When comparing income statement items to balance sheet items in a single ratio, we use the
average of the items on the income statement.
Indicate whether the statement is true or false
FALSE
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Mathew, Patrick, and Robin and have capital balances of $75,000, $125,000 and $93,000, respectively. As per the partnership agreement, Mathew gets a profit share of 2/9; Patrick gets 4/9; and Robin gets 3/9. Partnership agrees to pay $65,000 as final settlement to Mathew. How much bonus will Robin receive as a result of this transaction? (Do not round intermediate calculations and round the final answer to the nearest dollar.)
A) $5714 B) $4286 C) $5556 D) $4444
Discuss direct and indirect exporting. What are the advantages of exporting?
What will be an ideal response?
Marine Expeditions, Inc, pays Nate's Boats $4,000 to use an oceangoing vessel for a month. For the purposes of the UCC, this is A) a merchant's firm offer
B) an option contract. C) a lease. D) a sale.
On April 15, Morgan sent a letter to Clark offering to sell her business to Clark for $200,000. The offer stated that it would expire on May 1. On April 30, Morgan sent another letter to Clark that stated that she was withdrawing the offer. Clark
received that letter on May 1. Also on April 30, Clark sent a letter to Morgan accepting the offer. Morgan received that letter of acceptance on May 1. Morgan refused to sell the business to Clark, claiming that no contract had been formed. Clark brought suit to enforce the contract against Morgan. Based on what you have learned in this chapter, decide the probable outcome of the case.