In a noncarrier contract for the sale of goods where the goods are held by a bailee, tender of
delivery can occur upon the happening of the following except:
A) Seller tenders to the buyer a negotiable document of title covering the goods.
B) Seller tenders to the buyer an acknowledgment from the seller's bank that the goods have
been sold.
C) Seller tenders to the buyer a nonnegotiable document of title.
D) Seller procures acknowledgment from the bailee of the buyer's right to possession of the
goods.
B
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Zed Bennett opened an art gallery and as a dealer completed these transactions: 1. Started the gallery, Artery, by investing $40,000 cash and equipment valued at $18,000. 2. Purchased $70 of office supplies on credit. 3. Paid $1,200 cash for the receptionist's salary. 4. Sold a painting for an artist and collected a $4,500 cash commission on the sale. 5. Completed an art appraisal and billed the client $200. What was the balance of the cash account after these transactions were posted?
a. $12,230. b. $12,430. c. $43,300. d. $43,430. e. $61,430.
Regarding impairment of intangible assets, which of the following statements is incorrect?
A) Impairment occurs when the fair value of an intangible asset is less than the book value. B) Intangible assets are impaired when there has been a permanent decline in the value of the asset. C) Intangible assets are tested for impairment annually. D) If any impairment occurs, the company records a loss in the period in which the intangible asset was acquired.