Seth told the salesperson at Outdoor Times that he wanted the sleeping bag that was advertised in the Sunday paper; one that would keep him comfortable if the temperature drops to 10 degrees Fahrenheit. The salesperson told Seth they were sold out of that bag, but there were two other styles that would meet his needs and were the same price. Seth insisted he wanted the advertised bag and
threatened to sue for breach of contract. Which is true?
a. Outdoor Times is guilty of "bait and swap.".
b. Seth will prevail in his case, as Outdoor Times is responsible for having sufficient stock of advertised items.
c. Seth will not prevail, as the advertisement was simply a request for offers.
d. Outdoor Times must provide Seth with a raincheck, ensuring he can buy the same bag at the sales price at a later date.
c
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Briefly describe the four qualities SBU objectives should have. Why are these qualities important?
What will be an ideal response?
The perpetual system requires that each sale of merchandise has two entries: the revenue side and the cost side.
Answer the following statement true (T) or false (F)
Current assets minus current liabilities is:
A. Quick assets. B. Current ratio. C. Working capital. D. Profit margin. E. Financial leverage.
Whitson Co. is looking for ways to shorten its cash conversion cycle. It has annual sales of $36,500,000, or $100,000 a day on a 365-day basis. The firm's cost of goods sold is 75% of sales. On average, the company has $9,000,000 in inventory and $8,000,000 in accounts receivable. Its CFO has proposed new policies that would result in a 20% reduction in both average inventories and accounts receivable. She also anticipates that these policies would reduce sales by 10%, while the payables deferral period would remain unchanged at 35 days. What effect would these policies have on the company's cash conversion cycle? Round to the nearest whole day.
A. ?26 days B. ?22 days C. ?18 days D. ?14 days E. ?11 days