Puck signs a check "pay to the order of Quik Mart" drawn on Puck's account in Regional Bank. Puck shows the check to Silky, who agrees that the signature is Puck's and that Quik Mart is owed the amount that the check represents. Quik Mart signs the back of the check. Liability on this check extends to
A. Puck, Quik Mart, and Regional Bank.
B. Puck and Quik Mart only.
C. Puck and Silky only.
D. Silky only.
Answer: B
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A company has a selling price of $1500 each for its printers. Each printer has a 2 year warranty that covers replacement of defective parts. It is estimated that 3% of all printers sold will be returned under the warranty at an average cost of $144 each. During November, the company sold 24,000 printers, and 340 printers were serviced under the warranty. What is the company's warranty expense for the month of November?
A. $47,000 B. $51,840 C. $48,960 D. $21,000 E. $103,680
Which of the following would not be found in a Schedule of Noncash Investing and Financing Activities, reported at the end of a Statement of Cash Flows?
A) stock dividends declared B) bonds payable exchanged for capital stock C) purchase of treasury stock D) capital stock issued to acquire fixed assets
The net present value (NPV) of a project is negative when the discount rate used is:?
A. ?equal to the internal rate of return. B. ?equal to the yield to maturity of the bonds issued to finance the project. C. ?greater than the internal rate of return. D. ?lower than the coupon rate of the bonds issued to finance the project. E. ?less than the internal rate of return.
Rist Corporation uses a predetermined overhead rate based on machine-hours to apply manufacturing overhead to jobs. The Corporation estimated that it would incur $255,000 in manufacturing overhead during the year and that it would work 100,000 machine-hours. The Corporation actually worked 105,000 machine-hours and incurred $270,000 in manufacturing overhead costs. By how much was manufacturing overhead underapplied or overapplied for the year?
A. $15,000 underapplied B. $15,000 overapplied C. $2,250 overapplied D. $2,250 underapplied