On July 8, Ace, a refrigerator wholesaler, purchased 50 refrigerators. This comprised Ace's entire inventory and was financed under an agreement with Rome Bank that gave Rome a security interest in all refrigerators on Ace's premises, all future-acquired refrigerators, and the proceeds of sales. On July 12, Rome filed a financing statement that adequately identified the collateral. On August 15,
Ace sold one refrigerator to Cray for personal use and four refrigerators to Zone Co for its business. Which of the following statements is correct?
a. The refrigerators sold to Zone will be subject to Rome's security interest.
b. The refrigerators sold to Zone will not be subject to Rome's security interest.
c. The security interest does not include the proceeds from the sale of the refrigerators to Zone.
d. The security interest may not cover after-acquired property even if the parties agree.
.A
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The introduction of a solicited proposal
A) need not be as detailed as that of an unsolicited proposal. B) should refer specifically to the RFP that initiated it. C) should downplay the magnitude of the problem you're addressing. D) is expected to be much longer than that of an unsolicited proposal. E) should always shock the audience in order to get their attention.
Robin Co. has a defined benefit pension plan that has experienced differences between its expected and actual projected benefit obligation. Data on the plan as of January 1, 2016, follow: Unrecognized net gain$ 98,000 Fair value of plan assets250,000 Projected benefit obligation380,000 There was no difference between the company's expected and actual return on plan assets during 2016. The average remaining service life of the company's employees is 12 years.Required:Determine the amount of the net gain or loss to be included in pension expense for 2016 and indicate whether it is an increase or decrease in the pension expense calculation.
What will be an ideal response?
High Step Shoes, had annual revenues of $185,000, expenses of $103,700, and paid dividends of $18,000 during the current year. The retained earnings account before closing had a balance of $297,000. The ending retained earnings balance after closing is:
A. $378,300 B. $81,300 C. $185,000 D. $63,300 E. $360,300
A business arrangement in which the seller retains legal title to property pending payment of the purchase price but delivers possession of it to the purchaser is called:
A) a chattel mortgage B) a licence C) a conditional sale D) an assignment E) a mortgage