In Lee v. R&K Marine, where Lee bought a new boat from R&K that fell apart in three years, the court held the seller had properly disclaimed all warranties, so was not liable for the problem
a. True
b. False
Indicate whether the statement is true or false
True
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[APPENDIX] Gordon Vending, a sole proprietorship, had the following balances and transactions during 2015: beginning capital, $40,000; contribution of cash to the business by the owner, $15,000; revenue, $60,000; expenses, $35,000; withdrawal by the owner, $5,000 . What is the amount of the ending capital balance?
a. $40,000 b. $60,000 c. $75,000 d. $85,000
The primary difference between the FIFO and weighted average methods of process costing is
a. in the treatment of beginning Work in Process Inventory. b. in the treatment of current period production costs. c. in the treatment of spoiled units. d. none of the above.
One of this ________ duties is to keep a record of all ________ wages
A) agency's/employees' B) agencies/employee's C) agency's/employees D) agencies'/employees'
In an inflationary environment, the use of which of the following cost flow methods would result in the least tax liability for the firm in the current period?
a. LIFO b. Weighted average cost c. FIFO d. Moving average cost