Terra Corp. is incorporated in Florida with its principal office in Destin. Phyllis is the president of Terra Corp. and owns 51% of its shares. A potential buyer approached Phyllis with an offer to purchase her shares. The buyer offered Phyllis an additional bonus if Phyllis would step down from her office as president. Phyllis approached her attorney to determine whether the agreement to sell her shares is valid. The attorney should advise Phyllis that:

Answers

Answer 1

Answer: The agreement breaches Phyllis's fiduciary duty of loyalty as an officer of the corporation.

Explanation:

The attorney should advise Phyllis that the agreement breaches Phyllis's fiduciary duty of loyalty as an officer of the corporation.

The duty of loyalty forbids an officer from having his personal interests above that of the corporation. In this situation, accepting a bonus in order to give up the presidency simply means the officer has out his interest above those of the corporation, hence this is a breach of duty.


Related Questions

4. Consumption as a component of GDP refers to the expenditure of A. banks. B. household. C. producers. D. government.
PLEASE TELL A
B
C
D​

Answers

The answer is house hold

On January 1, a company purchased a five-year insurance policy for $1,800 with coverage starting immediately. If the purchase was recorded in the Prepaid Insurance account, and the company records adjustments only at year-end, the adjusting entry at the end of the first year is: A. Debit Prepaid Insurance, $1,800; credit Cash, $1,800. B. Debit Prepaid Insurance, $1,440; credit Insurance Expense, $1,440. C. Debit Prepaid Insurance, $360; credit Insurance Expense, $360. D. Debit Insurance Expense, $360; credit Prepaid Insurance, $360. E. Debit Insurance Expense, $1,440; credit Prepaid Insurance, $1,440.

Answers

Answer:

D. Debit Insurance Expense, $360; credit Prepaid Insurance, $360

Explanation:

The journal entry is shown below:

Insurance expense Dr $360 ($1,800 ÷ 5 years)

      To Prepaid insurance $360

(being insurance expense is recorded)

Here insurance expense is debited as it increased the expense and credited the prepaid insurance as it decreased the assets

The relative price of good X is 5 units of good Y. It follows that the absolute price of good X can be ______________ and the absolute price of good Y can be ___________.

Answers

Answer:

$40,000 and $8,000

Explanation:

Relative price of good X is 5 units of good Y. The absolute value of good X is $40,000. Absolute value is the original value of a good while relative value is based on price of some identical or similar good. The absolute value of good Y is $8,000.

What type of loan uses real estate for security?
A point of sale
A line of credit
. A disclaimer (it’s not disclaimer)
A second mortgage

Answers

Answer:

A second mortgage loan uses real estate for security

Which of these is a consumer right recognized by the United Nations? a. right to equality b. right to openness c. right to education d. right to collaboration Please select the best answer from the choices provided A B C D

Answers

Answer:

c. right to education

Explanation:

The United Nations Convention for Contracts on International Sale of Goods (CISG) refers to an international trade agreement for the sales of goods in the international market. The Contracts for the International Sale of Goods (CISG) was adopted at the Vienna Convention in 1980.

The main purpose of the international trade agreement is to eliminate or remove any barrier arising from the various domestic laws put in place by different countries with respect to international sales of goods or products.

Also, the Contracts for the International Sale of Goods (CISG) establishes a set of rules to govern and regulate the making and performance of commercial contacts between a buyer and a seller of goods.

The right to education on a particular goods or service is a consumer right recognized by the United Nations (UN).

Additionally, the international trade agreement has helped to make the international sales of goods to be less cumbersome, unambiguous and mitigated the chances of dispute among countries.

What is one benefit of a saving account?

Answers

one benefit is having some money for the future, if there is an emergency or if you made a goal to buy a car, you can go into the account
One benefit is deposited funds accrue interest over time.

Question Mode Fill in the Blank Question Fill in the blank question. The ABC Company had its highest level of production in May when they produced 4,000 units at a total cost of $110,000 and its lowest level of production in November when they produced 2,500 units at a total cost of $87,500. Using the high-low method, the estimated fixed costs are $ .

Answers

Answer:

Results are below.

