Melody, age 17, makes a contract with Seung, who is an adult. Melody:
a. may exercise the power of avoidance, called disaffirmance, while still a minor, and thereby be released from any liability on the contract.
b. may ratify the contract while still a minor, thereby surrendering the power of avoidance.
c. has entered a void contract since she lacked capacity.
d. may disaffirm only after reaching the age of majority.
a
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MyStyle Clothes Inc is a women's fashion apparel firm that allows its customers to personalize their clothes. MyStyle Clothes Inc has a web site where customers can choose from a range of fabrics, colors, buttons, fits, and designs to create clothes
Customers can place orders with their measurements, and the clothes are manufactured according to the customer's specifications and sent to her by courier. In this example, MyStyle Clothes Inc uses which of the following strategies? A) mass-personalization B) mass-customization C) customer relationship management D) sub-segment E) multi-segment
On January 1, 2015, Danville Corporation acquired a machine at a cost of $60,000. The machine's service life was estimated to be ten years and its residual value to be $6,000. The straight-line method was used for depreciation. On January 1, 2020, the machine was no longer useful and was sold for $3,000. For 2020, in regard to this machine, how much of a loss should Danville record?
A) $27,000 B) $30,000 C) $3,000 D) $60,000
In the perpetual system, no year-end adjusting entry is necessary, as long as the physical inventory agrees with the amount reported in the merchandise inventory account
Indicate whether the statement is true or false
For Office Supplies, the category of account and its normal balance is ________
A) liabilities and a debit balance B) assets and a debit balance C) liabilities and a credit balance D) assets and a credit balance