Sarah owned 200 shares of Crane Corporation with a basis of $12,000 and a FMV of $24,000. Sarah received 20 stock rights as a nontaxable distribution with a total FMV of $8,000. Sarah sold the stock rights for $4,000. Sarah's gain or loss on the sale was

Yowell company granted a sales discount of $360 to a customer when it collected the amount due on account. yowell uses the perpetual inventory system. which of the following answers reflects the effects on the financial statements of only the discount? assets = liab. + equity rev. − exp. = net inc. cash flow a. (360 ) = na + (360 ) (360 ) − na = (360 ) (360 ) oa b. na = (360 ) + 360 360 − na = 360 na c. (360 ) = na + (360 ) (360 ) − na = (360 ) na d. na = (360 ) + 360 360 − na = 360 na

6. why the aggregate supply curve slopes upward in the short run in the short run, the quantity of output that firms supply can deviate from the natural level of output if the actual price level in the economy deviates from the expected price level. several theories explain how this might happen. for example, the misperceptions theory asserts that changes in the price level can temporarily mislead firms about what is happening to their output prices. consider a soybean farmer who expects a price level of 100 in the coming year. if the actual price level turns out to be 90, soybean prices will , and if the farmer mistakenly assumes that the price of soybeans declined relative to other prices of goods and services, she will respond by the quantity of soybeans supplied. if other producers in this economy mistake changes in the price level for changes in their relative prices, the unexpected decrease in the price level causes the quantity of output supplied to the natural level of output in the short run.

Andrew owns a store in polk county. his trade extends throughout river city, but not beyond the county limits. he sells his store to betty and, as part of the transaction, agrees not to engage in the same business anywhere in river city for a period of five years. a. the time restraint is likely reasonable. b. the geographic restraint is likely reasonable. c. the agreement likely violates antitrust laws and the provision is not enforceable. d. both (a) and (b).