Luke offered to sell his farm to Kent at $75,000, an offer which Kent declined. A week later, Luke offered to sell the farm for $65,000, stating that it was the final offer, it was valid for one month, and that he would not alter it. Two days later, Kent replied by saying that he was willing to pay $60,000 for the farm. A week after Luke received Kent's offer, Luke declined it. Ten days after that, Kent agreed to buy the farm for $65,000, but Luke refused to sell the farm. Kent decided to sue Luke for a breach of contract. The judge ruled in favor of Luke. Which one of the following is the reason for the ruling in Luke's favor?

a. Luke's original offer of $75,000 is still valid, even though rejected.
b. Kent acted in an incompetent manner with regards to the offer.
c. Kent's acceptance was past the set time period in the offer.
d. Kent's counteroffer of $60,000 had rendered the offer for $65,000 invalid.

Answer:

Option D

Explanation:

Kent's counteroffer of $60,000 had rendered the offer for $65,000 invalid

Reason- Whenever a counteroffer is made, it voids the earlier offers That's because real estate laws in all 50 states say that a seller who makes a written counteroffer automatically renders the buyer's original offer null and void.

Apply What You’ve Learned - Managing Credit Cards and ConsumerLoans
Scenario: You are 30 years old, married, have two children, and household income (take-home pay) of$3,500 per month. Your credit and consumer debt is as follows:_______.
• Car loan, 6% interest rate, $10,000 balance, $295 per month
• Department store card, 28% interest rate, $600 balance, minimum payment 5% of balance
• Discover Card, 12% interest rate, $2,000 balance, minimum payment 2% of balance
• VISA Card, 13% interest rate, $3,000 balance, minimum payment 2% of balance
• MasterCard 1, 14% interest rate, $4,000 balance, minimum payment 2% of balance
• MasterCard 2, 14% interest rate, $0 balance, minimum payment 2% of balance
• Gasoline card, 21% interest rate, $300 balance, minimum payment 5% of balance
Assume all credit cards will assess a $35 late fee and ongoing penalty interest of 8% above the currentrate if you miss a payment. Your recent VISA card statement came with a blank cash advance check(for up to $10,000) with terms of 23.99% APR and a fee of 3% if you use it. Your recent MasterCard 2statement came with a balance transfer oFer (up to $4,000) with no fee and 0% APR for 12 months,after which the normal interest rate applies. You recently found an incorrect amount charged on yourVISA card from a store you frequent often. You’d like to come up with a plan to eliminate all of yourcredit card debt.
In general, is it a good idea to make only minimum payments on your credit cards?
Yes, you can invest the money saved each month to earn interest.
No, it will cause your interest rate to go up.
No, the small payment requirement is mathematically guaranteed to keep you in debt for manyyears.
Yes, this allows you more ±exibility in your cash budget.
Assuming you have $1,500 in your budget this month with which to pay down your credit cards, howmuch should you pay on each card?
CardInterestrateOutstandingRequired minimumRecommendedbalancepayment(%)payment($)debtrepaymentamount
store card
Discover Card12%2,0008%
VISA Card13%3,00010%
MasterCard 114%4,0008%
MasterCard 214%010%
Gasoline card21%30015%
Total$9,900$1,500

what has the U.S customs created to force importing companies like wal-mart to provide more detailed information about

Martinez Corp. has the following beginning-of-the-year present values for its projected benefit obligation and market-related values for its pension plan assets.

Projected Benefit Obligation Plan Assets Value
2019 $2,340,000 $2,223,000
2020 2,808,000 2,925,000
2021 3,451,500 3,042,000
2022 4,212,000 3,510,000

The average remaining service life per employee in 2019 and 2020 is 10 years and in 2021 and 2022 is 12 years. The net gain or loss that occurred during each year is as follows:

2019, $327,600 loss; 2020, $105,300 loss; 2021, $12,870 loss; and 2022, $29,250 gain. (In working the solution, the gains and losses must be aggregated to arrive at year-end balances.)

Required:
Using the corridor approach, compute the amount of net gain or loss amortized and charged to pension expense in each of the four years, setting up an appropriate schedule.

Year Minimum Amortization of Loss
2013 $
2014 $
2015 $
2016 $

Because there isn't one single measure of inflation, the government and researchers use a variety of methods to get the most balanced picture of how prices fluctuate in the economy. Two of the most commonly used price indexes are the consumer price index (CPI) and the GDP deflator.

The GDP deflator for this year is calculated by dividing the____________________ using by_____________________________ the using___________ and multiplying by 100. However, the CPI reflects only the prices of all goods and services .

