The Following Are the Current Month's Balances for Selected Accounts

question 200

Multiple Choice

The following are the current month's balances for selected accounts of Sandlin Marketing Company. $$\begin{array} { | l | r | } \hline \text { Accounts Payable } & \$ 7,000 \\\hline \text { Revenue } & 11,000 \\\hline \text { Cash } & 1,000 \\\hline \text { Expenses } & 1,750 \\\hline \text { Furniture } & 14,000 \\\hline \text { Accounts Receivable } & 15,000 \\\hline \text { Sandlin, Capital } & 9,250 \\\hline \text { Notes Payable } & 4,500 \\\hline\end{array}$$ What is the net income for Sandlin Marketing for the current month?

• A) $11,000
• B) $9,250
• C) $12,750
• D) $12,000

Understand the concepts and principles of compensatory damages in contract breaches.

Identify and analyze various remedies available for breach of contracts, including specific performance and liquidated damages.

Differentiate between compensatory damages, punitive damages, and nominal damages.

Explain the importance of mitigating damages and the obligation of the non-breaching party to do so.