The income statement shows gross profit, which is equal to
A) net sales minus cost of goods sold.
B) earnings before taxes minus taxes.
C) operating income minus interest.
D) operating income minus operating expenses.
E) gross revenues minus returns and allowances.
A
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Ashley contracted to perform on her horse, Coronation, in the opening ceremonies of the World Equestrian Games. If, before the event, Coronation pulls a tendon in its leg and Ashley has to cancel her appearance, this is a case of:
a. subjective impossibility, which does not excuse Ashley from liability for breach of contract. b. objective impossibility, which discharges Ashley's contractual duty. c. frustation of purpose, which does not discharge Ashley's contractual duty. d. commercial impracticability, which excuses nonperformance.
The role of an export agent is to
A. bring buyers and sellers from different countries together and collect a commission for arranging sales. B. purchase products from different companies and sell them to foreign countries. C. help a firm to make direct investments in foreign countries. D. contact domestic firms about the opportunities available in exporting. E. arrange for licensing agreements between domestic and foreign firms.
A tax deed is a general warranty deed
Indicate whether the statement is true or false
In In re 1545 Ocean Avenue, LCC, where the two managers of a real estate development limited liability company disagreed about the project and one of the managers, King, sued for work to stop and the company to be dissolved, the appeals court held that:
a. there was sufficient evidence that the LLC could not effectively operate under the operating agreement so the trial court's decision to grant King's requests was correct b. there was sufficient evidence that the LLC could not effectively operate under the operating agreement so the trial court's decision to grant King's requests was not correct c. there was not sufficient evidence that the LLC could not effectively operate under the operating agreement so the trial court's decision to grant King's requests was correct d. there was not sufficient evidence that the LLC could not effectively operate under the operating agreement so the trial court's decision to grant King's requests was not correct e. none of the other choices are correct