Indicate whether each scenario will affect the GDP deflator or the CPI for the United States.

a. A decrease in the price of a Chinese-made car that is popular among U.S. consumers.
b. An increase in the price of a Waterman Industries deep-water reel, which is a commercial fishing product used for deep-sea fishing, made in the U.S., but not bought by U.S. consumers.

BMW’s vehicle-assembly facility in South Carolina represents a direct investment inside the United States by the German manufacturer. This facility is an example of:

Who was the first missionary to arrive in Africa?​

Three workers each take home two packs of Post-It notes at a cost of $.67 per pack.

Assessment
A customer hands you $3,850 in cash and would like to purchase 14 prepaid cards of
$275 each. The customer hands you the cash with an expired ID, and is expecting you to
process the transaction.
You must decline the transaction for the following reasons: (Select all that apply)
A customer may not purchase more than $2,000 in prepaid cards within a 24-hour period.
We do not sell prepaid cards.
The POS will prompt for customer ID for all prepaid card purchases.
Customer ID must be a valid (not expired) government issued photo ID (US or Canadian
issued driver's license, state ID, passport; US military ID, US Territory ID)
The customer appears to be purchasing prepaid cards just below the threshold where an ID
would be needed.
The customer is attempting to purchase more than the allowable number of gift cards in a
single transaction.

A deposit of $10,000 is made a year from now, a second deposit of $10,000 is made at the end of the year 5, and a deposit of $3000 is made at the end of year 8. The account earns 6% interest. You want to withdraw an equal amount, X at the end of each year for the next 10 years. What is the amount of X if the goal is to empty the account

Demarco and Janine Jackson have been married for 20 years and have four children who qualify as their dependents (Damarcus, Janine, Michael, and Candice). The couple received salary income of $100,000 and qualified business income of $10,000 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $200,000 and they sold it for $250,000. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $16,500 of itemized deductions, and they had $3,550 withheld from their paychecks for federal taxes. They are also allowed to claim a child tax credit for each of their children. However, because Candice is 18 years of age, the Jacksons may only claim the child tax credit for other qualifying dependents for Candice. (Use the tax rate schedules.)
Comprehensive Problem 4-55 Parts-c through f
a. What would their taxable income be if their itemized deductions totaled $28,000 instead of $16,500?
b. What would their taxable income be if they had $0 itemized deductions and $6,000 of for AGI deductions?
c. Assume the original facts but now suppose the Jacksons also incurred a loss of $5,000 on the sale of some of their investment assets. What effect does the $5,000 loss have on their taxable income?

Nutritional Foods reports merchandise inventory at the​ lower-of-cost-or-market. Prior to releasing its financial statements for the year ended August ​31, 2019​, Nutritional's preliminary income​ statement, before the​ year-end adjustments, appears as​ follows:

NUTRITIONAL FOODS
Income Statement (Partial)
Year Ended March 31, 2017
Sales Revenue ........ $117,000
Cost of Goods Sold ..... 45,000
Gross Profit ........ $72,000

Nutritional has determined that the current replacement cost of ending merchandise inventory is $17,000. Cost is $19,000.

Required:
a. Journalize the adjusting entry for merchandise​ inventory, if any is required.
b. Prepare a revised partial income statement to show how Nutritional Foods should report sales, cost of goods sold, and gross profit.

If a Treasury note has a bid price of $975, the quoted bid price in the Wall Street Journal would be

A company has total equity of $2,160, net working capital of $240, long-term debt of $1,070, and current liabilities of $4,500. What is the company's net fixed assets?

Carmel Corporation is considering the purchase of a machine costing $38,000 with a 4-year useful life and no salvage value. Carmel uses straight-line depreciation and assumes that the annual cash inflow from the machine will be received uniformly throughout each year. In calculating the accounting rate of return, what is Carmel's average investment?

Robert needs his daily fix of coffee in the mid-afternoon and visits different coffee shops that will give him as much utility as possible, given his $20/month food budget. On Monday, the Blue Coffee Shop was selling espresso shots for $3 each and Robert added 3 shots to his cappuccino. By Friday, the Purple Coffee Shop offered espresso shots for $2 each, while all other prices remained the same, so Robert was bold and added 4 espresso shots to his hot beverage.

Required:
Given this information, plot Robert's demand curve for espresso shots.

When all of a firm's inputs are doubled, input prices do not change, and this results in the firm's level of production more than doubling, a firm is operating:

today ,I am happy I help my grandma ​

At January 1, 2021, Cafe Med leased restaurant equipment from Crescent Corporation under a nine-year lease agreement. The lease agreement specifies annual payments of $29,000 beginning January 1, 2021, the beginning of the lease, and at each December 31 thereafter through 2028. The equipment was acquired recently by Crescent at a cost of $207,000 (its fair value) and was expected to have a useful life of 13 years with no salvage value at the end of its life. (Because the lease term is only 9 years, the asset does have an expected residual value at the end of the lease term of $94,113.) Crescent seeks a 12% return on its lease investments. By this arrangement, the lease is deemed to be an operating lease.

