Which of the following classifications represents the largest number of shares?
A) Authorized shares.
B) Outstanding shares.
C) Treasury shares.
D) Issued shares.
A
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Which of the following usually occurs at a corporation's first board meeting?
A) The articles of incorporation are filed. B) Bylaws are enacted. C) The face value of the stock to be issued is decided. D) A certificate of incorporation is issued.
Larry Bar opened a frame shop and completed these transactions:1. Larry started the shop by investing $41,500 cash and equipment valued at $19,500 in exchange for common stock. 2. Purchased $220 of office supplies on credit. 3. Paid $2700 cash for the receptionist's salary. 4. Sold a custom frame service and collected $6000 cash on the sale. 5. Completed framing services and billed the client $350. What was the balance of the cash account after these transactions were posted?
A. $45,150. B. $44,930. C. $10,930. D. $10,580. E. $44,800.