Explanation:

To calculate the fixed cost under the high-low method, we need to use the following formulas:

Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)

Variable cost per unit= (110,000 - 87,500) / (4,000 - 2,500)

Variable cost per unit= $15

Fixed costs= Highest activity cost - (Variable cost per unit * HAU)

Fixed costs= 110,000 - (15*4,000)

Fixed costs= $50,000

Fixed costs= LAC - (Variable cost per unit* LAU)

Fixed costs= 87,500 - (2,500*15)

Fixed costs= $50,000

Crane Co. pays its employees twice a month, on the 7th and the 21st. On June 21, Crane Co. paid employee salaries of $4930. This transaction would decrease net income for the month by $4930. be recorded by a $4930 debit to Salaries and Wages Payable and a $4930 credit to Salaries and Wages Expense. increase owner's equity by $4930. decrease the balance in Salaries and Wages Expense by $4930.

Answers

Answer:

Crane Co.

This transaction would decrease net income for the month by $4930.

Be recorded by a $4,930 debit to Salaries and Wages Expense and a $4,930 Credit to Cash.

Explanation:

a) Data and Analysis:

June 21: Salaries Expense $4,930 Cash $4,930

b) The transaction that affects the Salaries and Wages Payable is the unpaid salaries and wages expense that are accrued but not yet paid to employees.  However, the above transaction will increase the amount in the Salaries and Wages Expense by $4,930 and decrease the Cash by the same amount.  It will also reduce the net income for the month by $4,930.

Expenses that are not easily traced to a specific department, and which are incurred for the joint benefit of more than one department, are

Answers

Answer:

Indirect expenses

Explanation:

Indirect expenses are those that are usually sent on more than one department, and it is not easily traced to one source.

They are usually costs that result from running the business as a whole.

Examples of indirect expenses includes rent, taxes, advertising, salaries, administrative expenses, distribution and selling expenses.

These expenses will eventually be shared between different departments in the organisation and cannot be traced to only one source, so it is called indirect expense.

An economy is employing 2 units of capital, 5 units of raw materials, and 8 units of labour to produce its total output of 640 units. Each unit of capital costs $10, each unit of raw materials, $4, and each unit of labour, $3.

92) Refer to the above information. The per unit cost of production in this economy is:
A) $1.00.
B) $.10.
C) $.05.
D) $.50.

93) Refer to the above information. If the per unit price of raw materials rises from $4 to $8 and all else remains constant, the per unit cost of production will rise by about:
A) 50 percent.
B) 30 percent.
C) 40 percent.
D) 100 percent.

94) Refer to the above information. As a result of the change indicated in the previous question, the aggregate:
A) supply curve would shift to the right.
B) demand curve would shift to the right.
C) demand curve would shift to the left.
D) supply curve would shift to the left.

Answers

Answer:

A) The correct answer is B. The per unit cost of production in this economy is $0.10.

B) The correct answer is B. The per unit cost of production will rise by about 30 percent.

C) The correct answer is B. The demand curve would shift to the right.

Explanation:

Since an economy is employing 2 units of capital, 5 units of raw materials, and 8 units of labor to produce its total output of 640 units, and each unit of capital costs $ 10, each unit of raw materials, $ 4, and each unit of labor, $ 3, to determine the per unit cost of production in this economy, the per unit cost of production if the per unit price of raw materials rises from $ 4 to $ 8 and all else remains constant, and to determine how the demand or aggregate supply curve will respond, the following calculations must be made:

A) 2 x 10 + 5 x 4 + 8 x 3 = 20 + 20 + 24 = 64

64 / 640 = 0.10

B) 2 x 10 + 5 x 8 + 8 x 3 = 20 + 40 + 24 = 84

64 = 100

84 = X

84 x 100 / 64 = X

8400 / 64 = X

131.25 = X

Jordan, a senior salesperson for a steel firm, plans to get a huge investment from the owner of an automaker. He begins his sales presentation by saying to the owner, "Congratulations on being awarded the 'Innovative Automaker of the Year.' It is great to work with one of the pioneers in the automobile industry." Jordan is using a(n) __________ opening in this scenario

Answers

Answer:

compliment

Explanation:

Compliment is defined as a positive assessment of a person or a situation that is expressed in spoken medium.

It can be used in the middle of a conversation to smoothen the interaction or it can be used at the beginning of a conversation.

In the given instance where Jordan begins his sales presentation by saying to the owner, "Congratulations on being awarded the 'Innovative Automaker of the Year.' It is great to work with one of the pioneers in the automobile industry." He is using a compliment to begin his speech

Alejandro was reprimanded for an accounting error by his boss in front of his co-workers. Alejandro gets home from his job and yells at his wife for not having dinner ready. His wife then yells at the children for leaving their toys all over the house. This BEST illustrates the use of a defense mechanism known as _____.

