Cross Town Express has sales of $132,000, net income of $12,600, total assets of $98,000, and total equity of $45,000. The firm paid $7,560 in dividends and maintains a constant dividend payout ratio. Currently, the firm is operating at full capacity. All costs and assets vary directly with sales. The firm does not want to obtain any additional external equity. At the sustainable rate of growth, how much new total debt must the firm acquire?

When goods are left by a bailor with a bailee who tries to sell them, good are sold on consignment.

a. true b. false

Why is the replacement cost appraisal approach generally easier to apply to a new property than an old property?

a. Historic costs are hard to obtain and verify for older properties. b. It is difficult to value the land on which the property is situated. c. Depreciation is more difficult to estimate on an older property. d. Different building codes may have been in effect when an older property was built.