A nonprofit corporation will limit its powers pursuant to what? a. The majority vote of the...
A nonprofit corporation will limit its powers pursuant to what?
a. The majority vote of the general class of shareholders
b. The nonprofit corporation's purpose clause
c. The nonprofit corporation's articles of organization
d. The majority vote of the preferred class of shareholders
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A nonprofit corporation will limit its powers pursuant to
what?
a. The majority vote of the...
5. For an indictment, ___________ jurors must vote to indite. A) All. B) A two-thirds majority...
5. For an indictment, ___________ jurors must vote to indite. A) All. B) A two-thirds majority of. C) At least 12. D) A simple majority of. 6. The police enter David's home pursuant to a valid arrest warrant to arrest Jennifer. is this entry lawful? 8. Abbott is being prosecuted for the murder of Costello. To prove he did not commit the crime,, Abbott wishes to testify that after the murder was committed, Barney, a member of the Coasties, a...
When a corporation desires to sell a majority of its assets, which of the following must...
When a corporation desires to sell a majority of its assets, which of the following must it obtain? (a) Approval from its board of directors and shareholders, but not from officers. (b) Approval from officers and its board of directors, but not from shareholders. (c) Approval from shareholders, but not from officers or its board of directors. (d) Approval from officers, its board of directors, and shareholders. (e) Approval from its board of directors, but...
_, and for a 21. The document necessary to file to form an LLC is called...
_, and for a 21. The document necessary to file to form an LLC is called Corporation it's called a. Articles of Incorporation, Articles of Corporate Formation b. Articles of Organization, Articles of Incorporation c. Articles of Organization, Articles of Corporate Formation d. Articles of LLC, Articles of Corporation 22. A _distributes profits to its shareholders in the form of dividends: a. LLC b. LLP c. Corporation d. General Partnership 23. The is the document which governs an LLC: a....
5 Andi Corporation transfers assets with an adjusted basis of $200,000 and an FMV of 300,000...
5 Andi Corporation transfers assets with an adjusted basis of $200,000 and an FMV of 300,000 to Bella Corporation in exchange for $300,000 of Bella Corporation stock as part of a tax-free reorganization. The Bella stock had been purchased from its shareholders one year earlier for $250,000. How much gain do Andi and Bella Corporations recognize on the asset transfer? A) Andi S0 B) Andi $0 C) Andi $100,000 D) Andi s100,000 Page Ref: C: 7-14 and 7-15. (Slide 7-12)....
Exercise 20-13 (LO. 1) Pursuant to a complete liquidation, Carrot Corporation distributes to its shareholders real...
Exercise 20-13 (LO. 1) Pursuant to a complete liquidation, Carrot Corporation distributes to its shareholders real estate held as an investment (basis of $650,000, fair market value of $880,000) a. Determine the gain or loss recognized by Carrot on the distribution if no liability is involved. If no liability is involved, Carrot has a gain of $ on the distribution b. Determine the gain or loss recognized by Carrot on the distribution if the real estate is subject to a...
18,19,20 18) Adam, Terry and Victor want to form ATV Corporation. Which of the following is not a step in forming the corporation? 15. (a) selecting a state of incorporation (b) preparing articles...
18,19,20
18) Adam, Terry and Victor want to form ATV Corporation. Which of the following is not a step in forming the corporation? 15. (a) selecting a state of incorporation (b) preparing articles of incorporation (c) adopting bylaws at a shareholders' meeting (d) filing articles of incorporation (e) none of the above 16 17 19) Tim and Myra started a general partnership called "Purrrfect Pets". Tim and Myra each have personal assets exceeding $200,000 in value; however, Tim only invested...
Governments and nonprofit entities are similar in many ways. Which of the following statements is not...
Governments and nonprofit entities are similar in many ways. Which of the following statements is not truc? MC1-10. LO 1 a. Neither governments nor nonprofit entities have a profil modve. D. Both govemments and nonprofit entities provide services. C. Both govemments and nonprofit entities assess tases. 4. Boin govemments and nonprofit entities often report restricted resources. MC1-11. Why do govemments and nonprofit entities use fund accounting a. 1o help ensure restricted resources are spent for their intended purpose. 0. To...
Business Entity 9. Which of the following events does not terminate an S corporation election? One of the corporation's 100 shareholders transfers his shares to three unrelated friends. a. b....
Business Entity
9. Which of the following events does not terminate an S corporation election? One of the corporation's 100 shareholders transfers his shares to three unrelated friends. a. b. The corporation issues a nonvoting preferred class of stock that entitles the holder to receive a greater amount on liquidation. 51% of the shareholders must consent to file a c, revocation. d. One of the corporation's 100 shareholders marries and transfers half of her shares to her husband. 10. The...
