Here Is the Trial Balance for McLeary Company: on the Trial

question 78

Multiple Choice

Here is the trial balance for McLeary Company: On the trial balance, total assets equal

• A) $54,000.
• B) $52,000.
• C) $44,000.
• D) $34,000.

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Definitions:

Doctrine of Mistake

A principle in contract law that allows a contract to be nullified if both parties entered into the agreement with a mutual understanding that was fundamentally flawed or incorrect.

Willful Blindness

The deliberate act of avoiding acquiring certain knowledge of a fact, particularly to circumvent legal liability.

Illegal

Illegal refers to actions or activities that are prohibited by law and subject to penalties.

Breach of Contract

Occurs when one party to a contractual agreement fails to fulfill their obligations under the contract, leading to possible legal action.