Oxtron, Inc substantially performed its obligations under a service contract. Oxtron is entitled to receive
A) the full contract price
B) substantially nothing.
C) the fair market value of its performance.
D) the full contract price minus the value of the defects.
D
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Net income was $51,000 for the year. The accumulated depreciation balance increased by $14,000 over theyear. There were no sales of fixed assets or changes in noncash current assets or liabilities. Under the indirectmethod, the cash flow from operations is $37,000
a. True b. False Indicate whether the statement is true or false
If product X cost $50 and had a 4 percent failure rate, the entry to record the estimated product warranty expense in a month when 1,000 units are sold would be
a. Product Warranty Expense 2,000 Estimated Product Warranty Liability 2,000 b. Product Warranty Expense 200 Estimated Product Warranty Liability 200 c. Product Warranty Expense 20 Cash 20 d. Estimated Product Warranty Liability 50 Cash 50
In a manufacturing plant, indirect materials costs such as lubricants and cleaning fluids are product costs
Indicate whether the statement is true or false
In the Toyota Production System, when a work station needs more material, it is obvious to both the worker and the supplier that material is needed. Further, the amount needed must be understood as well as the delivery time for replenishment
Indicate whether the statement is true or false