The correct answer to this open question is the following.
Although you did not attach the text, we can comment on the quote.
"The art of getting things done through the efforts of other people.”
This quote means that good managers motivate and positively influence employees to get the job done. Managers coordinate and monitor the work of the employees. Managers first plan, then establish the goals to be accomplished and then direct the work effort to be productive.
If I were a manager of a company, I definitely try to emulate what the quote says. For instance, the manager of a recreational and sports club. I would do everything to establish clear, specific, and attainable goals so my employees could understand them. Then I describe the role and responsibilities of each employee so they can do their job without any doubts. And of course, I would delegate so they can do their jobs happily. No unnescesary intromissions. The objective would be to offer the best service possible to our clients.
On December 31, the trial balance indicates that the supplies account has a balance, prior to the adjusting entry, of $269. A physical count of the supplies inventory shows that $102 of supplies remain. Analyze this adjustment for supplies using T accounts, and then formally enter this adjustment in the general journal.
Answer:
Balance Sheet
Supplies
Beg. Bal. $269 | Adj. $167
Bal. $102
Income Statement
Supplies Expense
Adj. $167 |
Date Account Title Debit Credit
Dec 31 Supplies Expense $167
Supplies $167
(To record Supplies used)
If a court determines that a manager's corporate decision amounted to self-dealing, a. the manager is automatically personally liable to the corporation. b. the transaction being challenged will be automatically voided. c. the manager will automatically be fired. d. the business judgment rule will not apply.
Answer:
d. the business judgment rule will not apply.
Explanation:
A corporation can be defined as a corporate organization that has facilities and owns or controls assets used for the production of goods and services in at least one country other than its headquarter (home office) located in its home country.
One of the advantage of a corporation is that, owners have limited liability for debt to the extent to which they have invested and as such are not personally liable for some of debt owed by corporation.
A manager can be defined as an individual who is saddled with the responsibility of providing guidance, support, supervision, administrative control, as well as acting as a role model or example to the employees working in an organization by being morally upright.
Generally, managers are typically involved in taking up leadership roles and as such are expected to be build a strong relationship between their employees or subordinates by creating a fair ground for effective communication and sharing of resources and information. Also, they are required to engage their staff members (entire workforce) in the most efficient and effective manner.
In Business management, if a court of competent jurisdiction determines that a manager's corporate decision amounted to self-dealing i.e putting his or her own interests first, the business judgment rule will not apply.
Generally, in order for the business judgement rule to apply, it is expected or required that a manager should act in the best interest of a corporation.
Since the middle of the 20th century, the international global business system has been shaped by global institutions. Countries have established these institutions to address the global issues that span their borders.
a. True
b. False
Answer:
a. True
Explanation:
This statement is correct, as global institutions were created with the objective of regulating global business from international treaties, which implemented a set of rules and regulations that must be followed by all organizations in a global market, as a form of protection to organizations, society and the environment, such as legislative and economic changes, crises and possible negative impacts inherent to organizations in a global business system.
Complete accounting cycle and financial statements
The city council of E. Staatsboro approved the following budget for the General Fund for fiscal year 2019.
Estimated Revenues
Property taxes $335,000
License fees 40,000
Fines and penalties 15,000
Total revenues $390,000
Appropriations
Salaries $350,000
Supplies and utilities 30,000
Debt service 3,000
Total appropriations 383,000
Budgeted Increase in Fund Balance $7,000
The postclosing trial balance for the fund, as of December 31, 2018, was as follows:
Debits Credits
Cash $15,000
Vouchers payable $8,000
Fund balance (unassigned) 7,000
$15,000 $15,000
The following transactions and events occurred during FY 2019.
1. Levied property taxes of $335,000 and mailed tax bills to property owners.
2. Borrowed $300,000 on tax anticipation notes at an interest rate of 1 percent per annum.
3. Ordered supplies expected to cost $18,000.
4. The supplies arrived, along with an invoice for $19,000; the city paid the invoice immediately.
5. Received cash ($383,000) from the following sources: property taxes ($330,000), licenses and fees ($38,000), fines and penalties ($15,000).