Answers

Answer:

displacement

Explanation:

Displacement is a psychological defense mechanism where the person redirected the emotion in a negative way via from the real source to the lower threatening receipt

As in the given situation, the husband yells his wife and then wife yells her children so this represent that they use the defense mechanism i.e. displacement

Institutions that help to match one person's saving with another person's investment are collectively called the

Answers

Answer:

Financial system

Explanation:

A claim that is sent for reimbursement that contains all the required data elements to process the claim is referred to as a:

Answers

Answer:

Clean claim

Explanation:

A clean claim is defined as one that has complete documentation, no defect, special circumstance, or impropriety.

They meet all the requirements for easy processing.

Claims are made on Medicare services for reimbursement by insurance companies.

The other type of claim is the other-than-clean claims that requires further investigation before reimbursement is made.

Diminishing marginal product suggests that Group of answer choices marginal cost is upward sloping. Adding additional workers will lower total cost. The firm is at full capacity. Additional units of output become less costly as more output is produced.

Answers

Answer:

The marginal cost is upward sloping.

Explanation:

This is because the marginal product of labor decreases as additional labor is employed which increases the marginal cost.


Required Journal entry
Paid salary and wages Rs 55,000
PLEASE HELP

Answers

Answer:

Date                 Account Title                                        Debit              Credit

XX-XX-XX       Salary and Wages expense              Rs. 55,000

                        Cash                                                                          Rs. 55,000

The Salaries and Wages expense account will be debited to show that this expense was incurred as expenses have a debit balance,

Cash was used to pay for the salaries and wages so it will be credited because Assets are credited when they reduce.

The grouping of jobs into working units usually called departments, units, groups, or divisions is called ______.

Answers

Answer:

The grouping of jobs into working units usually called departments, units, groups, or division is called Departmentalization.

Explanation:

Departmentalization is the efficient and effective grouping of jobs into meaningful work units to coordinate numerous jobs—all for the expeditious accomplishment of the organization's objectives. They are; basic organizational units and coordinating structure.

If price was $1.40 per gallon and increased to $2.00 per gallon, how does quantity of gasoline demanded change

Answers

Answer:

Demand decreases.

Explanation:

The demand decreases because the price increase would cause drivers to travel less, meaning that gasoline sales would go down.

Henna Hair Salon purchased supplies for $6,000 and debited Supplies for the full amount. At the end of the accounting period, $1,800 worth of supplies were still on hand. Identify the adjusting entry needed at the end of the period. debit Supplies $4,200; credit Supplies Expense $4,200 debit Supplies Expense $7,800; credit Supplies $7,800 debit Supplies $1,800; credit Supplies Expense $1,800 debit Supplies Expense $4,200; credit Supplies $4,200

Answers

Answer: D. debit Supplies Expense $4,200; credit Supplies $4,200

Explanation:

Based on the information given in the question, the adjusting entry needed at the end of the period will be to debit Supplies Expense $4,200 and credit Supplies $4,200.

The supplies expenses of $4200 was gotten as:

= $6000 - $1200

= $4800

Therefore, the correct option is D.

.

One significant component of _____ can be the investment a seller makes in equipment or in the hiring of skilled employees to supply the product or service to the buyer.

Answers

Answer:

Transaction cost

Explanation:

Transaction cost is defined as costs that a person bears in the process of buying or selling of a product.

For example the commission that is paid to a broker for completing a transaction, cost of transportation that is spent when completing an exchange, and time for completing the purchase are all examples of transaction cost.

In the given instance transaction cost is exemplified by the investment a seller makes in equipment or in the hiring of skilled employees to supply the product or service to the buyer.

A perfectly competitive firm a. has a perfectly inelastic demand. b. has a perfectly elastic supply. c. Answers A and B are correct. d. Answers A and C are correct. e. sells a product that has perfect substitutes.

Answers

Answer:

b

e

Explanation:

A perfect competition is characterized by many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.  

In the long run, firms earn zero economic profit.  If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.  

Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.  

Having term limits on Boards of Directors for companies forces firms to rotate leadership to get new ideas. It also creates this unintended consequence:

Answers

The available options are the following:

-Board members serve on multiple boards

-People with knowledge of the firm's history are replaced with those who may not know as much information

-Less frequent board meetings

-Better decisions about important issues

Answer:

-People with knowledge of the firm's history are replaced with those who may not know as much information

Explanation:

Considering the available options, the option that appears negative and related to the point being discussed is

"People with knowledge of the firm's history are replaced with those who may not know as much information."

