One of the Bankruptcy Code’s main goals is to ensure preferential treatment of certain creditors who are competing for a debtor’s assets.
Answer the following statement true (T) or false (F)
False
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Under the revised Model Business Corporation Act, ________.
A. the filing of the articles of incorporation, evidenced by the return of the copy stamped by secretary of state, is conclusive proof of incorporation B. managers will be released from any liability in excess of their initial investment C. the issuance of the certificate of incorporation is conclusive proof of incorporation to the corporate status, except a quo warranto action brought by the secretary of state D. liability will never be imposed on promoters who participated in management and policy decisions
In Delaware, lawsuits involving corporations are tried in a special court called
a. corporate court. b. CEO's court. c. common court. d. chancery court.
Gray Financial Services, Inc invested $33,000 to acquire 6,250 shares of Mitt Investments, Inc on March 15, 2013
This investment represents less than 20% of the investee's voting stock. On May 7, 2017, Gray Financial Services, Inc sells 2,500 shares for $19,250. When the journal entry to record the sale is made, ________. A) Gain on Disposal will be credited B) Long-term Investments-Available-for-Sale will be debited C) Cash will be credited D) Long-term Investments-Held-to-Maturity will be debited
Employees earn vacation pay at the rate of one day per month. During the month of June, 10 employees qualify for one vacation day each. Their average daily wage is $150 per day. Which of the following is the necessary adjusting journal entry to record the June vacation benefits?
A. Debit Prepaid Vacation Benefits $1,500; credit Vacation Benefits Payable $1,500. B. Debit Vacation Benefits Expense $1,500; credit Vacation Benefits Payable $1,500. C. Debit Vacation Benefits Expense $1,500; credit Prepaid Vacation Benefits $1,500. D. Debit Payroll Tax Expense $1,500; credit Payroll Taxes Payable $1,500. E. Debit Vacation Benefits Payable; credit Vacation Benefits Expense $1,500.