Regarding differences under the UCC in the treatment of merchants and nonmerchants, which is
true?
A) Article 2 contains several provisions that either apply only to merchants or impose a
greater duty on merchants.
B) The UCC applies to merchants, but not to nonmerchants.
C) The consideration requirement has been eliminated for contracts between merchants, but
is still present in contracts involving at least one nonmerchant.
D) The UCC requires merchants' contracts to be in writing, but not those of nonmerchants.
A
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On January 1, Year 1, Needham, Inc., borrowed $10,000 at 6% for four years. On December 31, Year 1, Needham made its first installment payment of $2,886. Show the effect of the first installment payment on the accounting equation. Round the amounts to the nearest dollar. What is SE?
A. (2,286) Cash B. (600) Notes Payable C. (2,886) Notes Payable D. (600) Cash E. (2,886) Interest Expense F. (2,886) Cash G. (2,286) Notes Payable H. (600) Interest Expense I. 0 No Effect
A country's size and location are considered as its physical resources
Indicate whether the statement is true or false