Spuds Corporation buys from Tater Farms, Inc, a potato crop that Tater plans to plant and harvest during the next growing season. Spuds plans to sell the potatoes to Tasty Foods Restaurants. After the potatoes are planted, but before they are harvested, an insurable interest in the crop exists in?
A)?Spuds and Tater, but not Tasty Foods
B)?Spuds, Tater, and Tasty Foods.
C)?Tater only.
D)?none of the choices.
A
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In 2017, Susan tells The Art Museum, a private not-for-profit organization, that she has named the museum in her will. When should the organization recognize the contribution revenue?
A. When the Museum receives the contribution. B. Ratably over a five year period beginning in 2017. C. All in 2017. D. Only after Susan dies and the will is declared valid.
ABC Inc has determined that it needs to increase its current ratio in order to be in compliance with a creditor's loan agreement. All else being equal, which of the following ways would be best for increasing their current ratio?
A) Increasing long-term assets B) Decreasing current assets C) Decreasing current liabilities D) Increasing long-term liabilities
William and Charlotte Collins divorced in November of Year 1. William moved out and Charlotte remained in their house with their 10-month-old daughter, Autumn. Diana, Charlotte's mother, lived in the home and acted as Autumn's nanny for all of Year 1. William provided 70 percent of Autumn's support, Diana provided 20 percent, and Charlotte provided 10 percent. When the time came to file their tax returns for Year 1, William, Charlotte, and Diana each wanted to claim Autumn as a dependent. Their respective AGIs for Year 1 were $50,000, $35,000, and $52,000. Who has priority to claim Autumn as a dependent?
A. Charlotte. B. William. C. Diana. D. They must negotiate amongst themselves.
A "contract under seal" is an example of a formal contract
Indicate whether the statement is true or false