasing, even if no premiums are currently being paid
Indicate whether the statement is true or false
The statement that best expresses the auditor's responsibility with respect to events occurring between the balance sheet date and the end of the audit is that:
A. The auditor is fully responsible for events occurring in the subsequent period and should extend all detailed procedures through the last day of field work. B. The auditor has no responsibility for events occurring in the subsequent period unless these events affect transactions recorded on or before the balance sheet date. C. The auditor is responsible for determining that a proper cutoff has been made and performing a general review of events occurring in the subsequent period. D. The auditor's responsibility is to determine that a proper cutoff has been made and that transactions recorded on or before the balance sheet date actually occurred.