The following information was drawn from the accounting records of Smith Company Static Budget Flexible Budget Actual Results Sales $ 10,000 $ 12,000 $ 12,700 Cost of Goods Sold (6,000 ) (7,200 ) (6,900 ) Gross Margin 4,000 4,800 5,800 Variable Cost (2,000 ) (2,400 ) (2,600 ) Fixed Cost (1,000 ) (1,000 ) (1,300 ) Net Income $ 1,000 $ 1,400 $ 1,900 Based on this information the Multiple Choice cost of goods sold flexible budget variance is a $300 unfavorable variance. a. cost of goods sold volume variance is a $300 favorable variance. b..cost of goods sold flexible budget variance is a $1,200 favorable variance. c. cost of goods sold volume variance is a $1,200 unfavorable variance.

Alandowner and his neighbor purchased adjoining undeveloped lots. after both built homes on their respective lots, the landowner suggested to the neighbor that a common driveway be built where the two lots joined. the neighbor agreed. the landowner and the neighbor split the cost of constructing the driveway and entered into a written agreement to equally share the costs of its upkeep and maintenance. the agreement was recorded in the county recorder's office. two years later, the neighbor built a new driveway located entirely on his lot. the common driveway, which the landowner continued to use but which the neighbor no longer used, began to deteriorate. the landowner asked the neighbor for money to maintain the common driveway, but the neighbor refused to contribute. three years later, the neighbor conveyed his lot to a friend. the friend entered into possession and used only the driveway built by the neighbor. by this time, the common driveway had deteriorated badly and contained numerous potholes. the landowner asked the friend to pay half of what it would take to repair the common driveway. the friend refused. the landowner repaired the driveway and sued the friend for 50% of the cost of repairs. will the landowner prevail?

Abank has $132,000 in excess reserves and the required reserve ratio is 11 percent. this means the bank could have in checkable deposit liabilities and in (total) reserves.

When it is 4: 00 a.m. in halifax, it is 1: 00 p.m. in karachi, and when it is 9: 00 a.m. in karachi, it is 5: 00 a.m. in warsaw. mary left halifax to fly to karachi, but she accidentally left her watch on warsaw time. according to mary’s watch, she left halifax at 9: 40 p.m. on monday. the local time when she arrived at karachi was 3: 00 p.m. tuesday. how long was mary’s flight? a. 9 hours, 20 minutes b. 13 hours, 20 minutes c. 14 hours, 20 minutes d. 17 hours, 20 minutes