Required:
a. What will be the effect of the lease on Cafe Med's earnings for the first year (ignore taxes)?
b. What will be the balances in the balance sheet accounts related to the lease at the end of the first year for Café Med (ignore taxes)?

Presented below are condensed financial statements adapted from those of two actual companies competing as the primary players in a specialty area of the food manufacturing and distribution industry. ($ in millions, except per share amounts.)
Balance Sheets
Metropolitan Republic
Assets $ 179.3 $ 37.1
Cash
Accounts receivable (net) 422.7 325.0
Short-term investments — 4.7
Inventories 466.4 635.2
Prepaid expenses and other current assets134.6 476.7
Current assets $ 1,203.0 1,478.7
Property, plant, and equipment (net) 2,608.2 2,064.6
Intangibles and other assets 210.3 464.7
Total assets $ 4,021.5 $4,008.0
Liabilities and Shareholders’ Equity
Accounts payable $ 467.9 691.2
Short-term notes 227.1 557.4
Accruals and other current liabilities 585.2 538.5
Current liabilities $ 1,280.2 1,787.1
Long-term debt 535.6 542.3
Deferred tax liability 384.6 610.7
Other long-term liabilities 104.0 95.1
Total liabilities $ 2,304.4 3,035.2
Common stock (par and additional paid-in capital)
144.9 335.0
Retained earnings 2,476.9 1,601.9
Less: treasury stock (904.7) (964.1)
Total liabilities and shareholders’ equity $
4,021.5 4,008.0
Income Statements
Net sales 5,698.0 7,768.2
Cost of goods sold (2,909.0) (4,481.7)
Gross profit $ 2,789.0 3,286.5
Operating expenses (1,743.7 ) (2,539.2)
Interest expense (56.8) (46.6)
Income before taxes $ 988.5 700.7
Tax expense (394.7) (276.1)
Net income 593.8 424.6
Net income per share $ 2.40 6.50
Note: Because comparative statements are not provided you should use year-end balances in place of average balances as appropriate.
Required:
Calculate the rate of return on assets for the following companies
Calculate the return on assets for both companies.
Calculate the Rate of return on shareholders’ equity for the following companies
Calculate the equity multiplier for the following companies.
Calculate the acid-test ratio and current ratio for the following companies.
Calculate the receivables and inventory turnover ratios the following companies.
Calculate the times interest earned ratio for the following companies.

Pham can work as many or as few hours as she wants at the college bookstore for $12 per hour. But due to her hectic schedule, she has just 15 hours per week that she can spend working at either the bookstore or other potential jobs. One potential job, at a café, will pay her $15 per hour for up to 6 hours per week. She has another job offer at a garage that will pay her $13 an hour for up to 5 hours per week. And she has a potential job at a daycare center that will pay her $11.50 per hour for as many hours as she can work.

If her goal is to maximize the amount of money she can make each week, how many hours will she work at the bookstore?

The following information is available for Mergenthaler Corporation for the year ended December 31, 2022:

Collection of principal on long-term loan to a supplier $16,000
Acquisition of equipment for cash 10,000
Proceeds from the sale of long-term investment at book value 22,000
Issuance of common stock for cash 20,000
Depreciation expense 25,000
Redemption of bonds payable at carrying (book) value 34,000
Payment of cash dividends 6,000
Net income 30,000
Purchase of land by issuing bonds payable 40,000

In addition, the following information is available from the comparative balance sheet for Mergenthaler at the end of 2022 and 2021:

2021 2022
Cash $148,000 $91,000
Accounts receivable (net) 25,000 15,000
Prepaid insurance 19,000 13,000
Total current assets $192,000 $119,000
Accounts payable $30,000 $19,000
Salaries and wages payable 6,000 7,000
Total current liabilities $36,000 $26,000

Required:
Prepare Mergenthaler's statement of cash flows for the year ended December 31, 2014, using the indirect method.

Last month Empire Company had a $35,280 profit on sales of $287,000. Fixed costs are $68,040 a month. By how much would sales be able to decrease for Empire to still break even

The revenues budget identifies: a. expected cash flows for each product b. actual sales from last year for each product c. the expected level of sales for the company d. the variance of sales from actual for each product

Alice and Bob entered into a forward contract some time ago. Alice has the long position, while Bob has the short position. The forward contract will mature in three months and has a delivery price of $40. The current forward price for the contract is $42. The three-month risk-free interest rate (with continuous compounding) is 8%. What is the value Bob's position?

