Discuss how a corporation is terminated
Ordinarily, terminating a corporation is a three-step process. First, the directors recommend to the shareholders that the corporation be dissolved, and a majority of the shareholders agree. Second, the corporation files "Articles of Dissolution" with the Secretary of State. Third, the officers of the corporation pay its debts and distribute the remaining property to shareholders. When this winding up is completed, the corporation ceases to exist. Alternatively, the Secretary of State may dissolve a corporation that fails to comply with state requirements or a court may dissolve a corporation if it is insolvent or if its directors and shareholders cannot resolve conflict over how the corporation should be managed.
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Which of the following is true for accounting for a troubled debt restructuring by a modification of terms by the creditor?
A) ?Loss on restructuring is based on undiscounted repayment cash flows using the current market interest rate. B) ?Loss on restructuring is based on undiscounted repayment cash flows using the contractual interest rate. C) ?Loss on restructuring is based on present value of repayment cash flows using the current market interest rate. D) ?Loss on restructuring is based on present value of repayment cash flows using the contractual interest rate.
With the ________ heuristic, predictions of usage are based on quickness and ease of use
A) availability B) representative C) anchoring D) adjustment E) semantic
The first stage in an audit is performing a risk assessment
a. True b. False Indicate whether the statement is true or false
If a $1,000, 9 percent, 10-year bond was issued at 103 plus accrued interest one month after the authorization date, how much cash did the issuer receive?
a. $1,037.50 b. $1,030.00 c. $1,007.50 d. $992.50