The main purpose exception to the Statute of Frauds allows oral collateral contracts to be enforced if there is a monetary benefit to the guarantor
Indicate whether the statement is true or false
TRUE
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Exhibit 15-1 Hanson Co issued 10,000 shares of its $5 par common stock for $15 a share. In addition, it incurred legal and accounting fees, stock certificate costs, and other related expenses totaling $18,500. ? Refer to Exhibit 15-1. Assume the sale was the initial issuance of stock at incorporation for Hanson Co The entry to record the sale would include a
A) credit to Cash for $150,000. B) credit to Common Stock for $150,000. C) debit to Organization Expense for $18,500. D) credit to Additional Paid-in Capital on Common Stock for $81,500.
All of the following are the general principles underlying the valuation of liabilities except:
a. Liabilities requiring future cash payments appear at the present value of the required future cash flows discounted at an interest rate that reflects the uncertainty that the firm will be able to make the cash payments. b. The fair value of a liability cannot differ from the amount appearing on the balance sheet, particularly for long-term debt. c. Liabilities representing cash advances from customers appear at the amount of the cash advance. d. Liabilities requiring the future delivery of goods or services appear at the estimated cost of those goods and services.
A supply chain strategy involves decisions regarding all of the following except
A) inventory. B) transportation. C) new product development. D) operating facilities.
Farmen Company had net sales of $600,000 and cost of goods sold of $450,000. Calculate Farmen's gross profit.
What will be an ideal response?