For an exchange of promises to be legally binding, parties must make sure the exchange:
a. meets the requirements of a contract b. is witnessed by a third party
c. is in writing d. is unique
e. takes place before a court official
a
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Assume a beginning inventory of $100,000 with purchases during the month of $90,000 and net sales of $130,000 with a normal gross profit of 30% of sales. Using the gross profit method, estimate the end of month inventory valuation
a. $100,000 b. $91,000 c. $39,000 d. $90,000 e. $99,000
Online retailing is also known as
A. web-retailing. B. secondary retailing. C. omni-retailing. D. cyber-retailing. E. e-retailing.
Case precedent is: A) always followed
B) followed if it is within the state. C) examined in each case and is always followed. D) part of the doctrine of stare decisis.
[The following information applies to the questions displayed below.]On January 1, Year 1, Vanguard Company purchased a copyright for $12,000. Vanguard estimated the remaining useful life of the copyright to be 6 years. Which of the following correctly shows the effect of Vanguard's purchase of the copyright on the elements of the financial statements? Assets=Liab.+EquityRev.?Exp.=Net Inc.Stmt of Cash FlowA.NA NA ++ NA ++FAB.? NA ?NA + ??IAC.NA NA NANA NA NA?IAD.+ NA +NA NA NA?OA
A. Option A B. Option B C. Option C D. Option D