Converse Florists & Co. reported assets of $1,000 and equity of $450. What is its debt ratio?

Audit evidence is generally considered sufficient when:

a) It is from a creditable source. b) It pertains to the audit objective. c) It has been obtained from a random sample. d) There is enough to support well-founded conclusions.

A buyer makes an offer to purchase a seller's property. If the seller wanted to accept the offer, which of the following statements is CORRECT?

A. If the offer had a time limit, the seller could not accept. B. If the offer had a time limit, the seller could accept within the time limit or later if the buyer agreed. C. If the offer did not have a time limit and seven day right of rescission had not expired, the seller could accept. D. If the offer did not have a time limit and the three day right of rescission had not expired, the seller could accept.