Which of the following is a valid bailment?
A. Babysitting your sister's child for the weekend.
B. Putting your neighbor's car in your garage to shield it from a hail storm.
C. Caring for your neighbor's cat by leaving food outside while your neighbor is on vacation.
D. House sitting your friend's house for the weekend.
Answer: B
You might also like to view...
Consider a perpetuity making one payment each year that has a present value of $1,000. If the annual rate of discount is 7 percent, the annual payment is
A. $70.00. B. $107.00. C. $1,428.57. D. $14,285.71.
Given the following errors, identify the one by itself that will cause the trial balance to be out of balance.
A. A $107 cash purchase of office supplies posted as a $107 debit to Office Equipment and a $107 credit to Cash. B. A $290 cash receipt from a customer in payment of her account posted as a $290 debit to Cash and a $29 credit to Accounts Receivable. C. An $1750 prepayment from a customer for services to be rendered in the future was posted as an $1750 debit to Unearned Revenue and an $1750 credit to Cash. D. A $170 cash receipt from a customer in payment of her account posted as a $170 debit to Cash and a $170 credit to Cash. E. A $390 cash salary payment posted as a $390 debit to Cash and a $390 credit to Salaries Expense.
Sales for boxes of Girl Scout cookies over a 4-month period were forecasted as follows: 100, 120, 115, and 123. The actual results over the 4-month period were as follows: 110, 114, 119, 115. What was the MAD of the 4-month forecast?
A) 0 B) 5 C) 7 D) 108 E) None of the above
A qualified disclaimer is a valuable estate planning tool because
A) it establishes the value of the disclaimed assets. B) it qualifies the assets for the alternative valuation date. C) it is not treated as a gift made by the person who disclaims. D) it allows the person making the disclaimer to determine the recipient.