Yi Company Provided Services to a Customer for $5,500 Cash

question 35

Multiple Choice

Yi Company provided services to a customer for $5,500 cash. As a result of this event:

• A) total assets increased and total stockholders' equity decreased.
• B) total assets were unchanged and cash flows from operating activities increased.
• C) liabilities decreased and net income increased.
• D) total assets increased and net income increased.

Understand the legal implications of breach of contract and anticipatory repudiation.

Recognize the rights and duties of buyers and sellers regarding the conforming and nonconforming goods.

Comprehend the concept of warranty and how it impacts the buyer-seller relationship.

Explain the legal remedies available for breach of contract, including specific performance and damages.

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Definitions:

Dispute Resolution Skills

Abilities or techniques used to resolve conflicts, disagreements, or disputes effectively.

Communication Skills

The ability to convey or exchange information effectively through various means.

Third-Party Involvement

The participation or intervention of an entity not directly involved in a matter to facilitate resolution or decision-making.

Formal Power

Authority granted through official or structured positions within organizations or institutions.