Decoding involves interpreting the message and giving it meaning
Indicate whether the statement is true or false.
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Which of the following is true of bankruptcy law in the United States?
A) The 1978 bankruptcy law made it easier for debtors to be relieved of much of their debt. B) The 1978 bankruptcy law was deemed to be "creditor friendly." C) The bankruptcy act of 2005 makes it easier for debtors to be relieved of their debts under federal bankruptcy law. D) The 2005 bankruptcy act has been called "debtor friendly."
According to agency theory, the firm is viewed as a(n)
A) unified, profit-maximizing entity. B) task force organization that must respond to rapidly changing environments. C) entrepreneurial endeavor. D) "nexus of contracts" among self-interested individuals. E) entrepreneurial structure.
Consumer advocacy groups have criticized BrightLine for not operating in a socially responsible manner. Which of the following, if true, most strengthens this case?
A) In developing its latest smartphone model, BrightLine was mainly motivated by profits. B) BrightLine made business decisions without regard for their impact on consumers and the world. C) BrightLine makes its mobile devices with as much recyclable material as possible. D) BrightLine is not the current market leader in smartphone devices. E) Development of BrightLine's latest smartphone model was done with consultation of all of its customer feedback on the previous model.
At the beginning of Year 2, the accounting records of Grace Company included the accounts and balances shown on the first row of the table below. During Year 2, the following transactions occurred:1. Received $95,000 cash for providing services to customers2. Paid salaries expense, $50,0003. Purchased land for $12,000 cash4. Paid $4,000 on note payable5. Paid operating expenses, $22,0006. Paid cash dividend, $2,500Required:a) Record the transactions in the appropriate accounts. Record the amounts of revenue, expense, and dividends in the retained earnings column. Enter 0 for items not affected. Provide appropriate titles for these accounts in the last column of the table. (The effects of the first event are shown below.)
alt="" style="vertical-align: 0.0px;" height="221" width="582" />b) What is the amount of total assets as of December 31, Year 2?c) What is the amount of total stockholders' equity as of December 31, Year 2? What will be an ideal response?