Alex Corporation acquires securities classified as marketable securities for $10,000 . The entry is as follows:
a. Cash...................................................................10,000
Marketable Securities.................................................10,000
b. Marketable Securities........................................10,000
Bonds Payable........................................................10,000
c. Marketable Securities........................................10,000
Common Stock.......................................................10,000
d. Marketable Securities........................................10,000
Cash........................................................................10,000
e. Bonds Payable...................................................10,000
Marketable Securities................................................10,000
D
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Indicate whether the statement is true or false
The purpose of an audit is to
a. determine whether or not a company is a good investment. b. comply with income tax regulations. c. determine whether or not a company is a good credit risk. d. ascertain that the financial statements follow GAAP.
Randy, a minor, buys a new four-wheel drive truck from the Jones Dealership. Randy sells this truck to his cousin, Steve, who is an adult. Steve conveys this vehicle to Arthur Smith. Arthur does not personally know Steve or Randy. Randy may:
a. recover the vehicle from Mr. Smith. b. not recover the vehicle from Mr. Smith. c. hold Steve liable in tort. d. recover the reasonable value of the vehicle but not the vehicle itself.
How does the management structure of a closely held corporation differ from that of a publicly traded corporation?