The UCC alters the perfect tender rule with regard to installment contracts
Indicate whether the statement is true or false
TRUE
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Exhibit 8-3 The J. Love Company uses a periodic inventory accounting system and values its inventory by using the lower of cost or market rule. The allowance method is used in applying the lower of cost or market rule. The company adjusts and closes its books annually on December 31. Below are the cost and market values of the company's year-end inventories for a three-year period: Date Cost
Market December 31, 2016 $70,000 $70,000 December 31, 2017 56,000 46,000 December 31, 2018 64,000 58,000 ? ? Refer to Exhibit 8-3. Which of the following journal entries would be correct as of December 31, 2018, to apply the lower of cost or market rule? A) Inventory 58,000Income Summary 58,000 B) Loss Due to Market Valuation 6,000Allowance to Reduce Inventoryto Market 6,000 C) Allowance to Reduce Inventory to Market 4,000Loss Recovery Due to Market Valuation 4,000 D) Cost of Goods Sold 6,000Allowance to Reduce Inventoryto Market 6,000
The decline in the average cost of production with accumulated production experience is called the ________
A) demand curve B) supply chain C) learning curve D) value chain E) indifference curve
John hired Tim to sell his house. Which statement is correct?
a. John is Tim's principal. b. Tim, but not John, can terminate the agency relationship. c. John, but not Tim, can terminate the agency relationship. d. Tim is John's principal.
The following exchanges occurred in a series of faxes: ? Day 1 - "I would be interested in purchasing your citrus grove in Mesa, AZ." /s/ John Duggan Day 2 - "I might consider selling my citrus grove if the price is right." /s/ Maurice Germaine Day 3 - "I could offer $3.2 million." /s/ John Day 4 - "I'll sell." /s/ Maurice
A)?There was an offer on Day 1 B)?There was an offer on Day 2 C)?There was an offer on Day 3 D)?There was an offer on Day 4 E)?None of the above