Clint and Paige Crumley lived on a dairy farm in Hand County, South Dakota. In August 2007, Clint purchased a herd of dairy cows from James McGregor. When McGregor delivered the dairy cows to Clint’s farm, Paige handed McGregor a check for payment. While at Clint’s farm, McGregor observed Paige working with the dairy cows on the farm. In September 2007, Clint entered into an oral contract with McGregor about purchasing 25 more dairy cows. Clint then returned 8 cows that were substandard. McGregor then prepared a bill for the 17 cows, which listed the purchasers as Clint and Paige Crumley. When the bill was not paid, McGregor sued both Clint and Paige. Paige was not present at trial, did not testify, and was not called as a witness by either McGregor or Clint. Clint made no admission at trial that Paige was a partner in the dairy operation. Rather, Clint’s testimony was that he had entered into the business on his own and that he was solely responsible for the debts incurred in the business. Clint also testified that it was him, not Paige, who made the decision to purchase the first herd from McGregor as well as the second herd over which the dispute occurred. Should the Court allow McGregor to sue Paige? Is there enough evidence to conclude that Paige is a purported partner in the dairy operation?

Daniel owns 100 shares of abc corporation's common stock. abc uses the fair value option, and recent declines in the firm's credit rating have caused the value of the firm's outstanding bonds payable to drop by 10%. daniel feels this is good news, but he wants to know what you think about the situation. which of the following represents your best response? a : "this situation may be positive for you in that the change in abc's credit standing indicates that the value of the firm's assets is likely increasing. however, the drop in bond value may negate any positive effects on your bottom line, because it means your claim on the firm's assets is simultaneously decreasing." b : "actually, this is bad news all around. the drop in the value of abc's bonds payable means shareholders' claims on the firm's assets have decreased. moreover, abc's declining credit rating means that the firm's assets are probably also dropping in value, thus magnifying your losses even more." c : "on the surface, this seems like good news because it means your claim on the firm's assets has increased. however, the drop in creditworthiness may also indicate that abc's assets are declining in value, thus offsetting any gains associated with the drop in bonds payable." d : "you're right! this is good news because it means that abc's debtholders have a decreased claim on the firm's assets. as a result, the firm's existing shareholders"like you"have seen their claim on the firm's assets increase."

Jaynet spends $50,000 per year on painting supplies and storage space. she recently received two job offers from a famous marketing firm – one offer was for $95,000 per year, and the other was for $120,000. however, she turned both jobs down to continue a painting career. if jaynet sells 35 paintings per year at a price of $6,000 each: a. what are her accounting profits? b. what are her economic profits?

Winners of the georgia lotto drawing are given the choice of receiving the winning amount divided equally over 2121 years or as a lump-sum cash option amount. the cash option amount is determined by discounting the annual winning payment at 88% over 2121 years. this week the lottery is worth $1616 million to a single winner. what would the cash option payout be?