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Quantities are in regular brackets –> 0) Lead time are in square brackets –> [] End (1) [3] A (2) [11 B (3) [4] C (2) (1) D (4) [3] E (3) (2) F (4) (31 G (2) [2] H (3) (1) F (2) (3) G (3) 21 Item End A B ? On Hand 54 74 82 65 561 390 1346 2173 489 Lead Time ] Direct Components 3 A2, B3, C2 1 D4, E3 4 F4, G2 1 H3 2. D 2. UWLUI F 3 2 1 F2, G3 If the 300 “End” items are required in 24 weeks, what is the latest week work can begin to meet that dealine?

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Dunnam v. Burns

FACTS Defendant (Louis Dunnam) and Steve Oualline jointly borrowed $35,000 from plaintiff (Ken Burns) and agreed to repay the principal plus $5,000 six months later. After defendant defaulted on the loan, plaintiff sued to recover. Dunnam defended by claiming the loan was usurious. The trial court ruled in favor of the plaintiff, and defendant appealed.

DECISION Judgment for defendant

OPINION Defendant claims the trial court erred by refusing to submit his usury defense to the jury. Usury is interest in excess of the amount permitted by law. For most transactions between private persons, the maximum allowable rate of interest is 18 percent if the parties agree on a rate of interest and 6 percent if they do not. Persons who contract for or collect usurious interest are subject to penalties that may exceed the total value of the contract.
When money is advanced in exchange for an obligation to repay the advance plus an additional amount, the added amount is interest that may not exceed the statutory maximum. Thus, defendant’s absolute obligation to pay $5,000 in addition to the principal renders the additional amount interest. Plaintiff argues that he did not “charge” such interest because the instrument was drafted by defendant and because plaintiff was actually interested in collecting only the principal amount. However, a document that contains an absolute obligation to repay a loan together with interest in excess of the amount permitted by statute is usurious on its face. The specific intent of the lender is immaterial because it is presumed to be reflected in the document he signs. The drafter of the usurious promissory note is simply irrelevant. The instrument embodies a usurious transaction, and plaintiff, as the lender, contracted for usurious interest.

INTERPRETATION Usury statutes establish a maximum rate of interest for which a lender may charge a borrower.

CRITICAL THINKING QUESTION Should the law establish maximum rates of interest? If so, in what situations?

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A survey by the Arthur Andersen Enterprise Group/ National Small Business United attempted to determine what the leading challenges are for the growth and survival of small businesses. Although the economy and finding qualified workers were the leading challenges, several others were listed in the results of the study, including regulations, listed by 30% of the companies, and the tax burden, listed by 35%. Suppose that 71% of the companies listing regulations as a challenge listed the tax burden as a challenge. Assume these percentages hold for all small businesses. If a small business is randomly selected, determine the following probabilities:

a. The small business lists both the tax burden and regulations as a challenge.

b. The small business lists either the tax burden or regulations as a challenge.

c. The small business lists either the tax burden or regulations but not both as a challenge.

d. The small business lists regulations as a challenge given that it lists the tax burden as a challenge.

e. The small business does not list regulations as a challenge given that it lists the tax burden as a challenge.

f. The small business does not list regulations as a challenge given that it does not list the tax burden as a challenge.

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Various measures can be used to evaluate the success of a company’s operating strategy.

(a). Profit margin, asset turnover, and return on assets are commonly used measures.

(b). The ratio of operating cash flow to assets measures a company’s ability to convert its profits into cash.

(c). Inventory turnover measures a company’s ability to convert its investment in inventory into sales.

(d). Day’s sales in inventories measures the average number of days for a company to sell its total inventory, or how many days’ supply of inventory it keeps on hand.

(e). Accounts receivable turnover measures a company’s ability to convert its credit sales into cash.

(f). Average collection period measures how long it takes a company to collect its receivables.

(g). Fixed asset turnover measures the effectiveness of a company in using its investment in fixed assets to create sales.

(h). Gross profit margin measures a company’s efficiency in the production or purchase of goods for sale.

(i). Operating profit margin measures a company’s efficiency in controlling selling and administrative expenses in addition to its efficiency in controlling product costs.

(j). Return on equity includes the effect of financing in evaluating overall company performance and links operating, investing, and financing activities.

(k). Times interest earned measures the ability of a company to meet its interest requirements.

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