Answered: If the corporation intends to shorten…

If the corporation intends to shorten its life, what is the remedy of the corporators? Amend the by-laws Amend the articles of incorporation Dissolve the corporation Amend the certificate of

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter18: Corporations: Organization And Capital Structure

Section: Chapter Questions

Problem 5DQ

See similar textbooks

Related questions

Q: What kind of operations are listed on the cash flow statement? Is it important the order these…

A: A cash flow statement is a straightforward financial report that depicts a company's cash flow (cash…

Q: The Harvard Company acquired a 30% equity Interest in Baywatch Company for P4,000,000 on January 1,…

A: The investment made by company in shares of other company is recorded as assets in the balance…

Q: On October 1, 2021, a company declared to its shareholders a property dividend in the form of pieces…

A: Solution: In case of property dividend, fair value on the date of declaration is considered for all…

Q: Additional Information: · The 10% bank note payable is Issued on January 1, 2025, payable…

Q: 24. Which is TRUE? S1: Representation expense of a seller of goods is subject to limitation of 5%…

A: Representation expense of a seller of goods is subject to limitation of 0.50% of net sales. In…

Q: 55. On March 1, 2021, a company issued a four-year, P3,000,000 face value, 11% term bonds for…

Q: On January 1, 2022, A company issued 1,000 of its January 1, 2017, 8%, 10 year, P1,000 face value…

Q: Donahue Oil has an account titled Oil and Gas Properties. Donahue paid $6,700,000 for oil reserves…

A: Depletion means the fall in value of reserve when some reserves has been extracted from mines.…

Q: Concord Corporation purchased a delivery truck for $36,800 on January 1, 2020. The truck has an…

A: Depreciation expense per mile is calculated by dividing the depreciable value of the Asset by the…

Q: Using the following accounts and balances, prepare the stockholders' equity section of the balance…

A: Stockholders' equity includes preferred stock common stock and paid-up capital in excess of par. It…

Q: Question 7 In preparing a flexible budget, we use a. expected costs at the actual level of activity…

A: A flexible budget is one based on different volumes of sales. A flexible budget flexes the static…

Q: On January 1 2020, Entity A purchased property insurance from a certain insurance company. The cost…

A: Generally for business there is a time period which may be month , quarter , six…

Q: Tiktok company had 100,000 shares of common stock outstanding in January 2003. The company…

A: No. of shares outstanding means shares issued by the company and currently are with the…

Q: Euroco is a foreign corporation that manufactures watches for sale worldwide. Euroco markets its…

A: Since Euroco is not a treaty country, branch profit tax will be imposed @30%

Q: Kiro Corporation acquired a real estate located in Manila City at the beginning of 2020 for a total…

A: Initial Cost of Assets: - Initial cost of assets is the purchase price of the assets including other…

Q: On December 31, 2021, the Bobo company presented the following information: Ordinary share capital,…

A: Cost Value of Property, plant and equipment: P8,000,000 Book Value of Property, plant and equipment:…

Q: During 2020, Strawberry Corporation purchased several equity securities, all of which are designated…

A: Here discuss about the purchase and sale of share investment which are made through the fair value…

Q: What Is the investment carrying value at December 31. 2020? a. P6,162,000 b. P5,970,000 c.…

A: On October 1, 2019, Michael Company purchased 30,000 shares of Jackson Company at P180 per share. At…

Q: Statement of Realization & Liquidation of Riverdale is presented below: ASSETS: Assets to be…

A: Stockholder's equity is calculated using the formula of ending cash balance. The ending cash balance…

Q: 9) Omani Company reported equity of RO 130,000 on March 1. During the month, The Company generated…

A: Formula: Ending equity = Beginning equity + additional investments + Net income - Dividends

Q: Sales (all on credit), P600,000 Accounts receivable, P100,000 Allowance for uncollectible…

A: Following information are provided in the question: Sales (all on credit), P600,000 Accounts…

Q: 2. The following are the common sources of share premium, except Group of answer choices a. Excess…

A: Share Premium is the amount received that is in excess of the par value of the stock. Sometimes it…

Q: 1. The value deducted from the revenue stream, which usually has no obligation toward covering…

A: Disclaimer: Since you have asked multiple questions we have answer first question please upload…

Q: The stockholders' equity of A Company at the end of 2023 and 2022 are as follows:

A: Change in preferred Stock over 2022 and change in paid in capital in excess of par value in case of…

Q: What would be the average life time value of a customer?

