Robb stole one of Markum's blank checks, made it payable to himself, and forged Markum's signature to it. The check was drawn on the Unity Trust Company. Robb cashed the check at the Friendly Check Cashing Company, which in turn deposited it with its bank, Farmer's National. Farmer's National proceeded to collect on the check from Unity Trust. The theft and forgery were quickly discovered by
Markum, who promptly notified Unity. None of the parties mentioned were negligent. Who will bear the loss, assuming the amount cannot be recovered from Robb?
a. Markum
b. Unity Trust Company
c. Friendly Check Cashing Company
d. Farmer's National
.C
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Grain shortages in countries that buy large amounts of grain from the United States would increase the demand for American grain and
a. reduce the demand for dollars. b. increase the demand for dollars. c. reduce the supply of dollars. d. increase the supply of dollars.
Values can also influence your perceptions and actions toward others.
Answer the following statement true (T) or false (F)
When preparing a statement of cash flows using the direct method, amortization of a patent is
a. shown as an increase in cash flows from operating activities. b. shown as a reduction in cash flows from operating activities. c. included with supplemental disclosures of noncash transactions. d. not reported in the statement of cash flows or related disclosures.
Orange, Inc. is a calendar year partnership with the following current year information: Operating loss$(120,000)Liabilities: Note payable, City Bank 20,000 Note payable, Jack Crow 20,000 On January 1, John James bought 50% general interest in Orange, Inc. for $30,000. How much of the operating loss may John deduct on his Form 1040? Assume the excess business loss limitation does not apply.
A. $40,000 B. $30,000 C. $60,000 D. $50,000