BUS LAW I On May 1, 2003 Seller contracts to sell Buyer a toaster that it warrants for five years. On May 5, 2003, Seller delivers the toaster to Buyer. The toaster self-destructs on April 30, 2004, but Buyer is out of town and does not discover (and could not have discovered) this until May 3, 2004. Buyer does not sue Seller until May 6, 2007. Has Buyer sued within the time period permitted by Article 2's statute of limitations? A. No, because the lawsuit was filed more than 4 years after Seller purchased the toaster. B. No, because the lawsuit was filed more than 4 years after Seller delivered the toaster. C. Yes, because the lawsuit was filed within 4 years after Buyer discovered the toaster’s defect. D. Yes, because the toaster was still under its five year warranty.

Identify the accounting assumption or principle that is described below. (a) select the accounting assumption or principle is the rationale for why plant assets are not reported at liquidation value. (note: do not use the historical cost principle.) (b) select the accounting assumption or principle indicates that personal and business record-keeping should be separately maintained. (c) select the accounting assumption or principle assumes that the dollar is the "measuring stick" used to report on financial performance. (d) select the accounting assumption or principle separates financial information into time periods for reporting purposes. (e) select the accounting assumption or principle measurement basis used when a reliable estimate of fair value is not available. (f) select the accounting assumption or principle dictates that companies should disclose all circumstances and events that make a difference to financial statement users.

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Newton industries is considering a project and has developed the following estimates: unit sales = 4,800, price per unit = $67, variable cost per unit = $42, annual fixed costs = $11,900. the depreciation is $14,700 a year and the tax rate is 34 percent. what effect would an increase of $1 in the selling price have on the operating cash flow?