What are the three elements that must be met before directors or officers may be found to have usurped a corporate opportunity?
What will be an ideal response?
Three elements must be met before directors or officers may be found to have usurped a corporate opportunity: 1) The opportunity must have come to them in their corporate capacity. 2) The opportunity must be related to the corporate business. 3) The corporation must have been able to take advantage of the opportunity. Even when these three requirements are met, the director may still avoid liability if she can show that the corporation waived its rights to the opportunity.
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Givens Corp is a merchandising company that uses the periodic inventory system. Selected account balances are listed below: Sales $500,000 Purchases 225,000 Inventory (beginning) 16,000 Inventory (ending) 30,000 Operating Expenses 148,000 Income Tax Expense 10,000 Retained Earnings (beginning) 53,000 Dividends 15,000 Refer to the information for Givens Corp Calculate net income
a. $289,000 b. $141,000 c. $131,000 d. $116,000
Explain how new social media formats have democratized marketing messages
What will be an ideal response?
Mary's Fine Fashions Mary's Fine Fashions manufactures and sells various types of women's clothing. At the end of 2011, Mary had estimated for the production and sale of 25,000 short-sleeve shirts. Each shirt has a standard calling for 2.5 yards of direct material at a standard rate of $1.25 per yard and 12 minutes of direct labor time at a standard rate of $.20 per minute. During 2012, the
company actually produced and sold 23,000 shirts. These 23,000 shirts had an actual direct materials cost of $77,142 (59,340 yards at $1.30 per yard) and an actual direct labor cost of $63,250 (253,000 minutes at $.25 per minute). Each shirt sells for $20. Refer to the Mary's Fine Fashions information above. What is Mary's net operating income based on a flexible budget? A) $332,925 B) $361,875 C) $347,400 D) $307,400
Ultimately, the _________________ determines which of the various alternatives will be selected for inclusion in the productivity improvement program
A. Cost-benefit ratio B. Factor analysis C. Standard deviation D. Residual-benefit formula