Alan tells Sherry that he will pay her $5,000 if she runs the Boston Marathon. Once Sherry starts running the marathon, Alan ________.
A. can revoke the contract, as an informal verbal agreement is not legally binding
B. can revoke the contract, provided he does so before she completes the marathon
C. can reduce the amount of money he offered her, provided he does so before she completes the marathon
D. cannot revoke the contract
Answer: D
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Suppose one U.S. dollar can purchase 144 yen today in the foreign exchange market. If the yen depreciates by 8.0% tomorrow, how many yen could one U.S. dollar buy tomorrow?
A. 155.5 yen B. 144.0 yen C. 133.5 yen D. 78.0 yen E. 72.0 yen
Gala Enterprises collected the following data regarding production of one of its products. Compute the variable overhead cost variance, the variable overhead spending variance, the variable overhead efficiency variance, the fixed overhead cost variance, the fixed overhead spending variance, and the fixed overhead volume variance. Direct labor standard (2 hrs. @ $15/hr.)$30.00 per finished unitActual direct labor hours60,800 hrs.Budgeted units31,000 unitsActual finished units produced30,000 unitsStandard variable OH rate (2 hrs. @ $14.00/hr.)$28.00 per finished unitStandard fixed OH rate ($310,000/31,000 units)$10.00 per unitActual variable overhead costs incurred$857,600Actual fixed overhead costs incurred$312,000
What will be an ideal response?
On December 31, 2017, Clark Sales has 10-year Bonds Payable of $89,000 and Discount on Bonds Payable of $2,350. How will this be shown on the December 31, 2016 Balance Sheet?
A) Bonds Payable $89,000 less Discount on Bonds Payable $2,350 for a carrying amount of $86,650 B) Bonds Payable $89,000 plus Discount on Bonds Payable for a carrying amount of $91,350 C) Bonds Payable $89,000 D) Bonds Payable $89,000 less one-tenth of $2,350 for a carrying amount of $88,765
Martha recently won $10,000 on a scratch lottery ticket. She is 67 years old and wants to invest her windfall but avoid any risk of losing her money. Which of the following should Martha avoid?
A) bank certificates of deposit B) U.S. Treasury notes C) investor-grade bonds D) corporate secured bonds E) speculative-grade bonds