A limited liability company is an incorporated business entity
Indicate whether the statement is true or false
FALSE
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Precision Engineering Inc, like other corporations, is subject to laws that are broad in their purpose and their scope. Compliance with these laws is not always sufficient to determine "right" behavior because
a. the law does not codify all ethical requirements. b. company codes are also sources of law. c. business decisions can have negative impacts. d. ethical problems occur in business.
Similar to the GASB, the FASB requires not-for-profit entities to prepare the statement of cash flows using the direct method.
Answer the following statement true (T) or false (F)
General partners are responsible for all debts of the business. They also run the risk of having to use their personal assets to pay creditors, or to settle lawsuits. This disadvantage is known as:
a. limited liability b. double taxation c. unlimited liability d. lack of continuity e. distribution of profits and losses
The market price of a share of common stock at the time of issuance was $19.50, while the market price of a preferred share of stock at the time of issuance was $32. The company paid $12.50 per share for its treasury stock.Required:Determine the missing amount in the stockholders' equity section of the balance sheet set forth below.STOCKHOLDERS' EQUITY Contributed Capital:?Preferred Stock, $2.00 par value, authorized 1,000,000 shares;?issued 300,000 shares$ ________ (a)?Additional Paid-in Capital________ (b)?Common Stock, $3.00 par value, authorized 40,000,000 shares; ________ (c)?issued 25,600,000 shares?Additional Paid-in Capital________ (d)?Total Contributed Capital________ (e)Retained Earnings305,683,000 Treasury Stock (10,000 shares, at cost)________ (f)Total
Stockholders' Equity$ ________(g) What will be an ideal response?