Forward contracts benefit only the customer due to a reduction in uncertainty
Indicate whether this statement is true or false.
Answer: FALSE
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At the end of 2016, Clock Products, Inc determined that one of its patents was worthless. The patent had a cost of $300,000 . The patent had been amortized for 5 years of its estimated 15-year legal life. Which of the following statements is correct?
a. Clock Products must continue to amortize the patent over its remaining 10 years of life. b. The patent must be reduced to 5/15, or 33.3% of its original cost and amortized over the remaining 10 years. c. The remaining unamortized cost must be removed from the accounting records and treated as a loss on the income statement. d. Clock Products must correct its financial statements for the past five years, so that the entire cost is allocated to that five-year period.
Explain how a company can control small cash payments that are made in cash rather than by check
If a company has current assets of $18,180 and current liabilities of $10,100. Its current ratio is 1.8.
Answer the following statement true (T) or false (F)
Complete performance occurs when a party to a contract renders performance exactly as required by the contract.
Answer the following statement true (T) or false (F)