Water Rites LLC enters into a contract to site and dig a well for Rancho Verde. Water Rites completely performs. Rancho Verde is entitled to
A) a discount
B) rescission.
C) novation.
D) nothing more.
D
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Which of the following controls would best prevent the lapping of accounts receivable?
a. Segregate duties so that the clerk responsible for recording in the accounts receivable subsidiary ledger has no access to the general ledger. b. Request that customers review their monthly statements and report any unrecorded cash payments. c. Require customers to send payments directly to the company's bank. d. Request that customers make the check payable to the company.
Compensation expense related to employee stock options is recorded on a corporation's books only when the option price exceeds the current market price at the date the options are granted
Indicate whether the statement is true or false
During the year, Burton Company had cash collections from customers of $100,000, cash paid to employees of $16,000, cash paid to suppliers of $50,000, cash used to retire long-term bonds of $16,000, and cash payments for dividends of $10,000. The net cash flow from operating activities during the year was:
A. $50,000. B. $18,000. C. $8,000. D. $34,000.
According to the Insurance Research Council, 14% of U.S. drivers are uninsured. A random sample of seven drivers was selected. What is the probability that three or more of these drivers are uninsured?
A) 0.0620 B) 0.0956 C) 0.1233 D) 0.1518