6. Paid cash for the following purposes: unpaid vouchers at the start of year ($8,000); salaries ($340,000); utility bills ($11,000).
7. Repaid the tax anticipation notes 6 months after date of borrowing, with interest.
8. Processed a budgetary interchange, increasing the appropriation for supplies and utilities by $2,000 and reducing the appropriation for salaries by the same amount.
9. Will pay salaries for the last few days in December, amounting to $2,000, at the end of the first pay period in January 2020; also, received in early January 2020 a utilities invoice for $1,000 applicable to December 2019.
Use the preceding information to do the following:
a. Prepare journal entries to record the budget and the listed transactions and events.
b. Prepare a preclosing trial balance.
c. Prepare a balance sheet; a statement of revenues, expenditures, and changes in fund balance; and a budgetary comparison schedule.
financial lit Banks offer other types of services such as safe deposit boxes for customers to store valuable documents. List at least two other types of non-account services that the provider makes available to customers, either for a fee or at no cost.
Answer and Explanation:
Banks offer agency services too such as being trustees, executors, or financial advisors to their customers. They can also stand as guarantee for their customers.
Banks also offer reference services. They provide information on the financial position or strength of their customers for the purpose of a customer's business dealing. This is usually done confidentially and with the permission of the customer
Zebra Company sells a segment of its operations at a loss. Zebra has not previously experienced such an event and does not expect to again. The loss from the disposal of the segment should be reported in the income statement as: Select one: A. A separate amount in comprehensive income B. A separate amount in net income from continuing operations C. A separate amount in a discontinued operations section D. As part of cost of goods sold
Answer:
C. A separate amount in a discontinued operations section
Explanation:
Since in the given situation it is mentioned that zebra co sells the segment at a loss so this loss from the sale of the segment that should be reported in the income statement as the distinct amount in the discontinued operating section as the same below the income from continuing operations
Hence, the correct option is c.
Answer:
The answer is "Option C".
Explanation:
The discontinued operations are parts of a company's core business or product line that have been sold or shut down and thus are reported separately on the financial statements from ongoing operations. As a result, any loss from the sale of the segment should indeed be reported as a separate amount inside the income statement's discontinued operations column.
mention any four components of the marketing communication policy
Answer:
Mix advertising, public relations, sales promotion and personal selling
XYZ shop has a favorite model that has annual sales of 145. The cost to place an order to replenish inventory is $25 per order, and annual inventory holding cost per unit is $20. Assume the store is open 350 days per year. a. What is the optimal order size
Answer:
EOQ= 19 units
Explanation:
Giving the following information:
Demand= 145 units
Order cost= $25 per order
Holding cost= $20.
To calculate the optimal order quantity, we need to use the economic order quantity method:
Economic order quantity (EOQ)= √[(2*D*S)/H]
D= Demand in units
S= Order cost
H= Holding cost
EOQ= √[(2*145*25) / 20]
EOQ= √362.5
EOQ= 19 units
Analysts estimate that a bond has a 40 percent probability of being priced at $950 and a 60 percent probability of being priced at $1,050 one year from today. The bond is also callable at any time at $1,010. What is the expected value of this bond in one year?
A) $1,000
B) $980
C) $1,010
D) $995
E) $986
Answer:
E) $986
Explanation:
The computation of the expected value of the bond in one year is shown below;
= (Probability × Price of bond) + (Probability × Callable price bond)
= (0.4 × $950) + (0.60 × $1,010)
= $986
Hence, the expected value of the bond in one year is $986
Therefore the correct option is E.
Amazon Corporation owns machinery with a book value of $760,000. It is estimated that the machinery will generate future cash flows of $700,000. The machinery has a fair value of $560,000. Amazon should recognize a loss on impairment of:_______.
Answer: $200,000
Explanation:
The loss on impairment refers to the difference between the carrying or book value of an asset and the fair/ recoverable value of same.
