What a person already understands in the case of legal reasoning is the precedent; what the person hopes to understand better is the current legal dispute
Indicate whether the statement is true or false
TRUE
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A company that uses the perpetual inventory system sold goods to a customer on account for $2,300. The cost of the goods sold was $1,150. Which of the following journal entries correctly records this transaction?
On May 22, Jarrett Company borrows $7,500 from Fairmont Financing, signing a 90-day, 8%, $7,500 note. What is the journal entry needed to record the payment of the note by Jarrett Company on the maturity date?
A. Debit Notes Payable $7,500; credit Cash $7,500. B. Debit Notes Payable $7,500; debit Interest Expense $150; credit Cash $7,650. C. Debit Notes Payable $7,650; credit Cash $7,650. D. Debit Cash $7,650; credit Interest Revenue $150; credit Notes Receivable $7,500. E. Debit Notes Payable $7,500; credit Interest Expense $150; credit Cash $7,350.
Nerdo Computers had an insurance policy on its premises, for which it paid a premium of $525 per year. It found a new broker who offered a much lower rate, so it wrote to its current broker to cancel its existing policy
The broker replied that there would be a $100 cancellation fee. Which of the following facts or arguments would help Nerdo avoid having to pay the fee? A) If the fee is not mentioned in the contract B) If the fee can be characterized as a penalty C) If the fee is not a genuine pre-estimate of damages. D) Both B and C E) All of the above
This exit strategy allows the entrepreneur an opportunity to buy back venture capital stock at cost and an additional premium.
a. IPO b. exit clause c. buyback d. retract clause