Lulene makes the best lemon meringue pies in Mississippi. So Ellen, who owns Ellen's Old Fashion Cafe, contracts with Lulene to buy 50 pies per week at the price of $5.00 per pie. Although Lulene took a class in business law, she forgot to get her agreement with Ellen in writing. Lulene and Ellen agreed during a chat. Lulene said: "I will supply you with lemon meringue pies for however long you
want them at $5.00 per pie." Ellen said: "That's great, I'll take them." Both women were pleased. Soon Lulene had a problem. Between a hurricane in Florida and brush fires in California, the price of lemons increased by 200%. Now, instead of the $5.00 per pie price she intended to charge Ellen, she feels she must charge $7.00 per pie to make a little profit. Lulene calls Ellen with the bad news and Ellen has a fit. She tells Lulene that's too bad, but the deal is off. Lulene says, "That's what you think!" and goes to see Amanda, her attorney. Suppose that when discussing the deal, Lulene said to Ellen, "you know, I can only hold this offer open to you until Wednesday." On Thursday, Ellen calls Lulene and tells her she would like the pies. In this case the offer was terminated:
a. by illegality
b. by lapse of time c. by conditionality d. by revocation
e. by counteroffer
b
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An increase in a company's revenue and expense accounts will automatically cause an increase in net income for the period
a. True b. False Indicate whether the statement is true or false
Exhibit 4-1Given the following information for Blue Bell Company for last year:
Net sales (all on account) $5,200,000 Cost of goods sold 2,080,000 Interest expense 240,000 Income tax expense 280,000 Net income 420,000 Income tax rate 40% Total assets: ? ? January 1 $1,800,000 ? December 31 2,400,000 Shareholders' equity (all common): ? ? January 1 1,500,000 ? December 31 1,600,000 Current assets, December 31 700,000 Quick assets, December 31 400,000 Current liabilities, December 31 300,000 Net accounts receivable: ? ? January 1 200,000 ? December 31 180,000 Inventory: ? ? January 1 210,000 ? December 31 250,000 ? ? Refer to Exhibit 4-1. Blue Bell's current ratio at December 31 was A. 3.67 times B. 2.33 times C. 1.33 times D. 0.43 times
Compare and contrast the risks to the employee in regard to defined contribution and defined benefit pension plans.
What will be an ideal response?
Community Development Corporations (CDC) are primarily involve in:
a. job training b. affordable housing c. child care d. welfare rights