A contract between two parties that legally bind one party to perform but allows the other party to disaffirm it, is

Stephen Company had the following partial list of account balances at year-end: Accounts Receivable: $9,000 Cost of Goods Sold: $34,100 Sales Revenue : $57,200 Accounts Payable: $7,500 Sales Discounts: $1,600 Merchandise Inventory: $5,900 Operating Expenses: $8,400 Sales Returns and Allowances: $4,300 The amount of Gross Profit shown on the income statement would be:

A) $ 26,200 B) $ 8,800 C) $ 17,200 D) $ 8,200 E) $ 11,300

Which of the following activities permeates nearly all managerial activity?

A) planning B) controlling C) directing D) decision-making