Connar Company Reports the Following Accounts and Balances at Year

question 36

Multiple Choice

Connar Company reports the following accounts and balances at year end: What is the total amount of current assets at the end of the year?

• A)$80,000
• B)$108,000
• C)$118,000
• D)$128,000

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Definitions:

Consideration

Something of value exchanged between parties in a contract that induces them to enter into the agreement.

Bargained-For Exchange

An exchange of promises or performance by parties to a contract that provides the consideration necessary to make the contract legally enforceable.

Breach of Contract

The violation of any term or condition of a binding legal agreement, which may result in legal action for remedy.

Illusory Promise

A statement that appears to commit to an action but does not actually bind the party to any obligation.