Percy is a rich boy whose parents supply him with every conceivable necessity of life. while still a minor, percy buys a coat on credit from a men's store for $5000. after wearing the coat for a while, percy decides that it bores him and that he'd like to disaffirm. which of the following is most likely to be true? assume that percy is still a minor.
1. percy can disaffirm the contract, and he must return the coat.
2. percy cannot disaffirm the contract, but he only is liable for the reasonable value of the coat.
3. percy cannot disaffirm the contract, and he is liable for the full price of the coat ($5000).
4. percy can disaffirm the contract and he need not return the coat.

In most states, a licensee must provide a(n) of any existing agency relationships to all parties

The undress company produces a dress that women use to quickly and easily change in public. the company is just over a year old and has been successful through a kickstarter campaign. the undress company has identified a customer segment, but if it wants to reach a larger customer segment market outside of the kickstarter family, what question must it answer?

The law firm of furlan and benson accumulates costs associated with individual cases, using a job order cost system. the following transactions occurred during july: jul. 3 charged 175 hours of professional (lawyer) time to the obsidian co. breech of contract suit to prepare for the trial, at a rate of $150 per hour. 10 reimbursed travel costs to employees for depositions related to the obsidian case, $12,500. 14 charged 260 hours of professional time for the obsidian trial at a rate of $185 per hour. 18 received invoice from consultants wadsley and harden for $30,000 for expert testimony related to the obsidian trial. 27 applied office overhead at a rate of $62 per professional hour charged to the obsidian case. 31 paid administrative and support salaries of $28,500 for the month. 31 used office supplies for the month, $4,000. 31 paid professional salaries of $74,350 for the month. 31 billed obsidian $172,500 for successful defense of the case. required: a. provide the journal entries for each of these transactions. refer to the chart of accounts for exact wording of account titles. b. how much office overhead is over- or underapplied? c. determine the gross profit on the obsidian case, assuming that over- or underapplied office overhead is closed monthly to cost of services.