Suppose Larry's Lariats Produced 25,000 Lassos and Sold Each for $10.What

question 77

Multiple Choice

Suppose Larry's Lariats produced 25,000 lassos and sold each for $10.What was the total revenue for the company?

• A) $250,000
• B) $25,000
• C) $2,500
• D) $2,500,000

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Definitions:

Collection Indorsement

An endorsement on a negotiable instrument, such as a check or promissory note, that specifies the particular person to whom the payment is to be made.

Fictitious Payee Rule

A principle in commercial law that protects the drawer of a check if the check is made payable to a non-existent or not intended recipient, under certain conditions.

Bookkeeper

A person responsible for recording the financial transactions and maintaining the financial records of a business.

Negotiable Instruments

Written documents that guarantee the payment of a specific amount of money to the bearer or to a specific person, under certain conditions.