Loss on impairment = Book value - Fair value
= 760,000 - 560,000
= $200,000
The value of the machinery would fall by $200,000 to tally it to its fair value.
Which of the following non-GAAP disclosures is LEAST LIKELY to create variance between GAAP and non-GAAP operating income:
a. Goodwill impairment
b. Inventory write down
c. Currency loss from closing of a foreign subsidiary
d. Gain on sale of an asset
Answer: c. Currency loss from closing of a foreign subsidiary.
Explanation:
GAAP refers to the industry standard and it gives a clear view of the operations of a business from a financial point of view. On the other hand, the non-GAAP disclosure deviates from the industry standard and in such case, adjustments are made to show company's operations.
The non-GAAP disclosures which is least likely to create variance between GAAP and non-GAAP operating income is the currency loss from closing of a foreign subsidiary.
Logan owns a horse ranch. Logan dislikes horses, but he opened the ranch because he heard it was a lucrative business and he wanted to make money. Logan’s horse ranch has lost money every year for the past 5 years (including this year), but Logan has made some changes to business operations, including hiring a consultant and increasing his prices. Logan anticipates that as a result of these changes, his horse ranch will generate a profit in the next year or two. This year, Logan hired his brother, Luke, to work at the horse ranch. Logan pays Luke $500/hr to clean the horse stalls. Logan also hired his best friend, Lucy, to do Logan’s grocery shopping and other personal errands. He pays Lucy $15/hr. Which of the following is most accurate?
a. Logan cannot deduct any of the costs associated with the horse ranch because the horse ranch would be classified as a hobby, not a business
b. Logan can deduct the full salary paid to Luke because Luke works in Logan’s horse ranch business
c. Logan can deduct the full salary paid to Lucy because the amount of the expense is reasonable
d. Logan can deduct the full salary paid to Lucy because grocery shopping is ordinary and necessary
e. None of the above are correct
Answer:
Logan Horse Ranch
The most accurate is:
e. None of the above are correct
Explanation:
Logan's payment to his brother, Luke, of $500 per hour, is not a reasonable business expense that can be deductible. Surely, $500 per hour is not a going rate for cleaning the horse stalls per hour. With Lucy doing grocery shopping for Logan, it does not resonate like an ordinary and necessary expense for the business. Therefore, options A to D are not correct. This leaves only option E as the most accurate.
What is the loan balance (in dollars) after the third payment, of a 5 year loan of $100,000 with an APR of 10% and annual payments
_______ is best described as the process of transformation of an idea into a new product or process, or the modification and recombination of existing ones.
Answer: Invention
Explanation:
Invention simply refers to the process for transforming an idea into a new product or the modification and the recombination of existing ones.
Invention is the unique method, or process that's used in the creation of a product or may be an improvement on a product or machine that's already created.
What is the present value of a 10-year annuity of $3,000 per period in which payments come at the beginning of each period
Answer: $18984.9
Explanation:
Your question isn't complete as you didn't give the interest rate. Let's assume that the interest rate is 12%.
Therefore, the present value will be:
= 3000 + 3000[1 - (1 + 0.12)^-10+1] / 0.12
= 3000 + (3000 × 5.3283)
= 3000 + 15984.9
= 18984.9
Therefore, the present value is $18984.9
Listed below are five technical accounting terms. Each of the following statements describes one of these technical terms. For each statement, indicate the term described.
Opportunity cost
Out-of-pocket cost
Joint products
Incremental analysis
Sunk cost
Split-off point
Relevant information
Each of the following statements may (or may not) describe one of these terms. For each statement, indicate the accounting term or terms described, or answer "none" if the statement does not correctly describe any of these terms.
a. Examination of differences between costs to be incurred and revenue to be earned under different courses of action.
b. A cost incurred in the past that cannot be changed as a result of future actions.
c. Costs and revenue that are expected to vary, depending on the course of action decided on.
d. The benefit foregone by not pursuing an alternative course of action.
e. Products made from common raw materials and shared production processes.
f. A cost yet to be incurred that will require future payment and may vary among alternative courses of action.
g. The point at which manufacturing costs are split equally between ending inventory and cost of goods sold.
