g Kingman Consulting uses the cash basis of accounting and a fiscal year ending December 31. Beginning on September 1, 2021, Kingman performs services for Renfro International at a rate of $5,000 per month. On February 12, 2022, Renfro pays Kingman $25,000 in full for all services rendered from September 1, 2021 to January 31, 2022. Kingman understated revenues by on its 2021 income statement.

Intoxicated and not aware of the consequences, umberto agrees to a two-year cell-phone service contract with wander talk, inc., at more than the average market price. this contract is not enforceable because the contract clearly favors wander talk. not enforceable because umberto was intoxicated enough to lack mental capacity when he agreed to it. not enforceable because contracting parties can change their minds. enforceable.