A minor can undo a contract that has already been completed by having a court _______ the contract to formally cancel it
A)affirm
B)rescind
C)disaffirm
D)ratify
B
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Anthony's Shoe Company uses a perpetual inventory system. The beginning balance in its inventory account is $1,500 and the ending balance is $1,000 . Cost of goods sold is $6,500 . What was the amount of inventory purchased during the year?
a. $ 500 b. $7,000 c. $7,500 d. $6,000
The following diagram would result in a database with how many tables?
A. 6. B. 12. C. 8. D. 10.
What is the effect on the Cost of Goods Sold account when the Inventory account is overstated?
a. It is overstated. b. It is not affected. c. It is increased disproportionately. d. It is understated.
Equipment was acquired for $210,000 and has accumulated depreciation of $87,000. The business exchanges this equipment for new equipment. The new equipment has a market value of $303,000 and the business pays $58,000 cash. Assume the exchange has commercial substance. The exchange results in ________.
A) loss $122,000 B) gain $180,000 C) gain $122,000 D) loss $180,000