Under the preemption defense, certain federal laws and regulations that set minimum safety standards are held to preempt state-law product liability claims
a. True
b. False
Indicate whether the statement is true or false
True
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A company with income before income taxes of $96,000, and $20,000 in interest expense, has an interest coverage ratio of
a. 5.8 times. b. 4.8 times. c. 3.8 times. d. 6.8 times.
A company changes its inventory costing method each period in order to maximize net income. This is a violation of the consistency principle
Indicate whether the statement is true or false
Midway Corporation is incorporated in Delaware, but it has its principal place of business in Minnesota. It does much of its business in California. For purposes of diversity of citizenship, Midway is a resident of:
A) Delaware. B) Minnesota. C) both Delaware and Minnesota. D) Delaware, Minnesota, and California.
Issued shares that have been repurchased by the corporation are referred to as ________ shares.
A. outstanding B. liquidated C. unissued D. treasury