Macro Marketing, Inc, and Nature Foods Corporation (NFC) discuss the terms of a contract. Macro faxes NFC a memo on Macro's letterhead that summarizes the items on which they agree. NFC begins to perform, but Macro refuses to pay. Between Macro and NFC, the memo is
A) an oral contract

B) a pre-contract.
C) a written contract.
D) no contract.

C

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Discuss the interrelatedness of the management functions and give some examples of how they are interdependent.

What will be an ideal response?

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Last year, Stewart-Stern Inc. reported $11,250 of sales, $4,500 of operating costs other than depreciation, and $1,250 of depreciation. The company had $3,500 of bonds outstanding that carry a 6.50% interest rate, and its federal-plus-state income tax rate was 35.00%. During last year, the firm had expenditures on fixed assets and net operating working capital that totaled $2,000. These expenditures were necessary for it to sustain operations and generate future sales and cash flows. This year's data are expected to remain unchanged except for one item, depreciation, which is expected to increase by $1,225. By how much will the depreciation change cause (1) the firm's net income and (2) its

free cash flow to change? Note that the company uses the same depreciation for tax and stockholder reporting purposes. Do not round the intermediate calculations.
 

Net Income Free Cash Flow

?

A. -$796.25; $428.75 B. -$772.36; $330.14 C. -$939.58; $437.33 D. -$724.59; $505.93 E. -$923.65; $475.91

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Caspion Corporation makes and sells a product called a Miniwarp. One Miniwarp requires 2.5 kilograms of the raw material Jurislon. Budgeted production of Miniwarps for the next five months is as follows:   August22,600units??September21,300unitsOctober22,700unitsNovember23,900unitsDecember23,600units?The company wants to maintain monthly ending inventories of Jurislon equal to 20% of the following month's production needs. On July 31, this requirement was not met since only 10,800 kilograms of Jurislon were on hand. The cost of Jurislon is $18.00 per kilogram. The company wants to prepare a Direct Materials Purchase Budget for the next five months.?The desired ending inventory of Jurislon for September is:

A. $191,700 B. $204,300 C. $81,720 D. $76,680

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A statement of revenues, expenditures, and changes in fund balances-budget and actual is:

A. Required by GAAP for the General Fund, special revenue funds, and all other governmental fund types for which an annual budget has been adopted. B. Optional under GAAP, as long as a budgetary comparison schedule is presented. C. Required by GAAP for internal management reports only; not permitted for external financial reporting. D. Required by GAAP for all governmental fund types.

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