Emile owns Emile's Used Car Emporium. Several people work for him at the Emporium. When Emile is gone, he leaves one of his best salespersons, Meg, in charge. Over the years, Emile has given Meg the authority to contract with vendors, negotiate sales, and conclude car sales contracts in his name. One August, Emile takes a long vacation, leaving Meg in charge. While he is gone a hurricane hits
Florida where the Emporium is located, causing severe damage. Because Emile is floating down the Amazon, Meg cannot reach him for instructions. She decides that rather than leave the place in shambles, she will hire people to repair the Emporium. Meg hires a carpenter to rebuild a wall that was blown down by the storm. Phil, the carpenter, is busy at work on his scaffold when Meg's Scottish terrier Adam, who she keeps with her at work, plows into the scaffolding while chasing a cat. Phil is knocked off the scaffold and falls ten feet to the ground, suffering a broken leg. Meg is Emile's agent. They appear to have created their agency relationship by:
a. a consensual agreement
b. application to the state government c. executing a power of attorney
d. application of federal laws
e. transgressing the common law
c
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________ occurs when a retail firm invests in and owns a retail operation in a foreign country.
A. Philatelic investment B. Inventory investment C. Direct investment D. Alternative investment E. Portfolio investment
The following are steps to the accounting cycle. Of the following, which step should be done first?
A) Closing entries are journalized and posted to the ledger. B) Transactions are posted to the ledger. C) Adjusting entries are journalized and posted to the ledger. D) Financial statements are prepared.
Oregon State University has reached the final four in the NCAA Women's Basketball Tournament, and as a result, a sweatshirt supplier in Corvallis is trying to decide how many sweatshirts to print for the upcoming championships. The final four teams (Oregon State, University of Washington, Syracuse, and University of Connecticut) have emerged from the quarterfinal round, and there is a week left until the semifinals, which are then followed in a couple of days by the finals. Each sweatshirt costs $12 to produce and sells for $24. However, in three weeks, any leftover sweatshirts will be put on sale for half price, $12. The supplier assumes that the demand (in thousands) for his sweatshirts during the next three weeks, when interest is at its highest, follows the probability distribution
shown in the table below. The residual demand, after the sweatshirts have been put on sale, also has the probability distribution shown in the table below. The supplier realizes that every sweatshirt sold, even at the sale price, yields a profit. However, he also realizes that any sweatshirts produced but not sold must be thrown away, resulting in a $12 loss per sweatshirt. ? Demand distribution at regular price Demand distribution at reduced price ? Demand Probability Demand Probability 7 0.05 2 0.20 8 0.10 3 0.30 9 0.25 4 0.20 10 0.30 5 0.15 11 0.20 6 0.10 12 0.10 7 0.05 Use simulation to analyze the supplier's problem. Determine how many sweatshirts he should produce to maximize the expected profit. What will be an ideal response?
Because land is nondepreciable, it is always a capital asset.
Answer the following statement true (T) or false (F)