"Piercing the corporate veil" can refer to:
A) Forcing a corporation to pay a dividend to its shareholders.
B) Denying limited liability to owners of a corporation where the corporate affairs were not
sufficiently segregated from those of the owners.
C) Denying limited liability to owners of a corporation because the corporation failed to
exercise reasonable care in its business decisions.
D) Denying corporate existence to a corporation.
B
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Exhibit 9-2 In 2015, the Magtag Company sold 16,000 ovens. Magtag estimated that 14% of the machines would require repairs under the two-year assurance-type warranty at an average cost of $60. During 2015, Magtag had an actual outlay of $62,000 for repairs under warranty. Magtag uses the GAAP approach of accruing warranty expense (and the related liability) in the year of the sale. Refer to
Exhibit 9-2. At what amount should the company record warranty expense for 2015? A) $42,000 B) $62,000 C) $134,400 D) $116,000
Assessing global leadership competencies is a well-understood, basic process.
Answer the following statement true (T) or false (F)
An insurance agent is the agent of the insurance company
Indicate whether the statement is true or false
Most small companies like to keep a large amount of long-term debt because the risk is considerably low.
Answer the following statement true (T) or false (F)