The following information is from Megabux, Inc.'s annual report for the years ended December 31:
-Refer to the Megabux annual report above.Calculate the gross profit ratio for 2012.
Definitions:
Agency by Operation of Law
A legal principle that creates an agency relationship due to circumstances or law rather than an agreement between the agent and principal.
Charges
Fees or financial obligations imposed by an entity for services rendered or as penalties for non-compliance with laws or regulations.
Account
A record summarizing the financial transactions pertaining to a specific period or purpose, such as savings or checking in a bank.
Agency by Ratification
A situation where actions taken by a person who is not officially an agent are approved and accepted by the principal after the fact, thereby creating an agency relationship.
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