Incumbent directors are the former directors of a corporation
Indicate whether the statement is true or false
FALSE
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The preference to dividends that preferred shareholders have is
A) the right to receive the appropriate dividend before common shareholders are paid any dividends when dividends are declared. B) the right to accumulate dividends that have not been declared. C) the right to share dividends equally with common shareholders when dividends are declared. D) the right to be paid a minimum dividend each year.
A business that produces a product to sell to retailers is called a merchandising business
Indicate whether the statement is true or false
Filings are required in order to form and operate a limited liability partnership
a. True b. False Indicate whether the statement is true or false
Leroy, an employee of Double Time, Inc, has gross salary for March of $4,000
The entire amount is under the OASDI limit of $117,000 and thus subject to FICA. He is also subject to federal income tax at a rate of 18%. Provide the journal entry to record salaries expense and payroll withholdings. (Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%.) What will be an ideal response