Given the Following Items and Costs as of the Balance

question 164

Multiple Choice

Given the following items and costs as of the balance sheet date,determine the value of Light Company's merchandise inventory. - $2,000 goods sold by Light to another company.The goods are in transit and shipping terms are FOB shipping point.
- $3,000 goods sold by another company to Light.The goods are in transit and shipping terms are FOB shipping point.
- $4,000 owned by Light but in the possession of another company,the consignee.
- Damaged goods owned by Light that originally cost $5,000 but now have an $800 net realizable value.

• A)$7,000
• B)$7,800
• C)$9,800
• D)$9,000
• E)$6,800

Identify the consequences of affirming a contract after being a victim of misrepresentation.

Comprehend the concept of rescission and its application in cases of misrepresentation.

Acknowledge the role of specific facts and honesty of belief in determining the outcome of misrepresentation cases.

Grasp the complexities and legal requirements for proving fraudulent misrepresentation.

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Definitions:

Manual Therapies

Therapeutic techniques that involve physical manipulation of muscle tissue and bones by a practitioner.

Massage

Healing done through touch to stimulate the production of certain chemicals in the immune system that promote healing.

Chiropractic

A form of alternative medicine focused on the diagnosis, treatment, and prevention of mechanical disorders of the musculoskeletal system, particularly the spine.

Neonatal Intensive Care

Neonatal Intensive Care is a specialized unit in a hospital that provides comprehensive care for newborns with health issues, premature birth, or requiring urgent medical attention.