Ted's wallet is as empty as his bank account, and he needs $3500 immediately. Fortunately, he has three gold coins that he inherited from his grandfather. Each is worth $2500, but it is Sunday, and the local rare coins store is closed. When approached, Ted's neighbor Andrea agrees to buy the first coin for $2300 . Another neighbor, Cami, agrees to buy the second for $1100 . A final neighbor,
Lorne, offers "all the money I have on me" - $100 – for the last coin. Desperate, Ted agrees to the proposal. Which of the deals is supported by consideration?
a. Ted's agreement with Andrea, only
b. Ted's agreements with Andrea and Cami, only
c. All three of the agreements
d. None of the agreements
.C
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Trapper Company's unadjusted and adjusted trial balances on December 31 of the current year are as follows: ?UnadjustedTrial BalanceAdjustedTrial BalanceCash 4,000? 4,000Prepaid insurance 1,500? 1,200?Equipment 9,000? 9,000?Accumulated depreciation-Equipment? 800? 1,800Salaries payable??? 1,000Unearned repair fees? 2,500? 600Common stock ……………………….?1,000?1,000Retained earnings ……………………….?4,400?4,400Repair fees earned?10,000?11,900Salaries expense 3,500? 4,500?Depreciation expense-Equip.??1,000?Insurance expense 700? 1,000??18,70018,70020,70020,700Present the four adjusting journal entries that were recorded by Trapper Company.
What will be an ideal response?
Why are the amounts determined for ending inventory and cost of goods sold the same under both the periodic and perpetual inventory systems when FIFO is used but not when LIFO is used?
An area's economic base refers to its _____
a. population characteristics b. GDP c. sources of employment d. population size
Each person in a line organization is directly accountable to the person immediately above.
Answer the following statement true (T) or false (F)