Which of the following is not an example of judicial review of an athletic association decision?
A. The decision involves an on-field decision by an umpire or referee.
B. The decision violates public policy because it is fraudulent.
C. The decision exceeds the scope of the athletic association's authority.
D. The athletic association breaks one of its own rules.
Answer: A. The decision involves an on-field decision by an umpire or referee.
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A real estate broker was hired to lease commercial properties. Each commercial lease was different based on the requirements of the parties. Which of the following is correct concerning this situation?
A. The broker can draft each lease. B. The broker would most likely use preprinted commercial lease form and fill in the blanks. C. The broker should seek legal counsel to draft the leases. D. The lease agreement is not a contracted and can be drafted by either party.
The amount of the decrease in net working capital for Ideko in 2011 is closest to ________
Pro Forma Income Statement for Ideko, 2010-2015 Year 2010 2011 2012 2013 2014 2015 Income Statement ($ 000) 1 Sales 75,000 88,358 103,234 119,777 138,149 158,526 2 Cost of Goods Sold 3 Raw Materials (16,000) (18,665) (21,593) (24,808) (28,333) (32,193) 4 Direct Labor Costs (18,000) (21,622) (25,757) (30,471) (35,834) (41,925) 5 Gross Profit 41,000 48,071 55,883 64,498 73,982 84,407 6 Sales and Marketing (11,250) (14,579) (18,582) (23,356) (27,630) (31,705) 7 Administrative (13,500) (13,254) (15,485) (16,769) (17,959) (20,608) 8 EBITDA 16,250 20,238 21,816 24,373 28,393 32,094 9 Depreciation (5,500) (5,450) (5,405) (6,865) (7,678) (7,710) 10 EBIT 10,750 14,788 16,411 17,508 20,715 24,383 11 Interest Expense (net) (75) (6,800) (6,800) (6,800) (7,820) (8,160) 12 Pretax Income 10,675 7,988 9,611 10,708 12,895 16,223 13 Income Tax (3,736) (2,796) (3,364) (3,748) (4,513) (5,678) 14 Net Income 6,939 5,193 6,247 6,960 8,382 10,545 Pro Forma Balance Sheet for Ideko, 2010-2015 Year 2010 2011 2012 2013 2014 2015 Balance Sheet ($ 000) Assets 1 Cash and Cash Equivalents 6,164 7,262 8,485 9,845 11,355 13,030 2 Accounts Receivable 18,493 14,525 16,970 19,689 22,709 26,059 3 Inventories 6,165 6,501 7,613 8,854 10,240 11,784 4 Total Current Assets 30,822 28,288 33,067 38,388 44,304 50,872 5 Property, Plant, and Equipment 49,500 49,050 48,645 61,781 69,102 69,392 6 Goodwill 72,332 72,332 72,332 72,332 72,332 72,332 7 Total Assets 152,654 149,670 154,044 172,501 185,738 192,597 Liabilities 8 Accounts Payable 4,654 5,532 6,648 7,879 9,110 10,448 9 Debt 100,000 100,000 100,000 115,000 120,000 120,000 10 Total Liabilities 104,654 105,532 106,648 122,879 129,110 130,448 Stockholders' Equity 11 Starting Stockholders' Equity 48,000 44,138 47,396 49,621 56,628 12 Net Income 5,193 6,247 6,960 8,382 10,545 13 Dividends (2,000) (9,055) (2,989) (4,735) (1,375) (5,024) 14 Capital Contributions 50,000 --- --- --- --- --- 15 Stockholders' Equity 48,000 44,138 47,396 49,621 56,628 62,149 16 Total Liabilities and Equity 152,654 149,670 154,044 172,501 185,738 192,597 A) $4,090 B) $4,685 C) $3,410 D) $5,230