When the U. S. government announced that a domestic mad cow was found in December 2003 many other countries barred imports of U. S. beef resulting in U. S. suppliers of beef having to sell all their beef on the domestic U. S. market. As a result, analysts estimated that the amount of beef sold in the domestic U. S. market would increase by 10.4%. An estimate of the price elasticity of beef demand is -1.6. Assuming that the demand curve for beef in the U. S. did not shift as a result of this news, how much would you expect the price for beef in the U. S. to change?

Chance company had two operating divisions, one manufacturing farm equipment and the other office supplies. both divisions are considered separate components as defined by generally accepted accounting principles. the farm equipment component had been unprofitable, and on september 1, 2018, the company adopted a plan to sell the assets of the division. the actual sale was completed on december 15, 2018, at a price of $600,000. the book value of the division’s assets was $1,000,000, resulting in a before-tax loss of $400,000 on the sale. the division incurred a before-tax operating loss from operations of $130,000 from the beginning of the year through december 15. the income tax rate is 40%. chance’s after-tax income from its continuing operations is $350,000. required: prepare an income statement for 2018 beginning with income from continuing operations. include appropriate eps disclosures assuming that 100,000 shares of common stock were outstanding throughout the year. (amounts to be deducted should be indicated with a minus sign. round eps answers to 2 decimal places.)

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Why do you think the compensation plans differ at the two firms? in particular, why do you think kaufmann’s pays commissions to salespeople, while parkleigh does not? why does parkleigh offer employees discounts on purchases, while kaufmann’s does not?