Frank Hannigan sees a grand piano that his musician friend Scott Kristoff had been looking for in an antique store. Frank enters into a contract to purchase the grand piano from the antique seller and signs the contract, "Frank Hannigan, agent for Scott Kristoff." As Frank is not Scott's agent, Scott is not bound by the contract. If Scott decides to accept the contract, what kind of agency would be created?
A. express agency
B. implied agency
C. agency by ratification
D. power of attorney
Answer: C
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Riverboat Adventures pays $310,000 plus $15,000 in closing costs to buy out a competitor. The real estate consists of land appraised at $35,000, a building appraised at $105,000, and paddleboats appraised at $210,000. Compute the cost that should be allocated to the land.
A. $140,000. B. $97,500. C. $32,500. D. $93,000. E. $31,000.
In a sale or return contract, the risk of loss and title is with the seller even when the buyer takes possession of the goods
Indicate whether the statement is true or false
Briefly describe decision making under uncertainty
What will be an ideal response?
Kestner Corporation has provided the following financial data: Year 2Year 1Accounts receivable, net$195,000 $200,000 Inventory$97,000 $100,000 Total assets$1,432,000 $1,410,000 Sales (all on account)$1,360,000 Cost of goods sold$870,000 Required:a. What is the company's accounts receivable turnover for Year 2?b. What is the company's average collection period for Year 2?c. What is the company's inventory turnover for Year 2?d. What is the company's average sale period for Year 2?e. What is the company's operating cycle for Year 2?f. What is the company's total asset turnover for Year 2?
What will be an ideal response?