Tim, who is a minor, enters into a contract with Violet, who is an adult. Which of the following is correct?
A) Violet may not disaffirm the contract.
B) Violet may disaffirm the contract at any time.
C) Violet may disaffirm the contract when Tim becomes an adult.
D) Tim may ratify the contract at any time during his minority.
A
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Which of the following statements regarding vacation benefits is correct?
A) No entry is needed until the employee takes a paid vacation. B) The account, Vacation Expense is debited when the employee takes a paid vacation. C) Health and pension benefits are recorded in the same manner as vacation benefits. D) When an employee takes a paid vacation, the account, Vacation Benefits Payable is credited.
Future interests in land
a. are presently existing nonpossessory rights that may or may not develop later. b. are possessory interests because they permit the holder to take possession at some point. c. must create a right to, not merely the possibility of, possession at some time in the future or they would be merely illusory. d. cannot be bought and sold.
Cayman Inc. bought 30% of Maya Company on January 1, 2018 for $450,000. The equity method of accounting was used. The book value and fair value of the net assets of Maya on that date were $1,500,000. Maya began supplying inventory to Cayman as follows: Cost to MayaTransfer PriceAmount Held by Cayman at Year-End2018$30,000$45,000$9,0002019$48,000$80,00020,000??Maya reported net income of $100,000 in 2018 and $120,000 in 2019 while paying $40,000 in dividends each year.?What is the investor's share of gross profit on intra-entity inventory sales that should be deferred on December 31, 2019?
A. $4,000. B. $2,400. C. $3,600. D. $1,500. E. $8,000.
Queuing theory had its beginning in the research work of
A) Albert Einstein. B) A.K. Erlang. C) J.K. Rowling. D) P.K. Poisson. E) A.K. Cox.