Financial Ratios Given Below Are Comparative Balance Sheets and an Income Statement

question 7

Essay

Financial ratios
Given below are comparative balance sheets and an income statement for the Excellent Corporation:
All sales were made on account.Cash dividends declared during the year totaled $58,550.Compute the following:

Assess the role of adequacy of consideration in contract enforcement and exceptions related to fraud.

Explain the preexisting duty rule and its exceptions, including additional work and unforeseen circumstances.

Identify the characteristics and enforceability of illusory promises in contracts.

Understand how past consideration impacts the enforceability of promises.

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Definitions:

Inform Customers

The act of providing customers with necessary or relevant information about products, services, or changes in a timely and clear manner.

Planned Purchases

Buying decisions made after careful consideration and planning, often involving budgeting and research.

Endorsements

Public support or approval of a product, service, or idea, often by a celebrity or authoritative figure.

Fallacious Forms

Incorrect or misleading arguments that contain errors in reasoning, often used to deceive or persuade others.