Suzanne's Cleaners is considering a project that has the following cash flow data. What is the project's payback?
Year0
1
2
3
4
5
Cash flows?$1,100
$300
$310
$320
$330
$340
A. 2.31 years
B. 2.56 years
C. 2.85 years
D. 3.16 years
E. 3.52 years
Answer: E
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George Butler, the sole stockholder, opened a business that provides day tugboat tours to tourists along the Mississippi River. Prepare journal entries to record the following transactions. May 1Butler invested $20,000 cash and a tugboat valued at $90,000 in exchange for common stock. May 2Butler paid $3,000 cash for office equipment.May 3Butler bought boating supplies costing $2,500 on credit.May 4Butler paid $500 cash for the first month's dock rental.May 5Butler paid $1,800 cash for a six-month insurance policy. May 10 Butler gave a client a tour and immediately received $2,000 cash.May 12 Butler provided a $3,500 tour on credit, the customer agreed to pay within 10 daysMay 19 Butler paid for the boating supplies originally purchased on May 3. May 22 Butler receives payment
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A) emotional B) standard C) rational D) moral E) social
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The legal rule of imputed knowledge means that the principal is assumed to know what the agent knows
Indicate whether the statement is true or false