You are the manager of a small U. S. firm that sells nails in a competitive U. S.market (the nails you sell are a standardized commodity; stores view yournails as identical to those available from hundreds of other firms). You areconcerned about two events you recently learned about through trade publica-tions: (1) the overall market supply of nails will decrease by 2 percent, due toexit by foreign competitors; and (2) due to a growing U. S. economy, the over-all market demand for nails will increase by 2 percent. Based on this informa-tion, should you plan to increase or decrease your production of nails?Explain

Alandlord rented an art studio to an artist. under the terms of the signed, written, two-year lease, the artist agreed to pay the landlord $1,000 per month and to assume responsibility for all necessary repairs. after the first year of the lease, the artist assigned the balance of his lease to a sculptor. the landlord approved the sculptor as a tenant and accepted two rent payments from her, and then the landlord sold the building to an investor. the sculptor had made two payments to the investor when an electrical fire broke out in the studio, injuring the sculptor. the fire was caused by faulty wiring. the landlord was aware that there was a dangerous wiring problem when he leased the property to the artist. but when the landlord discovered how costly repairs would be, he decided it would be more profitable to sell the property than to repair it. the problem was not easily discoverable by anyone other than an expert electrician, and the landlord did not tell the artist, the sculptor, or the investor about the problem. the sculptor sues to recover damages for her injuries. from whom can the sculptor recover?

Acompany using the perpetual inventory system purchased inventory worth $540,000 on account with credit terms of 2/15, n/45. defective inventory of $40,000 was returned 2 days later, and the accounts were appropriately adjusted. if the company paid the invoice 20 days later, the journal entry to record the payment would be

According to herman, one of the differences of managing a nonprofit versus a for-profit corporation is