Martina developed a new type of apple tree which could be reproduced through grafting. She cannot protect her rights in this tree by obtaining a plant patent since the tree cannot be reproduced by planting its seeds
a. True
b. False
Indicate whether the statement is true or false
False
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Fantastic Futons manufactures futons. The estimated number of futon sales for the first three months of 2014 are as follows: January 40,000 February 50,000 March 60,000 Finished goods inventory at the end of 2013 was 10,000 units. On average, 25 percent of the futons to be sold in the next month are produced and kept as ending balance in finished goods inventory. The planned selling price is $150
per unit. How many futons are budgeted to be produced in February by Fantastic Futons? A) 37,500 B) 65,000 C) 52,500 D) 55,000
Which of the following is not an advantage of standard costing over normal costing and actual costing?
A) A greater capacity for control. B) Providing for readily available unit cost information. C) Computing a unit cost for each equivalent unit cost category is not necessary. D) Ability to easily distinguish the FIFO and weighted average methods of accounting for beginning inventory costs. E) All of these are advantages of standard costing.
A ________ is a particular event that must take place to give rise to a duty of performance of a contract
A) condition precedent B) condition subsequent C) substituted agreement D) compromise agreement
Partners Dennis and Lilly have decided to liquidate their business. The following information is available: Cash$100,000 Accounts payable$100,000 Inventory 200,000 Dennis, Capital 120,000 Lilly, Capital 80,000 $300,000 $300,000 Dennis and Lilly share profits and losses in a 3:2 ratio. During the first month of liquidation, half the inventory is sold for $60,000, and $60,000 of the accounts payable is paid. During the second month, the rest of the inventory is sold for $45,000, and the remaining accounts payable are paid. Cash is distributed at the end of each month, and the liquidation is completed at the end of the second month.Refer to the information provided. Assume instead that the remaining inventory was sold for $10,000 in the second month. What
payments will be made to Dennis and Lilly at the end of the second month? DennisLillyA)$0 $0 B)$10,000 $0 C)$5,000 $5,000 D)$6,000 $4,000 A. Option A B. Option B C. Option C D. Option D