Carlton, Inc presented the following information in a note to its financial statements for the year ending December 31, 2016: The company has a loan agreement with Beachside Bank that states: 1 . The current ratio should remain at least 2.0 to 1 at all times. 2 . The debt-to-equity ratio should not exceed .7 to 1 at any time. 3 . The times-interest-earned should be 5.0 or better. 4 . The
inventory-turnover should be 4.0 or better. The ratios at year-end are: current ratio, 2.3 to 1; debt-to-equity ratio, .6 to 1; times-interest-earned, 7.1; and inventory-turnover, 3.7 . Which of the following statements is true?
a. Carlton was in default because of the inventory turnover.
b. Carlton was in default because of the current ratio.
c. Carlton was in default because of the debt-to-equity ratio.
d. Carlton was in default because of the times-interest-earned.
a
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Tessmer Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During January, the kennel budgeted for 3,100 tenant-days, but its actual level of activity was 3,090 tenant-days. The kennel has provided the following data concerning the formulas used in its budgeting and its actual results for January:Data used in budgeting: Fixed element per monthVariable element per tenant-dayRevenue - $33.60 Wages and salaries$3,500 $7.40Food and supplies 500 10.50Facility expenses 9,500 4.70Administrative expenses 6,600 0.30Total expenses$ 20,100 $ 22.90Actual results for January: Revenue$105,934Wages and salaries$27,186Food and supplies$32,485Facility expenses$24,873Administrative expenses$7,557The
net operating income in the flexible budget for January would be closest to: (Round your intermediate calculations to 2 decimal places.) A. $13,788 B. $12,963 C. $13,878 D. $13,070
Wheeled Coach uses ________ as the catalyst for low inventory, high quality, tight schedules, and accurate records
Fill in the blanks with correct word
Andrew Durham was injured in a job-related accident that resulted in a workers' compensation settlement agreement with the employer's insurance carrier, Traveler's Indemnity Company. The settlement agreement required Traveler's to pay Durham $2500 per
month for the rest of his life. To finance its obligation, Traveler's purchased an annuity in its name. The settlement agreement required Traveler's approval or written consent prior to an assignment of the annuity payments. Durham later decided to open a business and went to a credit union for a $214,000 loan. The credit union loaned the money, taking a security interest in Durham's monthly annuity payments. Traveler's consent was never secured. Discuss the conditions in which a right may not be assigned and assess if this was this a valid assignment.
If one needs passage across the property of another party to get to their piece of property, there is a common law right to obtain an easement of necessity to cross that property
a. True b. False Indicate whether the statement is true or false