Answer:
a. Incremental analysis.
b. Sunk cost.
c. Relevant information.
d. Opportunity cost.
e. Joint products.
f. Out-of-pocket cost.
g. Split-off point.
Explanation:
a. Incremental analysis: examination of differences between costs to be incurred and revenue to be earned under different courses of action.
b. Sunk cost: a cost incurred in the past that cannot be changed as a result of future actions. Sunk cost can be defined as a cost or an amount of money that has been spent on something in the past and as such cannot be recovered.
c. Relevant information: costs and revenue that are expected to vary, depending on the course of action decided on. Hence, relevant cost are relevant for decision-making purposes but not sunk costs.
d. Opportunity cost: the benefit foregone by not pursuing an alternative course of action. Opportunity cost also known as the alternative forgone, can be defined as the value, profit or benefits given up by an individual or organization in order to choose or acquire something deemed significant at the time.
e. Joint products: products made from common raw materials and shared production processes.
f. Out-of-pocket cost: a cost yet to be incurred that will require future payment and may vary among alternative courses of action.
g. Split-off point: the point at which manufacturing costs are split equally between ending inventory and cost of goods sold. Thus, it give rise to joint products that emerge from the same raw materials and a shared manufacturing process.
Công ty M sản xuất một số mặt hàng
thuộc đối tượng nộp thuế GTGT theo phương pháp khấu trừ thuế, tổ chức kế toán
hàng tồn kho theo phương pháp kê khai thường xuyên. Trong tháng 1, phòng kế
toán có tài liệu liên quan đến các khoản thuế và các khoản phải nộp ngân sách
như sau:
I. Số dư đầu tháng 3: TK 333:
2.000.000đ trong đó chi tiết TK 33311: 2.000.000đ.
II. Phát sinh trong tháng:
1.
Công ty đã chi tiền mặt nộp thuế môn bài năm nay theo thông báo:
3.000.000đ.
2.
Nhận được thông báo nộp thuế tài nguyên trong kỳ: 2.000.000đ.
3.
Chi phí tiền lương trong kỳ:
- Bộ phận bán hàng: 55000.000đ
- Bộ phận quản lý doanh nghiệp:
60.000.000đ
Đến kỳ thanh toán lương, công ty tiến
hành trích các khoản theo lương và thực hiện khấu trừ lương của công nhân viên theo
quy định.
4.
Mua một xe con sử dụng phải đóng lệ phí trước bạ: 6.000.000đ.
5.
Nhận thông báo tạm nộp thuế TNDN quý I năm nay: 10.000.000đ.
6.
Tổng hợp tình hình tiêu thụ sản phẩm trong tháng: giá bán sản phẩm chưa
thuế 100.000.000đ, thuế GTGT 10%, trong đó chưa thu tiền khách hàng 50% giá
thanh toán, thu bằng TGNH 30% và bằng tiền mặt 20%.
7.
Nhận lại một số sản phẩm đã tiêu thụ tháng 2, nhập kho theo giá vốn
800.000đ, giá bán hàng trả lại 1.100.000đ (gồm thuế GTGT 100.000đ) trừ vào số
tiền khách hàng còn nợ.
8.
(Giả sử) cuối tháng lập tờ khai thuế GTGT, số tiền thuế GTGT đầu vào
được khấu trừ tháng này là 12.000.000đ.
9.
Chuyển TGNH nộp thuế GTGT 2.000.000đ, thuế TTĐB 22.500.000đ, thuế TNDN
tạm nộp, nộp hộ thuế TNCN cho CNV, đã nhận được giấy báo Nợ của NH.
Yêu cầu: Trình bày bút toán ghi sổ.
Answer:
vfnfhtjjhyhhhshahayyahauahaua
Project Management Practice ProblemBragg’s Bakery is building a new automated bakery downtown Sandusky. Here are the activities that need to be completed to get the new bakery built and the equipment installed.