29. If it is likely that a company will lose a lawsuit and the amount can...
29. If it is likely that a company will lose a lawsuit and the amount can be reliably estimated, then the company must: a) record the asset. b) disclose only in the notes to the financial statements. c) not record or disclose any information. d) record the loss and the liability. 30. An employee receives a bi-weekly gross salary of $ 2,000. The employee's deductions include income tax of $ 218, CPP of $ 92. El of $ 37, and...
Font Paragraph Tultiple Choice Questions, Extra Credit 60 points) 51. The net assets of a corporation...
Font Paragraph Tultiple Choice Questions, Extra Credit 60 points) 51. The net assets of a corporation equal to: A) Contributed capital C) Shareholders' equity. B) D) Retained earning None of the abos 52. Characteristics of the corporate form that have led to the growth of this form of bu the following except A) Ease of raising capital B) Low governme C) Limited liability D) Ease of ownershi 53. Retained earnings represent A) Earned capital. C) Assets. B) D) Cash Net...
_, and for a 21. The document necessary to file to form an LLC is called Corporation it's called a. Articles of Incorporation, Articles of Corporate Formation b. Articles of Organization, Articles of Incorporation c. Articles of Organization, Articles of Corporate Formation d. Articles of LLC, Articles of Corporation 22. A _distributes profits to its shareholders in the form of dividends: a. LLC b. LLP c. Corporation d. General Partnership 23. The is the document which governs an LLC: a....
5 Andi Corporation transfers assets with an adjusted basis of $200,000 and an FMV of 300,000 to Bella Corporation in exchange for $300,000 of Bella Corporation stock as part of a tax-free reorganization. The Bella stock had been purchased from its shareholders one year earlier for $250,000. How much gain do Andi and Bella Corporations recognize on the asset transfer? A) Andi S0 B) Andi $0 C) Andi $100,000 D) Andi s100,000 Page Ref: C: 7-14 and 7-15. (Slide 7-12)....
Exercise 20-13 (LO. 1) Pursuant to a complete liquidation, Carrot Corporation distributes to its shareholders real estate held as an investment (basis of $650,000, fair market value of $880,000) a. Determine the gain or loss recognized by Carrot on the distribution if no liability is involved. If no liability is involved, Carrot has a gain of $ on the distribution b. Determine the gain or loss recognized by Carrot on the distribution if the real estate is subject to a...
18,19,20
18) Adam, Terry and Victor want to form ATV Corporation. Which of the following is not a step in forming the corporation? 15. (a) selecting a state of incorporation (b) preparing articles of incorporation (c) adopting bylaws at a shareholders' meeting (d) filing articles of incorporation (e) none of the above 16 17 19) Tim and Myra started a general partnership called "Purrrfect Pets". Tim and Myra each have personal assets exceeding $200,000 in value; however, Tim only invested...
Governments and nonprofit entities are similar in many ways. Which of the following statements is not truc? MC1-10. LO 1 a. Neither governments nor nonprofit entities have a profil modve. D. Both govemments and nonprofit entities provide services. C. Both govemments and nonprofit entities assess tases. 4. Boin govemments and nonprofit entities often report restricted resources. MC1-11. Why do govemments and nonprofit entities use fund accounting a. 1o help ensure restricted resources are spent for their intended purpose. 0. To...
Business Entity
9. Which of the following events does not terminate an S corporation election? One of the corporation's 100 shareholders transfers his shares to three unrelated friends. a. b. The corporation issues a nonvoting preferred class of stock that entitles the holder to receive a greater amount on liquidation. 51% of the shareholders must consent to file a c, revocation. d. One of the corporation's 100 shareholders marries and transfers half of her shares to her husband. 10. The...
29. If it is likely that a company will lose a lawsuit and the amount can be reliably estimated, then the company must: a) record the asset. b) disclose only in the notes to the financial statements. c) not record or disclose any information. d) record the loss and the liability. 30. An employee receives a bi-weekly gross salary of $ 2,000. The employee's deductions include income tax of $ 218, CPP of $ 92. El of $ 37, and...
Font Paragraph Tultiple Choice Questions, Extra Credit 60 points) 51. The net assets of a corporation equal to: A) Contributed capital C) Shareholders' equity. B) D) Retained earning None of the abos 52. Characteristics of the corporate form that have led to the growth of this form of bu the following except A) Ease of raising capital B) Low governme C) Limited liability D) Ease of ownershi 53. Retained earnings represent A) Earned capital. C) Assets. B) D) Cash Net...
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