The current ratio is computed by dividing current liabilities by current assets.
Answer the following statement true (T) or false (F)
False
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Thomas signed a sales contract with Bricklay's, a firm that supplies bricks for private individuals. The contract specified the type and amount of bricks needed, and that Thomas would pick up the bricks from the Bricklay's warehouse 15 days later
Thomas received a document of title, but failed to pick up the goods on the stipulated date. In this scenario, at what point of time is the title to goods passed over to Thomas? A) when the sales contract is signed by both Thomas and Bricklay's B) when Thomas receives the document of title C) when Thomas picks up the bricks from the Bricklay's warehouse D) when the stipulated date of pick-up of the bricks expires
For busy readers, use a simple "no" without adding detailed explanations in your bad-news messages
Indicate whether the statement is true or false
Troy Tech contracts with Helen to have her knit 14 sweaters for the soccer team in their school colors with their names on the front and "Go Tech" on the back. The contracted price is $100 per sweater. After Helen has almost finished the last sweater, Troy Tech decides it should spend the money on repairs to the locker room instead of on the sweaters. Does Helen's contract have to be in writing
for her to enforce it? A) No, because each sweater only cost $100 B) No, because they are specially manufactured sweaters C) Yes, because the total cost is $1,400 D) Yes, because they are specially manufactured sweaters
Which of the following is correct concerning when insurable interest must exist?
A) In property and liability insurance, it must exist at the inception of the contract. B) It is seldom required in property insurance unless there are liens on the property. C) It must exist at the time of death of the insured for the beneficiary to collect in life insurance. D) In life insurance, it must exist at the inception of the policy but it is not necessary at the time of the loss.