The fair use doctrine would allow the following types of use of a copyrighted work without the
permission of he copyright holder, except:
A) Sales of a single chapter of a book that is the only chapter of interest to most persons in a
particular locale.
B) Use by a teacher to illustrate a point in a class.
C) Quotation in a critical review.
D) Use in a parody.
A
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Simpson should estimate the initial outlay and the terminal year nonoperating cash flow, respectively, to be closest to:
Barbara Simpson is a sell-side analyst with Smith Riccardi Securities. Simpson covers the pharmaceutical industry. One of the companies she follows, Bayonne Pharma, is evaluating a regional distribution center. The financial predictions for the project are as follows: Fixed capital outlay is h1.50 billion. Investment in net working capital is h0.40 billion. Straight-line depreciation is over a six-year period with zero salvage value. Project life is 12 years. Additional annual revenues are h0.10 billion. Annual cash operating expenses are reduced by h0.25 billion. The capital equipment is sold for h0.50 billion in 12 years. Tax rate is 40 percent. Required rate of return is 12 percent. 24 Learning Outcomes, Summary Overview, and Problems part-i-02 13 January 2012; 10:13:23 Simpson is evaluating this investment to see whether it has the potential to affect Bayonne Pharma’s stock price. Simpson estimates the NPV of the project to be h0.41 billion, which should increase the value of the company. Simpson is evaluating the effects of other changes to her capital budgeting assumptions. She wants to know the effect of a switch from straight-line to accelerated depreciation on the company’s operating income and the project’s NPV. She also believes that the initial outlay might be much smaller than initially assumed. Specifically, she thinks the outlay for fixed capital might be h0.24 billion lower, with no change in salvage value. When reviewing her work, Simpson’s supervisor provides the following comments. “I note that you are relying heavily on the NPV approach to valuing the investment decision. I don’t think you should use an IRR because of the multiple IRR problem that is likely to arise with the Bayonne Pharma project. However, the equivalent annual annuity would be a more appropriate measure to use for the project than the NPV. I suggest that you compute an EAA. A. €1.50 billion and €O.70 billion. B. €1.90 billion and €O.70 billion. C. €1.90 billion and €O.90 billion.
The financial statements of Weston Office Supply include the following items
2017 2016 Cash $43,500 $50,000 Short-term Investments 27,000 17,000 Net Accounts Receivable 102,000 97,000 Merchandise Inventory 125,000 119,000 Total Assets 527,000 554,000 Total Current Liabilities 251,000 242,000 Long-term Note Payable 59,000 51,000 What is 2017 current ratio? (Round your answer to two decimal places.) A) 0.84 B) 0.56 C) 1.19 D) 1.70