Blind Faith Company reported the following data with regard to its first quarter of operations: Sales revenue $180,000 Interest revenue 3,000 Gain on sale of machine 7,500 Cost of goods sold 67,500 Salaries and wages 12,000 Decline in inventory, LCM (temporary) 5,500 Annual property tax 4,500 The expected annual income tax rate is 40 percent. Blind Faith should report net income on the first

Steven, a construction worker, tends to buy a new gadget if most of his friends have them. He relies on comments from his friends rather than on information in the media. It can be inferred that Steven belongs to the category of _____ in the diffusion of innovation.

Fill in the blank(s) with the appropriate word(s).

Jim entered into an oral agency agreement with Sally in which he authorized Sally to sell his interest in a parcel of real estate, Blueacre. Within 7 days, Sally sold Blueacre to Dan, signing the real estate contract on behalf of Jim. Dan failed to record the real estate contract within a reasonable time. Which of the following most likely is true?

A. Dan may enforce the real estate contract against Jim because it satisfied the statute of frauds. B. Dan may enforce the real estate contract against Jim because Sally signed the contract as Jim's agent. C. The real estate contract is unenforceable against Jim because Sally's authority to sell Blueacre was oral. D. The real estate contract is unenforceable against Jim because Dan failed to record the contract within a reasonable time.