ACTIVITYPREDECESSORNORMAL TIME (WEEK)CRASH TIME (WEEK)EXPEDITING COST/WEEKA-963000BA853500CA15104000DB,C532000EC1062500FD,E215000
Hint: I have directly provided the crashing cost per unit time.
a. What is the normal project length?
b. What is the critical path in this project?
c. Which activity will you choose to crash first to reduce the duration of the project by one week?
d. What is the project length if all activities are crashed to their minimum?
e. What is the slack for activity D?
Answer:
a. The normal project length is 36 weeks.
b. The critical path in this project is A-C-E-F.
c. The activity that you choose to crash first to reduce the duration of the project by one week is E because it has the least expediting cost/week amongst A, C, E, F.
d. The project length if all activities are crashed to their minimum is 23 weeks.
e. The slack for activity D is 5 weeks.
Explanation:
a) The normal length of the project = completion time of last activity = 36 weeks.
b) The criteria for critical activity:
[tex]LC_{i} = ES_{i} ,\\LC_{j} = ES_{j} ,\\[/tex]
[tex]ES_j - ES_i = LF_j - LF_{i} =[/tex] duration of the activity
where ES = Earliest start time, EF = Earliest finish time , LC = latest completion time, LF = latest finish time ,
The suffix- i refers to the preceding node, suffix-j refers to the succeeding node.
activities satisfying above all criteria are A, C, E, F
therefore critical path is A-C-E-F.
c) To reduce the project duration by 1 week. we should choose to crash among critical activities A, C, E, F. thus we choose to crash activity E because it has the least expediting cost/week amongst A, C, E, F.
d) if we crash all the activities to their minimum, then the project length = sum of crash time of all critical activities
= [6 + 10 + 6 + 1]
= 23 weeks.
e) The slack of activity d = LS - ES = 34 - 29
= 5 weeks
The critical path is given in the diagram,
Year Nominal GDP Real GDP GDP Deflator (Dollars) (Base year 2016, dollars) 2016 2017 2018 From 2017 to 2018, nominal GDP , and real GDP. The inflation rate in 2018 was.
Why is real GDP a more accurate measure of an economy's production than nominal GDP?
Answer:
Explanation:
The Real GDP is defined as the Nominal GDP minus the inflation effect.
Real GDP provides a more accurate picture of economic growth than nominal GDP because it uses constant prices, making comparisons between years more meaningful by allowing for comparisons of the actual volume of goods and services without considering inflation.
Let's say you bought apples at 5dollars per pound in 2015. Imagining a country of 1000 people and considering everyone bought a pound apples and only apples in that year, the GDP comes out to be 1000*5 = 5000 dollars.
Now let's say inflation rate is 10 percent in 2016 which will increase the price to 5.5 dollars per pound. Also, in one year, 10 more people were added to the country (No of births - No of deaths = New people in that year), this brings out total population to around 1010.
Also, let's say that the sale of apples remained the same, so the GDP of 2016 comes out to be 1000*5.5 = 5500 dollars.
That's a whooping 10% increase in GDP, right?
But here the catch.
The GDP increased not because the demand increased, but because the price of the good increased.
If we see at previous year's price (Not considering the inflation, also called Real GDP), the GDP is same which is 5000 dollars.
So, in reality, there isn't any increase in GDP.
Juanita worked hard all year so that she could go to nursing school the following year. She put her savings into a mutual fund that paid a nominal interest rate of 4 percent a year. The CPI was 252 at the beginning of the year and 257 at the end of the year. What was the real interest rate that Juanita earned?
