What is the importance of having a "meeting of the minds"?
What will be an ideal response?
A "meeting of the minds" is vital to show that the contract reflects the parties true intentions and that there was not a mutual (bilateral) mistake of fact.
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In 2014, Xenex Market Services began development of a customer management software package for their own internal use and incurred $40,000 costs related to conceptual formulation of design alternatives. In 2015, management agreed to fully fund development of the software and spent $120,000 in development costs. In 2016, development was completed after incurring an additional $160,000 in
development costs plus another $ 60,000 was spent on training costs for using the software. In 2017, the company started using the software and began amortizing related costs over a 10-year expected useful life. What is the amount of amortization expense for 2017 for this internally-developed software? A) ?$28,000 B) ?$32,000 C) ?$34,000 D) ?$38,000
When common stock is issued at an amount greater than par value, the difference between the par value and the proceeds from the sale is recorded by
A) crediting the common stock account. B) debiting an additional paid-in capital account. C) crediting the retained earnings account. D) crediting an additional paid-in capital account.
A firm can benchmark its current performance against its own prior performance, specific competitors, and high performance retailers
Indicate whether the statement is true or false
Indicate how each event affects the elements of the financial statements. Use the following letters to record your answer in the box shown below each element. Use only one letter for each element. You do not need to enter amounts.Increase = IDecrease = DNo Effect = NA(Note that "No Effect" means that the event does not affect that element of the financial statements or that the event causes an increase in that element and is offset by a decrease in that same element.) On December 31, Year 1, Briand Co. paid cash and recognized interest expense on bonds it had issued at face value on January 1, Year 1.AssetsLiabilitiesStk. EquityRevenuesExpensesNetStmt. of ?IncomeCash Flows???????
What will be an ideal response?