An intoxicated person, after becoming sober, may ratify a contract expressly or impliedly

Indicate whether the statement is true or false


T

Business

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Virginia Jackson is opening Jackson Realty on January 2. For several weeks she has been busy putting together an operating budget for the first quarter of operations for her new business. Virginia has estimated her selling and administrative (S&A) costs as follows:?JanuaryFebruaryMarchDepreciation$ 1,000$ 1,000$ 1,000Marketing expenses2,0001,4001,000Miscellaneous costs500400400Rent expense5,0005,0005,000Salary expense4,0008,0008,000Sales commissions1,0001,2001,400Utilities expense  1,000  800  1,000Total S&A costs before interest$ 14,500$ 17,800$ 17,800All selling and administrative costs are paid when incurred except utilities, marketing expenses, and sales commissions. These items are paid in the

month following the month incurred.Required:1) Prepare a schedule of cash payments for selling and administrative expenses for January through March.2) What liabilities, in what amounts, would be reported on the pro forma balance sheet as of March 31? What will be an ideal response?

Business

Which of the following most likely suggests that marketers lack the power to create consumer needs and control market demand?

A) consumer acceptance of changing clothing styles B) affordable products in disadvantage communities C) use of social media in product comparisons D) consumer interest in modern technology E) high failure rate of new products

Business

The cash flow on total assets ratio is computed by dividing average total assets by operating income.

Answer the following statement true (T) or false (F)

Business

Cost of goods manufactured represents the cost of direct materials, direct labor, and overhead incurred during the current accounting period

Indicate whether the statement is true or false

Business