Thor Power Products Corporation permits the election of its directors by cumulative voting. This
A. allows minority shareholders to be represented on the board.
B. assures directors that they will be selected by their peers.
C. guarantees Thor's executive officers of the final choice.
D. insures against persons who may "cloud" the corporate direction.
Answer: A
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Poole Contractors makes a contract with Delta Resources to pay $50,000 for the supply of 500 truckloads of sand within a week. Delta Resources delivers the sand in two days after the contract was made. Poole Contractors pays the $50,000 promised in the contract. This is an instance of ________.
A. substantial performance B. a material breach C. a minor breach D. strict performance
If the components in an organization's environment exhibit minimal change, such an environment is said to be ________.
A. volatile B. dynamic C. stable D. active
Personal property that is subject to a security agreement is known as ________.
A. collateral B. mortgage C. deed D. intangible assets
The following selected account balances are taken from a merchandising company's records:?Dec. 31Dec. 31,For the?20X220X1Year 20X2Merchandise inventory$ 15,600$ 21,200?Accounts receivable42,00036,000?Accounts payable32,40027,400?Salaries payable4,4003,000?????Total assets234,000286,000?Sales??$312,000Cost of goods sold??165,600Salaries expense??48,000(a) Calculate the cash payments made during 20X2 for merchandise. Assume all of the company's accounts payable balances result from merchandise purchases.(b) Calculate the cash receipts from customer sales during 20X2.(c) Calculate the cash payments for salaries during 20X2.
What will be an ideal response?