A: Based on the data given we need to calculate the average life time value of a customer. Firstly let…

Q: What is the answer for these? and how do we find them k. Return on common stockholders' equity % %…

A: Return on common stockholders' equity is the measure of profitability of the business available to…

Q: Oriental Company follows the procedure of debiting bad debt expense for 2% of all new sales. Sales…

A: Calculation of Bad debts expense for 2020 Bad debts expense for 2020 = Sales in 2020 X 2% Bad debts…

Q: rmine (a) the current ratio and (b) the

A: Answers: a) Current Ratio 2.4 b) Quick Ratio 1.6

Q: Q.1:A company purchased equipment on November 1, 2019. Equipment was used 300 hours in 2019, 2800…

A: Lets understand the basics. In straight line basis, depreciation is calculated in equal installment…

Q: What is the proper treatment for noncash asset received from a non-stockholder? Group of answer…

A: Accounting entry to be made for noncash asset received from a non-stockholder: Debit Noncash Assets…

Q: Q.1:A company purchased equipment on November 1, 2019. Equipment was used 300 hours in 2019, 2800…

A: The depreciation expense is charged on fixed assets as reduction in the value of fixed assets with…

Q: s as his dependent. Assume arried separate) claiming item ally that Chris has AGI of $50_ emized…

A: To explain the correct option as,

Q: A company has suffered operating losses for some time but is now operating profitably and expects to…

A: Quasi-reorganization is done by a financially troubled company to revalue its accounts by deducting…

Q: Bramlett Plc is considering a new project, code named PJ6. This project requires an initial…

Q: How much is the interest expense to be reported by the company for the year ended December 31, 2022?…

A: Interest expense on note payable is the amount of interest accrued on note payable calculated at the…

Q: XYZ is evaluating whether to loosen its credit terms from 2/10, net 30 to 3/10, net 30. At present,…

Q: Nick’s Novelties, Incorporated, is considering the purchase of new electronic games to place in its…

A: Simple rate of return is calculated by dividing the Net operating income by the initial investment.…

Q: What’s the difference between accounts payable and receivable

A: You will have to deal with accounts payable and receivable if you utilise the accrual accounting…

Q: 4. Accounts receivable turnover fill in the blank 4 5. Number of days' sales in receivables fill in…

A: Solution:- 4) calculation of accounts receivables turnover ratio as follows under;- definition:-…

Q: On a beautiful spring morning in 2015, Stephen Lowber, chief financial officer of Cutter and Buck,…

A: Fraud has been defined as a false portrayal of the facts that causes harm to the victim by acting on…

Q: On January 1, 2019, Ailyssa Company acquired 30%of the voting share capital of Ruby Company for…

A: An unrealized gain is a rise in the price of an investment that the investor has not sold. A drop in…

Q: What is the formula for the "Net Income attributable to P Corporation"? How did you come up with…

A: In case of consolidations, net income to be recorded in the books of the parent entity is computed…

Q: anagement of DLSU Company has asked for your help as an intern in preparing some key reports for…

A: Work-in-process for the period means the value of work incurred for manufacture during the period.

Q: Identify which of the following items is a noncash investing and financing activity that must be…

A: Cash flow from investing and financing activity are reported in the statement of cash flow. The…

Q: EXERCISE 14A-6 Basic Present Value Concepts The Caldwell Herald newspaper reported the following…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: Modern Movables Corporation is a Virginia-based manufacturer of furniture. In a recent quarter, it…

A: Lets understand the basics. Cashflow statement is divided into three parts which are, (1) Cashflow…

Q: tock, par value $10 per share During 2005, Amelia issued 24,000 shares of common stock for a total…

A: Contributed capital refers to the cash and other assets that shareholders have donated a firm in…

Q: 3. What is the interest expenso for the year ended December 31, 2014? 4. What is the gain/(loss) on…

A: Bonds payable is the amount of bond which are the debt to the company which have to be paid by the…

Q: Perfect Stampers makes and sells aftermarket hubcaps. The variable cost for each hubcap is $4.75,…

A: Contribution margin per unit = Selling price per unit - Variable Cost per unit

Q: When is it necessary to adjust the parent’s retained earnings account in the preparation of…

A: Retained earnings can be referred to as accumulated earnings of a corporation which is available to…

Question

If the corporation intends to shorten its life, what is the remedy of the corporators?

Amend the by-laws

Amend the articles of incorporation

Dissolve the corporation

Amend the certificate of incorporation

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1Basic Information

VIEW

Step 2 Solution

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Which of the following acts does NOT require an amendment to the Articles of Incorporation of a corporation? Change of corporate name. Change of principal place of business. Change in outstanding capital stock. Change in corporate term.
Which is not a mode of involuntary dissolution of a corporation? a. Legislative revocation of franchise b. Judicial decree c. Order of the SEC d. Expiration of corporate term
If a corporation merges, what company's articles of incorporation and bylaws will be used?
When may a corporation sell, lease, exchange, mortgage, or pledge all or substantially all of its assets in the usual and regular course of its business? b. When may a corporation sell, lease, exchange, mortgage, or pledge all or substantially all of its assets other than in the usual and regular course of its business? c. What are the rights of a shareholder who dissents from a proposed sale or exchange of all or substantially all of the assets of a corporation other than in the usual and regular course of its business?
What is ordinarily the first step in the formation of a corporation? Development of by-laws for the corporation Issuance of the corporate charter Application for incorporation to the appropriate Secretary of State Registration with the SEC
A corporation is created by the state issuing a(n) after approving the corporation's articles of incorpo Multiple Choice . business plan oral agreement receipt
A corporation cannot start its operation if the Securities and Exchange Commission (SEC) does not issue the corporation’s certificate of incorporation. What principle is applied in this scenario a. None of the above b. Separate and distinct personality of the corporation c. