Melanie: "I'll buy that armoire for $775." Judith: "It's not for sale." Melanie: "How about $875?" Judith: "I don't know. It's been in my family for 130 years." Melanie: "How about $1000?" Judith: "I'll think about it."
A) There is an option contract
B) There is no contract.
C) There is a reliance case.
D) There is a quasi contract.
B
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The principle for cost inclusion is that the balance sheet amount for inventory should include all costs incurred to acquire goods but not to prepare them for sale
Indicate whether the statement is true or false
Bargain Inc's beginning inventory is $20,000 and purchases for the year are $80,000 . A physical inventory shows that $15,000 of the inventory remains at year end. How much is recorded as cost of goods sold for the year?
a. $75,000 b. $80,000 c. $85,000 d. $95,000 e. $105,000
The initial term for which a financing statement will be effective is
a. one year. b. five years. c. ten years. d. two years.
On January 1, Davidson Services has the following balances
Accounts Receivable $23,000 Bad Debts Expense $0 Davidson has the following transactions during January: Credit sales of $120,000, collections of credit sales of $84,000, and write-offs of $18,000. Davidson uses the direct write-off method. The amount of Bad Debts Expense for January is ________. A) $23,000 B) $25,714 C) $12,600 D) $18,000