In an installment contract, an installment may not be rejected unless the defect substantially impairs the value of the installment and can not be cured.

true or false

The partnership agreement of E Smith and N Patel state that Smith receives 30% and Patel 70% of partnership income and losses. The partnership net income is $100,000 and is allocated to the partners when the income summary account is closed.

Ayayai Co. has a held-to-maturity investment in the bonds of Schuyler Corp. with a carrying value of $56,800. Ayayai determined that due to poor economic prospects for Schuyler, the bonds have decreased in value to $48,100.

Question 6 (multiple choice) Suppose you have a 12-month loan of $1,200.00 at 12% interest to purchase a lawn mower and other gardening equipment. Each monthly payment is $106.56. The balance after the fourth payment is $816.04.

18. A company is in its first month of operations. On January 15, the company receives $600 from customers who will receive 10 voice lessons ($60 per lesson). As of January 31, the company has provided 8 voice lessons.

Cotton Hotel Corporation recently purchased the Hotel Middleburg and the land on which it is located. Cotton Hotel Corporation intends to demolish the Hotel Middleburg and build a new luxury hotel in that location.

Which interest-bearing account is best for people who wont need access to their money for several months or longer A) Certificate of Deposit B) Credit Card C) Checking Account D) Savings Account

The amount paid for stock is the most a shareholder can lose in the corporate form of ownership. a. True b. False

Brannon Inc. manufactures ceiling fans and uses activity-based costing. Each fan has 20 separate parts. The direct material cost is $70, and each ceiling fan requires 4 hours of machine time to manufacture.

A broker lists a property for $87,500 at 7% commission on the first $50,000 and 5% on the balance. The property sells for 4% less than asking price. What commission was earned?

A primary market would be utilized when: O investors buy or sell existing securities. O securities are initially issued. O shares of common stock are exchanged O a commission must be paid on the transaction.