A corporation that pollutes a body of water has not met its moral minimum duty of social responsibility even if the business later compensates those whom the pollution has injured
Indicate whether the statement is true or false
FALSE
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In 2016, Scranton, Inc sold 2,000 carpets for $50 each. The carpets carry a 2-year warranty for repairs. Scranton estimates that repair costs will average 3% of the total selling price. What is the amount that would be recorded in the warranty liability account as a result of selling the carpets during 2016?
a. $1,500 b. $3,000 c. $50 d. No liability should be recorded until the carpets are returned for repairs.
Acme Chemical Partnership discharges a pollutant prohibited by an agency that aims to protect the environment. In this case, ________.
A. the firm is liable for the resulting fines B. all the partners should be imprisoned as discharging pollutants is a crime C. only the general partners are liable if the firm has inadequate assets D. only the partner who ordered the discharge is liable
Merchandise that customers return to the seller after a sale is referred to as________.
Fill in the blank(s) with the appropriate word(s).
A hybrid corporation-partnership similar to a Subchapter S corporation but with far fewer restrictions is called a ________
A) transnational company B) limited liability company C) private corporation D) closely held corporation