Ned, Wilkie's agent, signs a promissory note, promising to pay Kayla $12,000 in three months in the following manner, "Ned, as agent for Wilkie." Assuming that Ned has the authority to sign the note, is Wilkie liable for the $12,000?

Pear co.’s income statement for the year ended december 31, as prepared by pear’s controller, reported income before taxes of $125,000. the auditor questioned the following amounts that had been included in income before taxes: equity in earnings of cinn co. $ 40,000 dividends received from cinn 8,000 adjustments to profits of prior years for arithmetical errors in depreciation (35,000) pear owns 40% of cinn’s common stock, and no acquisition differentials are relevant. pear’s december 31 income statement should report income before taxes of