Answer:
1.98%
Explanation:
Inflation rate = (CPI at the end of the year / CPI at the beginning of the year) - 1
(257 / 252) - 1 = 0.01984 = 1.984%
(1 + nominal interest rate) = (1 + inflation rate) (1 + real interest rate)
1.04 = 1.01984 x (1 + real interest rate)
(1 + real interest rate) = (1.04 / 1.01984) - 1 = 1.98%
Rosalia White will invest $3,000 in an IRA for the next 30 years starting at the end of this year. The investment will earn 13 percent annually. How much will she have at the end of 30 years
Answer:
$879,597.65
Explanation:
The future value of an ordinary annuity formula is applicable in this case, since an ordinary annuity is such that payments into the accounts are expected to occur at the end of the periods rather than at the beginning of each year:
FV=yearly payment*(1+r)^n-1/r
yearly payment=$3,000
r=13%
n=number of annual payments =30
FV=$3000*(1+13%)^30-1/13%
FV=$3000*(1.13)^30-1/0.13
FV=$3000*(39.11589796-1)/0.13
FV=$3000*38.11589796/0.13
FV=$879,597.65
Equipment acquired at the beginning of the year at a cost of $30,800 has an estimated residual value of $2,800 and an estimated useful life of four years. Determine the following: (a) The depreciable cost $fill in the blank 1 (b) The straight-line rate fill in the blank 2 % (c) The annual straight-line depreciation $fill in the blank 3
Answer:
$28000
25%
$7000
Explanation:
Depreciable cost = cost of the asset - residual value
$30,800 - $2800 = $28,000
The straight-line rate = annual depreciation expense / Depreciable cost
7000 / 28,000 x 100 = 25%
Straight line depreciation expense = (Cost of asset - Salvage value) / useful life
$28,000 / 4 = $7000
On December 1, a six-month liability insurance policy was purchased for $900. Analyze the required adjustment as of December 31 using T accounts, and then formally enter this adjustment in the general journal.
Answer:
See below
Explanation:
Prepaid insurance. Insurance expense
————————————- ———————————-
debit. | Credit. Debit. | Credit
|. 150.00. 150. |
enter the debit of 150 under insurance expense in the journal
enter the credit of 150 under prepaid insurance in the journal
A company is planning to purchase a machine that will cost $57,000 with a six-year life and no salvage value. The company expects to sell the machine's output of 3,000 units evenly throughout each year. A projected income statement for each year of the asset's life appears below. What is the payback period for this machine?
Sales $138,000
Costs:
Manufacturing $68,000
Depreciation on machine 9,500
Selling and administrative expenses 46,000 (123,500)
Income before taxes $14,500
Income tax (35%) 5,075
Net income $9,425
a. 6.00 years.
b. 1.99 year.
c. 6.05 years.
d. 12.10 years.
e. 3.01 years.
Answer:
e. 3.01 years
Explanation:
Cost of Asset = $57,000
Net annual cash Inflow = Net Income after Tax + Depreciation
Net annual cash Inflow = $9,425 + $9,500
Net annual cash Inflow = $18,925
Payback Period = Cost of Asset (Investment) / Net annual cash Inflow
Payback Period = $57,000 / $18,925
Payback Period = 3.01188904
Payback Period = 3.01 years
Journalize the entries to record the following transactions for Mountain Realty Inc.:
Aug.26 Issued for cash 128,000 shares of no-par common stock The stock outstanding when a corporation has issued only one class of stock. (with a stated value of $5) at $6.
Oct.1 Issued at par value 41,000 shares of preferred 1% stock, $10 par The monetary amount printed on a stock certificate. for cash.
Nov. 30 Issued for cash 17,000 shares of preferred 1% stock, $10 par at $11
Answer and Explanation:
The journal entries are shown below"
On Aug 26
Cash Dr $768,000
To Common stock $640,000
To Additional paid in capital $128,000
(Being issuance of the common stock is recorded)
On Oct 1
Cash Dr $410,000
To preferred stock $410,000
(Being the issuance of the preferred stock is recorded)
On Nov 30
Cash Dr $187,000
To Common stock $170,000
To Additional paid in capital $17,000
(Being issuance of the common stock is recorded)
Austen, the night shift manager of a 24-hour convenience store, would regularly drive his car to the back door, unlock it, and load in a couple of cases of beer, every night. These cases of beer were marked down for no apparent reason, and Austen paid the reduced price. Is Austen setting a good example for his employees
Answer:
bro
Explanation:
The firm you manage faces the following costs: Quantity Total Cost 0 $4 1 $6 2 $7 3 $10 4 $15 5 $21 What is the average fixed cost of the 2nd unit produced
Answer:
The average fixed cost of the 2nd unit produced is:
= $2.
