On July 10, Boogie Footware Agrees to a Contract to Sell

question 26

Multiple Choice

On July 10, Boogie Footware agrees to a contract to sell 800 pair of flapper shoes for $16,000 to Twenties, Inc. On September 1, after 500 pair of have been delivered, Boogie and Twenties modify the agreement to reduce the price of the remaining 300 pair of flapper shoes to $10 a pair. During September, Boogie delivers 200 pairs of shoes. How much revenue will Boogie recognize for the month of September?

• A) $3,000
• B) $2,000
• C) $1,625
• D) $1,375

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Definitions:

Market Efficiency

Refers to the extent to which stock prices and other securities prices reflect all available, relevant information.

Market Integrity

The condition of a financial market being free from manipulation or fraudulent trading practices, ensuring fair and efficient operation.

Federal and Provincial Jurisdiction

The division of powers and responsibilities between the federal government and the provinces.

Securities Regulation

A set of laws and regulations that govern the sale, purchase, and creation of financial securities to protect investors.