Stated value of no-par stock is:
A. The market value of the stock on the date of issuance.
B. Another name for redemption value.
C. An amount assigned to par value stock by the state of incorporation.
D. The difference between the par value of stock and the amount below or above par value paid-in by the stockholder.
E. An amount assigned to no-par stock by the corporation's board of directors.
Answer: E
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Keisker Clinic uses client-visits as its measure of activity. During November, the clinic budgeted for 2,200 client-visits, but its actual level of activity was 2,190 client-visits. The clinic has provided the following data concerning the formulas used in its budgeting and its actual results for November:Data used in budgeting: Fixed element per monthVariable element per client-visitRevenue - $54.10 Personnel expenses$29,200 $17.50Medical supplies 700 8.70Occupancy expenses 7,100 2.00Administrative expenses 4,800 0.10Total expenses$41,800 $28.30?Actual results for November: ?Revenue$120,989 Personnel expenses$66,265?Medical supplies$19,223?Occupancy expenses$10,970?Administrative expenses$5,059???The activity variance for administrative
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