Shirley, a college student, has run short of cash and is unable to pay the rent on her apartment. Although she knows she will receive a final check from her former employer in 23 days, the apartment owner refuses to wait. Having recently received, from her grandparents, a valuable gold chain with 23 links, she proposes to pay for each day with one link. After she receives her check and pays cash, the apartment owner will return the links. Because of the history of mistrust, he wants payment every day, and Shirley does not want to pay any links in advance. She also wants to preserve the integrity of the chain to the degree that is possible. How many links must be cut while still paying the owner one link for each day

Daniel owns 100 shares of abc corporation's common stock. abc uses the fair value option, and recent declines in the firm's credit rating have caused the value of the firm's outstanding bonds payable to drop by 10%. daniel feels this is good news, but he wants to know what you think about the situation. which of the following represents your best response? a : "this situation may be positive for you in that the change in abc's credit standing indicates that the value of the firm's assets is likely increasing. however, the drop in bond value may negate any positive effects on your bottom line, because it means your claim on the firm's assets is simultaneously decreasing." b : "actually, this is bad news all around. the drop in the value of abc's bonds payable means shareholders' claims on the firm's assets have decreased. moreover, abc's declining credit rating means that the firm's assets are probably also dropping in value, thus magnifying your losses even more." c : "on the surface, this seems like good news because it means your claim on the firm's assets has increased. however, the drop in creditworthiness may also indicate that abc's assets are declining in value, thus offsetting any gains associated with the drop in bonds payable." d : "you're right! this is good news because it means that abc's debtholders have a decreased claim on the firm's assets. as a result, the firm's existing shareholders"like you"have seen their claim on the firm's assets increase."