CS
Answered
After consuming a mind-altering drug,Hal buys some real estate from Edith for $100,000.Hal was completely wrecked when he made the deal,and could not understand what he was doing.Due to the after effects of the drug,Hal goes into a coma that lasts for one year.As soon as he awakes from the coma,Hal tries to disaffirm his contract with Edith.Edith maintains that Hal cannot disaffirm because he has ratified the contract.What should Hal argue in return?
On Jun 26, 2024
Hal should argue that he could not have ratified,because this requires that he have regained his normal mental faculties.Perhaps Edith would have a better chance if she argued that Hal's reasonable time for disaffirmance has run out.Under the circumstances,though,it is doubtful whether that argument would work.
CS
Answered
Cost of merchandise sold reported on the income statement was $155,000. The accounts payable balance increased $8,000, and the inventory balance increased by $21,000 over the year. Determine the amount of cash paid for merchandise.
On May 27, 2024
Cost of merchandise sold $155,000 Increase in inventories 21,000 Increase in accounts payable (8,000) Cash payments for merchandise $168,000\begin{array}{|l|r|}\hline \text { Cost of merchandise sold } & \$ 155,000 \\\hline \text { Increase in inventories } & 21,000 \\\hline \text { Increase in accounts payable } & (8,000) \\\hline \text { Cash payments for merchandise } & \$ 168,000 \\\hline\end{array} Cost of merchandise sold Increase in inventories Increase in accounts payable Cash payments for merchandise $155,00021,000(8,000)$168,000