Any promise made with respect to a past event is enforceable because the event is certain¾it has already occurred.
Answer the following statement true (T) or false (F)
False
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A company reported total equity of $167,000 at the beginning of the year. The company reported $232,000 in revenues and $176,000 in expenses for the year. Liabilities at the end of the year totaled $103,000. What are the total assets of the company at the end of the year?
A. $120,000. B. $103,000. C. $326,000. D. $232,000. E. $56,000.
Debra wanted to form a partnership with Lawrence. He agreed and they became co-owners in an equal partnership. This year, after expenses, the partnership had a profit of $200,000. How will the taxation of this profit be handled?
A)Since the partnership was Debra's idea, she will pay income tax on the profit on her personal tax return. B)The business will pay half of the tax liability and Debra and Lawrence will pay the other half. C)Debra and Lawrence must both pay tax on the business's profit. D)The business itself will pay the taxes on the business's profit.
A _____ deed warrants that a grantor has good title to a real property and further warrants that the grantor will defend the grantee against all claims by third parties.?
A) ?specific warranty B) ?quitclaim warranty C) ?conditional warranty D) ?general warranty
Until the mid-1880s, almost all U.S. businesses were ________.
A. indifferent B. large C. small D. medium