Explanation:
a) Data and Calculations:
Quantity Total Cost Fixed Cost Average Fixed Cost
0 $4 $4 $4
1 $6 $4 $4
2 $7 $4 $2
3 $10 $4 $1.3
4 $15 $4 $1
5 $21 $4 $0.8
b) The average fixed cost (AFC) is the total fixed cost divided by the quantity of production within the relevant range. It does not change when there a change in the number of goods and services produced by a company. Average fixed cost can be calculated from the salaries of permanent employees, the mortgage payment on machinery and plant, and rent.
The cost of direct materials transferred into the Rolling Department of Kraus Company is $3,000,000. The conversion cost for the period in the Rolling Department is $462,600. The total equivalent units for direct materials and conversion are 4,000 tons and 3,855 tons respectively. Determine the direct materials and conversion costs per equivalent unit.
Answer:
the direct material & conversion cost per equivalent unit is $750 per ton and $120 per ton
Explanation:
The calculation of the direct material & conversion cost per equivalent unit is given below:
Direct materials per equivalent unit is
= $3,000,000 ÷ 4,000 tons
= $750 per ton
And,
Conversion costs per equivalent unit is
= $462,600 ÷ 3,855 tons
= $120 per ton
Hence, the direct material & conversion cost per equivalent unit is $750 per ton and $120 per ton
GHI Corporation, a California corporation, has a six-person board. At a regular board meeting, only two directors attend. No notice was sent to any of the directors. The two attending call directors Alice and Bob and put them on a conference call. The four talk about the corporation buying Blackacre and then all agree to a resolution for GHI to buy Blackacre from Third Party. The Bylaws of GHI state that an action of the board requires the consent of a majority of the directors present at a meeting, and that a quorum is a majority of the authorized directors.
Select one:
a. the purchase is authorized because a quorum was present and a majority of those present approved the action.
b. the purchase is not authorized, since all real estate transactions require shareholder approval
c. the purchase is not authorized because prior written notice must be sent to each director
d. the purchase is not authorized because a quorum was not present at the board meeting
e. Two of the above are correct.
Answer:
a. the purchase is authorized because a quorum was present and a majority of those present approved the action.
Explanation:
going by the bye laws of GHI state, board action requires that majority of the members of the board are present and give consent in the meeting. here in this question, we have a 6 member board. Although only two of the board members are physically present, through conference call Alice and Bob increased the number to 2 when they joined in. Therefore the number of board members at this meeting is 4, then the requirement has been met. So since this 4 agreed to the purchase, it is authorized and valid since a quorum was present and a majority of them agreed to the action. option a is correct
The correct statement is a. the purchase is authorized because a quorum was present and, a majority of those present approved the action.
The quorum required by the Bylaws of GHI is for a majority of directors to be present, and in this case, four directors were present (two physically and two by conference call).
The Bylaws of GHI specify that every action of the directors should be supported by a majority present at a meeting. We can conclude that the purchase is authorized by the majority (100%).
Thus, the purchase of Blackacre by GHI is authorized.
Learn more about board of directors, quorum, and majority votes here: https://brainly.com/question/7985365
A company started the year with $1,500 of supplies on hand. During the year the company purchased additional supplies of $800 and recorded them as increase to the supplies asset. At the end of the year the company determined that only $300 of supplies are still on hand. What is the adjusting journal entry to be made at the end of the period
Answer:
Debit : Supplies Expense $2,000
Credit : Supplies $2,000
Explanation:
The adjusting journal entry to be made at the end of the period should reflect the usage of supplies.
Supplies used = Opening Balance + Purchases - Inventory Balance
therefore,
Supplies used = $1,500 + $800 - $300
= $2,000
A Debit to Expense Account - Supplies Expense and A Credit to Asset Account - Supplies must be made to depict the usage of supplies.