Question 5 of 10
Why do business often add fees to their invoices?
O A. To help pay for business expenses
B. To attract new customers
C. To reward customers' for their loyalty
D. To make more profit than their competitors

Wainwright Corporation owns and operates a wholesale warehouse.
The following transactions occurred during March 2016:
1. Issued 30,000 shares of capital stock in exchange for $300,000 in cash.
2. Purchased equipment at a cost of $40,000. $10,000 cash was paid and a note payable was signed for the balance owed.
3. Purchased inventory on account at a cost of $90,000. The company uses the perpetual inventory system.
4. Credit sales for the month totaled $120,000. The cost of the goods sold was $70,000.
5. Paid $5,000 in rent on the warehouse building for the month of March.
6. Paid $6,000 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2016.
7. Paid $70,000 on account for the merchandise purchased in 3.
8. Collected $55,000 from customers on account.
9. Recorded depreciation expense of $1,000 for the month on the equipment.
Required:
1.Analyze each transaction and classify each as a financing, investing and/or operating activity.
A transaction can represent more than one type of activity.
Also indicate the cash effect of each, if any.
Activities:
Transaction Financing Investing Operating
1
2
3
4
5
6
7
8
9

According to the video, what are some things that Human Resources Managers do? Check all that apply.

oversee hiring and firing
purchase computers
distribute office supplies
develop training programs
develop personnel policies
develop pricing strategies
develop recruiting programs

It is important that marketers be able to identify which strategy a competitor is using so that they better understand how to position their own products and services. You will see a list of recent or potential strategic decisions made by large firms, and your job is to identify which type of strategy was used in each example.

While there are a variety of strategies across industries, most fall under four basic categories.

1. Market penetration strategies emphasize selling more existing products and services to existing customers.
2. Product development strategies involve creating new goods or services for existing markets.
3. Market development strategies focus on selling existing products or services to new customers. The targeted new customers could be a different gender, age group, or international market.
4. Finally, diversification strategies involve offering new products that are unrelated to the existing products produced by the organization.


Select the most appropriate category of emotional intelligence for below mention behaviors.

i. Arm and Hammer selling baking soda for new purposes.

a. Market penetration
b. Product development
c. Market development
d. Diversification

ii. Apple opening mini-stores within Target

a. Market penetration
b. Product development
c. Market development
d. Diversification

iii. Disney purchasing ESPN

a. Market penetration
b. Product development
c. Market development
d. Diversification

Balance Sheet Data Income Statement Data
Cash $600,000 Accounts payable $720,000 Sales $12,000,000
Accounts receivable 1,200,000 Accruals 240,000 Cost of goods sold 7,200,000
Inventory 1,800,000 Notes payable 960,000 Gross profit 4,800,000
Current assets 3,600,000 Current liabilities 1,920,000 Operating expenses 3,000,000
Long-term debt 2,400,000 EBIT 1,800,000
Total liabilities 4,320,000 Interest expense 403,200
Common stock 720,000 EBT 1,396,800
Net fixed assets 3,600,000 Retained earnings 2,160,000 Taxes 488,880
Total equity 2,880,000 Net income $907,920
Total assets $7,200,000 Total debt and equity $7,200,000
If I remember correctly, the DuPont equation breaks down our ROE into three component ratios: the turnover ratio, and the the total asset And, according to my understanding of the DuPont equation and its calculation of ROE, the three ratios provide insights into the company's effectiveness in using the company's assets, and Hydra Cosmetics Inc. DuPont Analysis Ratios Value Correct/Incorrect Value Correct/Incorrect Ratios Asset management ratio Total assets turnover 1.67 Profitability ratios Gross profit margin (%) Operating profit margin (%) Net profit margin (%) Return on equity (%) 40.00 11.64 14.55 40.58 Financial ratios Equity multiplier 1.67 Do not round intermediate calculations and round your final answers up to two decimals. Hydra Cosmetics Inc. DuPont Analysis Calculation Value Numerator Denominator Ratios Profitability ratios Gross profit margin (%) Operating profit margin (%) Net profit margin (%) Return on equity (%) Asset management ratio Total assets turnover Financial ratios Equity multiplier Check all that apply. Reduce the company's operating expenses, its cost of goods sold, and/or the interest rate on its borrowed funds because this will increase the company's net profit margin. Increase the cost and amount of assets necessary to generate each dollar of sales because it will increase the company's total assets turnover. Increase the efficiency of its assets so that it generates more sales with each dollar of asset investment and increases the company's total assets turnover. Increase the interest rate on its notes payable or long-term debt obligations because it will reduce the company's net profit margin.

A Corporation has two divisions: the South Division and the West Division. The corporation's net operating income is $26,900. The South Division's divisional segment margin is $42,800 and the West Division's divisional segment margin is $29,900. What is the amount of the common fixed expense not traceable to the individual divisions