Answer:
D) Both the landowner and the attorney.
Explanation:
The bank will succeed in obtaining a judgement against both the former landowner and the attorney. The bank can sue either of them or both of them, but it can only collect the $5,000 once.
- When the attorney assumed the mortgage, he expressly promised to pay it. The lender becomes a third party beneficiary of the attorney's promise to pay and can sue him if the mortgage isn't paid.
- The former landowner became secondarily liable to the lender in case the attorney didn't pay.
<span>Date of record is the date the corporation records which stockholders get dividend checks.
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So the answer is B
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Answer:
b. greater under absorption costing than variable costing.
Explanation:
The question is to calculate the closing value of inventory and based on the choices, we need to calculate based on both the Absorption Costing and the Variable Costing Methods.
1. Closing Inventory based on Variable Costing Method
Direct Material $40
Direct Labour $30
Variable Overhead $2
Fixed Overhead <u>$0 </u>(this method does not reecognise fixed cost
Totals (Unit cost of Production) $72
Based on this, the closing inventory is $72 x (8,000+50,000-55,000 units)
=$77 x 3,000= $216,000
2. Closing Inventory based on Absorption Costing Method
Direct Material $40
Direct Labour $30
Variable Overhead $2
Fixed Overhead <u>$5</u>
Totals (Unit cost of Production) $77
Based on this, the closing inventory is $77 x (8,000+50,000-55,000 units)
=$77 x 3,000= $231,000
Based on these calculations:
The Ending Inventory is higher/Greater under absorption costing than variable costing and the reason is that variable costing does not recognize fixed cost in determining the value of ending inventory.
Answer:
Which of the following issues can be offered to the public under the 1933 Act?
1. An exempt security.
2. A security registered under the Act.
Explanation:
The security's act of 1933 was formulated and passed into law in 1933 to protect investors after the stock market crash of 1929. The law had two major objectives; to enable transparency especially in the financial statements so that investors can make decisions after considering all aspects and also to provide regulations against misrepresentation to discourage cases of fraud in the securities markets.
The security's act of 1933 provided legislation on the sale of securities which was initially governed by the state laws. The law required the companies to register with the Securities and Exchange Commission (SEC) for full disclosure to potential investors. The information is provided to SEC and the potential investors in the form of a prospectus and a statement of registration.
The following issues are including in what can be offered to the public under this act, namely;
1. An exempt security.
2. A security registered under the Act.
However, the SEC does not approve a prospectus therefor issue number three is not true.
Answer:
c.
Explanation:
According to the Uniform Commercial Code (UCC) the sale of goods costing $500 or more is not enforceable without a writing or other specified evidence. This is touched upon in the statute of frauds within the UCC which is a state law that requires contracts for the sale of goods worth $500 or more to be in writing and signed by the parties in order to be enforceable, otherwise, they are not valid and cannot be used against someone in a court of law.
