Al agrees to sell goods to Betty for a contract price of $3,000 due on delivery. Betty wrongfully rejects the goods and refuses to pay anything. Al resells the goods in strict compliance with the Code for $2,000. He incurs incidental damages for sales commissions of $200 but saves $150 in expenses because of the resale. Al is entitled to recover $1,050 from Betty
Indicate whether the statement is true or false
True
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On August 31, Farrell Corporation signed a one-year contract to provide services to Harris Company for $30,000 . Harris will pay for the services on September 1 . Using the accrual basis of accounting, when should Farrell Corporation recognize revenue?
a. September 1 of the current year when the cash is received from Harris b. On August 31 of the next year when all services have been provided c. Throughout the year as the revenue is earned d. At December 31 of the current year, and August 31 of the next year
Which type of self-service store is a food store with a limited selection of items and few brands per item?
A) convenience store B) box store C) specialty store D) variety store E) leased department store
The direct materials standards for the main product of Duchess Company are 8 grams of direct materials per product at a cost of $3 per gram. During April, 974 grams of direct materials were used to produce 120 products at a direct materials cost of $2,900 . The direct materials quantity variance for April was
a. $72 (U). b. $92 (U). c. $42 (U). d. $112 (F).
A truck stop is a good example of a ____________
a. centralized control center b. single-source facility c. k-minus strategy d. multi-purpose facility e. cash cow