6. Describe a real or made up example of a contract that includes consideration. (1-5 sentences

Cleveland Company purchased $2,700 of inventory on account from Pinto Industries on March 8th. The terms were 2/15, n/45. Cleveland also paid freight charges of $200 on March 9th and returned $450 of the inventory on March 13th.

The gas station on the edge of town has gas that is 30c/gallon cheaper than my local station. I buy 10 gallons of gas a week. Assume that I value my time at $10 per hour and it takes me 1/2 hour to drive to and from the faraway station.

Suzanne, Kyle, and Monique have been arguing for days over how they are going to divide up the responsibilities for their group project. They finally arrive at a consensus after their instructor tells them they need to make a decision.

a contractor is putting together an estimate for a new customer who would like a built in pool installed. The contractor has a lot of different measurements that need to be calculated, and he needs to keep track of them.

Mitch is buying candy bars for his friends he wants to give two candy bars to each friend and he wants to have 10 spare bars he can afford 28 candy bars

Which of the branches of accounting is primarily concerned with recording, classifying, allocating, and reporting current and prospective costs?

Last year, jane identified $87,400 as a nonbusiness bad debt. in that tax year before considering the tax implications of the nonbusiness bad debt, jane had $174,800 of taxable income, of which $8,740 consisted of short-term capital gains.

The deadweight loss from a tax a. does not vary in amount when the price elasticity of demand changes. b. does not vary in amount when the amount of the tax per unit changes. c. is larger, the larger is the amount of the tax per unit. d.

Partial-Year Depreciation Equipment acquired at a cost of $105,000 has an estimated residual value of $12,000 and an estimated useful life of 10 years. It was placed into service on May 1 of the current fiscal year, which ends on December 31. A.

What is a purpose of drawing up budgets in a business