Doug takes a $500 check drawn by Gail to Gail's drawee bank to cash it. Gail has over $10,000 on deposit in her account. If her bank refuses to pay Doug:
a. Doug can sue the bank and demand payment.
b. if the check is over 30 days old, the bank has a right to refuse payment.
c. the bank has incurred a liability to Gail for its improper refusal to pay the check.
d. All of these.
c
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On November 2, 2016, Quaint General Store concluded that a customer's $400 account receivable was uncollectible and that the account should be written off. What effect will this write-off have on Quaint's 2016 net income and balance sheet totals assuming the allowance method is used to account for bad debts?
a. Decrease in net income; decrease in total assets b. Increase in net income; no effect on total assets c. No effect on net income; decrease in total assets d. No effect on net income; no effect on total assets
Campanaro Corporation is conducting a time-driven activity-based costing study in its Tech Support Department. The company has provided the following data to aid in that study:Campanaro CorporationTech Support DepartmentData InputsResource Data: Number of employees 14 Average salary per employee$48,600 Weeks of employment per year 50 Minutes available per week (40 hours × 60 minutes) 2,400 Practical capacity percentage 90%?Activity Data:Routing CallsResolving ProblemsPreparing Change OrdersMinutes per unit of the activity202832?Cost Object Data:All CustomersNumber of calls routed41,360Number of problems resolved18,260Number of change orders prepared670?On the Capacity Analysis report in time-driven activity-based costing, the "unused capacity in number of employees"
would be closest to: A. 1.41 employees B. 14.00 employees C. 12.59 employees D. (12.59) employees
How does traditional logistics typically differ from EC logistics?
A) EC logistics deals with the movement of large amounts of materials to a few destinations. B) Traditional logistics deals with the movement of large amounts of materials to a few destinations. C) EC logistics is more predictable because demand is stable and consistent. D) Traditional logistic shipments typically are small parcels sent to many customers' homes.
Frustration of Purpose. Coker International, Inc, entered into a contract with Burlington Industries, Inc, under which Coker agreed to purchase 221 used textile looms from Burlington for a total price of $1,021,000. Under the contract, Coker was
required to pay a 10 percent down payment, with the balance to be paid prior to the removal of the looms. Coker planned to resell the looms to a customer in Peru, but the contract was not conditioned on any resale of the looms by Coker. Because of actions of the Peruvian government, Coker's plan to resell the equipment to the Peruvian buyer fell through. Coker sought to rescind the contract with Burlington and recover its down payment, asserting that it should be excused from performance under the doctrine of frustration of purpose. Discuss fully whether Coker can be excused from performance of the contract under this doctrine.