In the event of a dispute involving an oral agreement for the sum of $500 that was entered into for a period of one year, how would the parties establish exactly what was agreed to between them?
What will be an ideal response?
The parties would attempt to establish exactly what the terms of the contract were, and they must rely on circumstances or on the testimony of witnesses to determine exactly what they agreed to.
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"The season for cherry blossoms is here with us and everybody is beginning to feel refreshed" is an appropriate beginning for a letter written by persons from which of the following countries?
a. France b. Germany c. Japan d. Latin America
A purchase order is a legal obligation to buy from a supplier a certain amount of goods for an agreed upon price.
Answer the following statement true (T) or false (F)
Galaxy Company sold merchandise costing $3700 for $6400 cash. The merchandise was later returned by the customer for a refund. The company uses the perpetual inventory system. What effect will the sales return have on the financial statements? (Consider the effects of both parts of this event.)
A. Total assets decrease by $6400 and total stockholders' equity decreases by $3700. B. Total assets and total stockholders' equity decrease by $2700. C. Total assets and total stockholders' equity decrease by $6400. D. Total assets and total stockholders' equity increase by $2700.
How much will you need in 30 years to have the same purchasing power that $150 has today, if inflation averages 4% per year?
A) $486.51 B) $180.00 C) $120.00 D) $169.08 E) $330