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Abe draws a check for $100 on his checking account at First Bank payable to the order of Bill. Bill cleverly raises the check to $1000, indorses it, and negotiats it to Chen, Chen then presents the check for payment to First Bank, which oays her $1,000 and charges Abe's account for $1,000. Abe then asks the bank to re credit his account for the altered check, and it does so. Based on this scenario, which of the following is FALSE
A) First Bank carries the risk of loss and is liable
B) First Bank can recover from Chen because she warranted that the instrument had not been altered
C) After Chen pays First Bank, she can recover against Bill
D) Unless he was negligent in drawing the check, Abe's liability is limited to $100
Total payroll was $472,500, of which $157,700 is exempt from Social Security tax because it represented amounts paid in excess of $106,800 to certain employees. The amount paid to employees in excess of $7,000 was $403,100. Income taxes in the amount..
computation of earnings per share.major corporation has 100000 shares of 10 par value common stock outstanding and no
How does the financial planning and strategic planning of the new for-profit status align with the financial and strategic plans of the existing community hospital status?
zach taylor is settling a 27000 loan due today by making 6 equal annual payments of 6018.83. what payments must zach
Andre's retires in 5 years. He would have to purchase equipment costing $400,000 to equip a building and invest an additional $150,000 for inventories. Different buildings have a annual net cash inflow of about $160,000. Anders would close the buildi..
State in which part of an entity’s CAFR (MD&A, fund financial statements, notes to the financial statements, required supplementary information, and so forth) you are most likely to find the following information: Description of the government’s acco..
Determine the total depreciation to be taken over the useful life of the delivery truck for both book and tax purposes. Explain why depreciation for book and tax purposes will generally be different over the useful life of a depreciable asset.
Determined that general and administrative overhead was $246 million. Transferred 70 percent of the materials purchased to jobs (work) in process. Completed work on 55 percent of the jobs in process. Costs are assigned equally across all work in proc..
Harris Company's sales revenue for 2005 was $300,000. Harris has one product that sells for $25 and has variable costs of $18. Fixed costs total $155,000. How many units must Harris sell to break even?
Compute the Variance analysis of direct Materials - Find Rex's direct materials price variance
Find the return on equity from the data given and Henry's return on common stockholder's equity, rounded to the nearest percentage point,for 2007
Sudoku Company issues 19,000 shares of $10 par value common stock in exchange for land and a building. The land is valued at $231,000 and the building at $368,000. Prepare the journal entry to record issuance of the stock in exchange for the land and..
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