It is straightforward, as changing the board of directors will at some point lead to a time where the new member in the board of directors will just be a competent worker but has no history with the company.

In the Shaping Department of Vaughn Company the unit materials cost is $6.00 and the unit conversion cost is $2.00. The department transferred out 40300 units and had 4800 units in ending work in process 25% complete. If all materials are added at the beginning of the process, the total cost to be assigned to the ending work in process is

Answers

Answer: $31200

Explanation:

Based on the information given in the question, the total cost to be assigned to the ending work in process will be:

Material cost = 4800 × $6 = $28800

Conversion cost = 4800 × 25% × $2 = $2400

Therefore, the total cost to be assigned to the ending work in process will be:

= $28800 + $2400

= $31200

why is agriculture considered as a basic level of occupation explain with of explain with example​

Answers

Answer:

Explanation:

Agriculture is important occupation throughout the world because it is like a backbone to all other occupations and especially its important for we humans to survive. If there is no agriculture then there will not be any healthy population to support any other occupation and hence a very poor world.

At January 1, 2014, Alligator Industries reported retained earnings of $130,000. During 2014, Alligator had a net loss of $30,000 and paid dividends of $15,000. At December 31, 2014, the amount of retained earnings is

Answers

Answer:

the ending retained earning balance is $85,000

Explanation:

The computation of the ending retained earning balance is shown below:

= Opening retained earnings - net loss - dividend paid

= $130,000 - $30,000 - $15,000

= $85,000

Hence, the ending retained earning balance is $85,000

The same should be considered and relevant

A motorist from State A struck and injured a pedestrian in State B. The pedestrian, a State B resident, brought an action in a State B federal court against the State A motorist, seeking $100,000 in damages. The summons and complaint were served on a receptionist at the motorist's place of business in State A. State A's rules permit service of process in this manner, while State B's rules do not. If the motorist moves to dismiss the complaint on the basis of improper service of process, is the court likely to dismiss the action

Answers

Answer: C. No, because the federal rules permit service under the rules of the state in which service will be effected.

Explanation:

The case was filed in federal court so the rules regarding the service of the summons will be according to the rules of federal courts.

Rule 4 of the Federal Rules of Civil Procedure allows for the service of a summons to be based on the service rules of the state where the service is to be made. As the service was done in State A and State A allows service to be at defendant's place of business, proper procedure was followed and so the court will not dismiss the action.

Jen's Shampoo decides to decrease the sales price for a bottle of shampoo from $28 to $23. The variable costs decrease from $12 to $8 and the total fixed costs decrease from $30,000 to $18,000. The changes result in the number of units sold declining from 4,375 to 4,300 units. If net income was originally $40,000, how much will net income increase or decrease

Answers

Answer:

it increases by 6,500

Explanation:

How long must one wait (to the nearest year) for an initial investment of $1,000 to triple in value if the investment earns 8% compounded annually

Answers

Answer:

t = 14 years

Explanation:

The computation of the time period is shown below:

As we know that

Future value = Present value ×(1 + rate of interest)^time period

$3,000 = $1,000 × (1 + 0.08)^time period

3 = 1.08^time period

Now multiply log to both sides

So,

lof(3) ÷ log(1.08) = t

t = 14 years

A sales invoice included the following information: merchandise price, $9,900; terms 1/10, n/eom, FOB shipping point with prepaid freight of $1,100 added to the invoice. Assuming that a credit for merchandise returned of $900 (before discount) is granted prior to payment and the invoice is paid within the discount period, what amount of cash should be received by the seller

Answers

Answer: $10010

Explanation:

The amount of cash that should be received by the seller will be:

($9900 - $900) = $9000

$9000 × 1% = $90

$9000 - $90 = $8910

$8910 + $1100 = $10010

Therefore, the amount of cash should be received by the seller will be $10010.

WILL GIVE BRAINLIEST PLZ!!!
If producers expect the price of a good to decrease in the future, what will happen to the current equilibrium price and quantity of that good?
a. The equilibrium price and quantity will both decrease.
b. The equilibrium price and quantity will both increase.
c. The equilibrium price will increase and equilibrium quantity will decrease.
d. The equilibrium price will decrease and equilibrium quantity will increase.

Answers

Explanation:

C = the equilibrium price will increase and equilibrium quantity will decrease

Answer:

C

Explanation:

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