Zoron Company purchased a truck from Ace Motors. The sales personnel at Ace know that Anton Green is an executive at Zoron. To pay for the truck, Anton delivered a $35,000 note to Ace and signed it "Anton Green, Agent." In this case:
A) the signature of the maker is incomplete. Neither Zoron nor Anton is liable on the note.
B) "Zoron Company" does not appear on the note. Only Anton is liable to Ace for payment of the note.
C) as long as Ace Motors remains holder of the note, Zoron Company is liable for payment.
D) if ABC Bank is holder of the note and Zoron Company does not pay, the bank has no recourse against Anton.
C
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If the Chen Company sells the equipment for $3,000 cash, the entry to record the sale would be as follows:
a. Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000 Accumulated Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6,000 Loss on Sale of Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1,000 Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000 b. Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000 Salvage Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000 Loss on Sale of Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000 c. Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000 Salvage Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6,000 Loss on Sale of Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000 d. Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000 Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000 Accumulated Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6,000 Loss on Sale of Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 e. Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000 Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000 Accumulated Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6,000 Loss on Sale of Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000
Laramie contracts to provide cattle-herding services to Miles for $1,400 per month. Laramie can¬not transfer this duty
a. under any circumstances. b. without continuing to be potentially liable. c. withoutMiles's consent. d. without paying Miles at least one monthly fee.
Small claims courts are inferior state trial courts.
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A corporate takeover is the process of acquiring control over a corporation by the purchase of a substantial number of the voting shares of its stock.
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