For June, Gold Corp. estimated sales revenue at $600,000. It pays sales commissions that are 4% of sales. The sales manager's salary is $285,000, estimated shipping expenses total 1% of sales, and miscellaneous selling expenses are $15,000. How much are budgeted selling expenses for the month of July if sales are expected to be $540,000?

Jackson owns a large apple orchard. Jackson sells buyers a standard plot of land on the orchard for a uniform price. The buyers then lease the land back to Jackson, who completely manages the apple orchards on the buyers' behalf. Buyers share in the profits of the apples when sold. This arrangement:

a. is not an investment contract because it does not deal with stocks or bonds. b. is an investment contract because it involves agricultural products. c. is an investment contract because it satisfies the Howey test. d. is not an investment contract because it does not satisfy the Howey test

Ringtones Inc. wishes to issue new bonds but is uncertain how the market would set the yield to maturity. The bonds would be 20-year, 7% annual coupon bonds with a $1,000 par value

The firm has determined that these bonds would sell for $1,050 each. What is the yield to maturity for these bonds? A) 7.00% B) 6.55% C) 7.35% D) 6.54%