Steve purchases a four-wheel drive truck from belk auto sales. steve is only 17 years of age. he wrecks the vehicle and attempts to disaffirm the contract and have belk repay him all thathe has paid. in the majority of jurisdictions, what would happen?
a. steve would be out of luck.
b. steve must have the truck repaired.
c. steve will receive his money less the depreciation in value of the vehicle.
d. steve may simply return the vehicle and get his money

Chip wilson has hired goldman sachs, an investment banking company, to assist him with a hostile takeover of lululemon. wilson's goal is to hire a new board of directors because he believes there is a need for a more long-term focus. goldman sachs is a proven firm at making a profit in every move that they make. if the hostile takeover does not pan out, what could be another motive for investors?

Wilson company paid $5,000 for a 4-month insurance premium in advance on november 1, with coverage beginning on that date. the balance in the prepaid insurance account before adjustment at the end of the year is $5,000, and no adjustments had been made previously. the adjusting entry required on december 31 is: (a) debit cash. $5,000: credit prepaid insurance. $5,000. (b) debit prepaid insurance. $2,500: credit insurance expense. $2500. (c) debit prepaid insurance. $1250: credit insurance expense. $1250. (d) debit insurance expense. $1250: credit prepaid insurance. $1250. (e) debit insurance expense. $2500: credit prepaid insurance. $2500.

For the year ended december 31, a company has revenues of $323,000 and expenses of $199,000. the company paid $52,400 in dividends during the year. the balance in the retained earnings account before closing is $87,000. which of the following entries would be used to close the dividends account?