Golden Company had the following accounts and balances at the end of the year. What are total assets at the end of the year? Cash $75,000Accounts Payable $14,000Common Stock $21,000Cost of Goods Sold $95,000Dividends Declared and Paid $12,000Operating Expenses $12,000Accounts Receivable $55,000Inventory $42,000Long-term Notes Payable $33,000Revenues $130,000Salaries Payable $28,000A) $75,000B) $117,000C) $130,000D) $172,000
California residents Kate and Jennifer decide to make a "deal": Kate will sell Jennifer her new Dell laptop for $600, a steal since she paid over $1,000 for it. They both feel they've gotten a great deal. Does this agreement need to be in writing, under California law? a. Yes, because under California law, an agreement for the sale of personal property must be in writing if the amount or value of the property exceeds $200.00.
b. Yes, because under California law, an agreement for the sale of personal property must be in writing if the amount or value of the property exceeds $500.00.
c. No, because this is personal property, and written agreements are not required for personal property sales.
d. No, because the value of this computer was under $2,000.00. California law ONLY requires that an agreement for the sale of personal property with a price or value of more than $2,000.00 be in writing.