On May 2, Handy Hardware sent Ram Industries a signed purchase order that stated in part: "Ship for May 8 delivery 300 Model A-X socket sets at current dealer price. Terms 2/10/ net 30.". Ram received Handy's purchase order on May 4 . On May 5, Ram discovered that it had only 200 Model A-X socket sets and 100 Model W-Z socket sets in stock. Ram shipped the Model A-X and Model W-Z sets to Handy
without explanation concerning the shipment. The sockets were received by Handy on May 8 . Assuming a contract exists between Handy and Ram, which of the following implied warranties would result? I. Implied warranty of merchantability II. Implied warranty of fitness for a particular purpose III. Implied warranty of title
a. I only.
b. III only.
c. I and III only.
d. I, II, and III.
.C
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Which of the following methods of reporting comprehensive income did the FASB members that dissented from SFAS No. 130 believe most firms would use?
a. Reporting comprehensive income in a combined statement of financial performance b. Reporting comprehensive income in a separate statement of comprehensive income which would begin with net income c. Reporting comprehensive income within a statement of changes in equity d. Not reporting comprehensive income
A widget has a mean time between failures of 218 hours and mean time to repair of 14 hours. In this case, the availability is ______.
a. 94.0% b. 89.6% c. 77.3% d. 88.1%
The owner of an LLC is called a ________.
A. general partner B. limited partner C. proprietor D. member
The risk-free rate is 5% and the expected return on a non-dividend-paying stock is 12%. Which of the following is a way of valuing a derivative?
A. Assume that the expected growth rate for the stock price is 17% and discount the expected payoff at 12% B. Assuming that the expected growth rate for the stock price is 5% and discounting the expected payoff at 12% C. Assuming that the expected growth rate for the stock price is 5% and discounting the expected payoff at 5% D. Assuming that the expected growth rate for the stock price is 12% and discounting the expected payoff at 5%