Burt, a mentally impaired person, is asked by carl to sign a piece of paper that carl says is an autograph book. in fact, the document is a promissory note. if later sued by an hdc, burt's best defense would be

A company's inventory balance at 12/31/16 was $191,600 and $204,000 at 12/31/15. its accounts payable balance at 12/31/16 was $88,000 and $83,600 at 12/31/15, and its cost of goods sold for 2016 was $724,000.

Which of the following debts could possibly be forgiven under chater 7 bankrupcy? A. Alimony B. Child support C. A student loan D. Credit card debt

Depreciation expenses affect taxminusrelated cash flows by A. decreasing taxable income, thus reducing taxes. B. increasing taxable income, thus increasing taxes. C.

Maxwell and Smart are forming a partnership. Maxwell is investing a building that has a market value of $89,000. However, the building carries a $47,000 mortgage that will be assumed by the partnership. Smart is investing $38,000 cash.

Which of the following is a drawback of virtual teams? a. They are highly rigid because of organizationally dispersed team members. b. They make communication difficult among team members because of a lack of means of communication. c.

The income statement for the Skysong, Inc. for the month ended July 31 shows Service Revenue $16,010, Salaries and Wages Expense $8,410, Maintenance and Repairs Expense $2,510, and Income Tax Expense $1,010.

A leftward shift in the long-run aggregate supply curve is most likely going to cause which of the following? A) decrease in the average price level B) increase in the average price level C) increase in real output

Free market economy how are prices set?

Patel Service Co. does make a few sales on account but is mostly a cash business. Consequently, it uses the direct write-off method to account for uncollectible accounts. During Year 1, Patel Service Co.

Accepting a special order will improve overall net operating income if the revenue from the special order exceeds: a. the contribution margin on the order. b. the incremental costs associated with the order. c.