An enabling statute is a(n):
a. unofficial mandate passed by Congress granting powers to an agency b. local law passed by the local legislature granting powers to an agency
c. state law passed by the state supreme court granting powers to an agency d. state law passed by the state legislature granting powers to an agency
e. none of the other choices are correct
e
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Treasury shares arise when a corporation reacquires its own previously issued common shares. A reason for reacquiring outstanding common stock is to use the treasury shares in various option arrangements. When holders of stock options, stock rights, stock warrants, and convertible securities exercise their options, firms usually receive
a. less cash (or market value of other consideration) than the market value of the common stock at the time. b. a current liability on the books of the reacquiring corporation. c. more cash (or market value of other consideration) than the market value of the common stock at the time. d. a long-term liability on the books of the reacquiring corporation. e. a long-term asset on the books of the reacquiring corporation.
An aging of a company's accounts receivable indicates that $4,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1,200 debit balance, the adjustment to record bad debts for the period will require a
A) debit to Bad Debt Expense for $5,200. B) debit to Bad Debts Expense for $4,000. C) debit to Bad Debts Expense for $2,800. D) credit to Allowance for Doubtful Accounts for $5,000.
After posting transactions to the general ledger accounts, the sum of the accounts with debit balances should equal the sum of the accounts with credit balances.
Answer the following statement true (T) or false (F)
Plymouth Corp. sells units for $100 each. Variable costs are $75 per unit, and fixed costs are $200,000. If Plymouth leases a new machine, production will be more efficient, saving $5 per unit. If Plymouth plans to sell 12,000 units, at what lease cost will Plymouth be indifferent between leasing and not leasing the new machine?
A. $60,000 B. $40,000 C. $10,000 D. $80,000