Rescission is defined as the canceling of a contract
Indicate whether the statement is true or false
TRUE
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A finder of a mislaid property can claim title to the property if it is found within the finder's premises
Indicate whether the statement is true or false
The Modigliani and Miller hypothesis does NOT work in the "real world" because
A) interest expense is tax deductible, providing an advantage to debt financing. B) higher levels of debt increase the likelihood of bankruptcy, and bankruptcy has real costs for any corporation. C) dividend payments are fixed and tax deductible for the corporation. D) both A and B
A company, subject to a 40% tax rate, desires to earn $500,000 of after-tax income. How much should the firm add to fixed costs when figuring the sales revenues necessary to produce this income level?
A. $200,000. B. $833,333. C. $300,000. D. $500,000. E. $1,250,000.
The accounting records for the Fox Hollow Company show that its cost of goods sold for the year was $300,000. In addition, it had an increase in inventory of $5,000 and a decrease in accounts payable of $6,000. As a result under the direct method, the amount of cash paid to suppliers for the year was:
A. $305,000. B. $306,000. C. $311,000. D. $301,000.