Chapter 10 Contracts TEST BANK 1. The ______________ evolved in commerce over the centuries. a. law of contracts b. law of commerce c. law of trade d. law of documents e. law of freedom ANSWER: a (page 262) National: AACSB Analytic; Communication; AICPA BB-Legal 2. The ______________ evolved in commerce over the centuries. a. law of invention b. law of commerce c. law of trade d. law of documents e. none of the other choices are correct ANSWER: e (page 262) National: AACSB Analytic; Communication;
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Case: Clarkson Lumber Company Issues The issues that Mr. Clarkson should consider when analyzing the future of his business are: • Can the business support growing at such a high rate? • Is it a wise decision to continuing borrowing on an even higher line of credit? • Is the business making wise choices in regards to whom it sells to? Decision The business cannot support the current rate of growth much longer. Mr. Clarkson has no choice but to infuse the business with outside cash
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In the company photograph of the 130th Chemical Company the three friends are sitting together shoulder to shoulder‚ just as they joined the Army together‚ trained together‚ and then stationed together in London‚ where on July 3‚ 1944‚ died together. Close friends while living in Portland‚ Robert H. Cook‚ Philip J. Conley‚ and Chester R. Peterson‚ joined the Army and left for training together in January‚ 1943. They were assigned to the 130th Chemical Company and sent to Camp Sibert‚ Alabama
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The Connecticut Land Co proprietors invested $1‚200‚000 in the Western Reserve hoped that the lands would make them all rich. In order to do that‚ they needed to divide the Western Reserve’s 3 million acres into smaller lots and sold those at a profit to settlers. The Connecticut Land Company wanted potential settlers to view a map and feel the areas they want to buy was a suitable place surrounded by an efficient system of roads and agricultural lands. Therefore‚ they used surveys and maps of Cleveland
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Available Cost of Goods Sold Ending Inventory 10 units 20 units 24 units 54 units 50 units 4 units @ $10 /unit @ $13 /unit @ $17 /unit = $100 = $260 = $408 $768 = ? = ? @ @ ? /unit ? /unit Value depends upon cost flow method!! Cost Flow Methods Allowed per GAAP (and Frequency of Usage) •Specific identification •Weighted-average •First-in‚ first-out (FIFO)
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Solution to Case 1 Cash Flow Analysis Signal Cable Company* * Note to Instructors: When assigning this case‚ inform the students that the firm’s stock price has recently dropped from $7 per share to $5.50 per share. Case objective: The objective of this case is to cover financial statement analysis and cash flow analysis‚ with a particular emphasis on liquidity and net working capital. Student Preparation time: Approximately 2 hours. Answers to questions: 1. Why has the stock price fallen
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Loblaw Companies Limited Strategic Plan Presented to Galen Weston Jr.‚ Executive Chairman of Loblaw Companies Ltd and Professor Imran Saleem‚ University of Toronto Submitted by Group 4 on March 30‚ 2010 Table of Contents Loblaw Companies Limited Strategic Plan 1 Table of Contents 2 Loblaw Companies Limited Summary 3 History 3 Current Vision 3 Short Term & Medium-Longer Term Plan 3 Detailed Financials 4 Industry and the Competitive Analysis 4 SWOT Analysis
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Questions Presented Should the Pittston Coal Company be held liable for the emotional damages and psychic impairments of the plaintiffs? Do the plaintiffs fall within the “zone of danger‚” established for NEID cases? Legal Issues Owing to the fact that many of the victims of the Buffalo Creek disaster suffered mental anguish or “psychic impairments” rather than simply physical injuries‚ the question arises in this case whether or not the plaintiffs may recover for these psychic impairments. Argument
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the following reasons: Low hiring and retention rates Low average cost per hire could amount to double the stated amount if retention rate is considered High fixed cost and cost per hire with kiosks Higher cost per 1 year survival will hurt company financials long-term For in-depth analysis on each method within each region‚ please see Attachment 1 that follows. Attachment 1 – In-Depth Analysis Western Washington: Management uses four different types of recruiting methods being media‚ referrals
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Company Background Birch Paper Company was a medium-sized‚ partly integrated paper company. It had four producing divisions‚ namely Northern Division‚ Thompson Division‚ Southern Division & one unnamed Division and a Timberland Division. Birch Paper was producing white and kraft papers and paperboard. A portion of its paperboard output was converted into corrugated boxes by the Thompson Division‚ which was also printed and colored the outside surface of the boxes. Company policies The management
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