The accumulated depletion account is
A) an expense account
B) an intangible asset account
C) reported on the income statement as other expense
D) reported on the balance sheet as a deduction from the cost of the mineral deposit
D
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Crafted Iron Works, Inc, offers to design, make, and sell City Transit Agency fourteen streetcars. Crafted authorizes a particular mode of communication, but City Transit sends an acceptance via a substituted means. This acceptance is effective when it is A) in transit
B) received. C) sent. D) written.
Ralph formed a corporation as a fund manager. He accepted money from his customers, promising to invest it and build cash value for them. Instead, he kept the money for himself to enjoy a lavish lifestyle. The court removed liability protection from his corporate entity because the incorporation had been used to perpetuate fraud. This is an example of:
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