The incorporation of a company means that its common shareholders will be personally responsible for any debts it incurs
Indicate whether the statement is true or false
FALSE
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Grayson Bank agrees to lend the Trust Company $100,000 on January 1. Trust Company signs a $100,000, 9%, 9-month note. What is the adjusting entry required if Trust Company prepares financial statements on June 30?
A) Interest Expense 9,000Interest Payable 9,000 B) Interest Expense 4,500Interest Payable 4,500 C) Interest Expense 6,750Interest Payable 6,750 D) Interest Payable 4,500Interest Expense 4,500
What three screening criteria are viewed as the most important information sources for predicting performance “to a great extent”?
What will be an ideal response?
Sanco contracted to sell 1,000 cases of oil to AMF. The oil is located in a public warehouse, which has issued a warehouse receipt for it. Which of the following is correct?
a. The risk of loss passes to the buyer when the contract is made. b. The risk of loss passes to the buyer when the goods are tendered to him. c. The risk of loss passes to the buyer when the warehouse receipt is delivered to the buyer. d. The risk of loss passes to the buyer when the buyer gets the oil to its final destination.
XYZ manufactures four types of plywood panels. Each product must go through the following operations: patching, grading, gluing, and baking. The time requirements for each panel, the capacity available, the minimum production requirements, and the profit contributions per panel are tabled here. Which of the following represents the production constraint for the aircraft plywood panel? Let x1 = Number of soft panels to be made, x2 = Number of hardwood panels to be made, x3 = Number of tropical panel to be made, and x4 = Number of aircraft panels to be made.
a. X1 ? 100
b. 0.5X1 + 1X2 + 2.0X3 + 1.5X4 ? 2,000
c. X4 ? 300
d. X1 + 2X2 + 3X3 + 4X4 ? 4,000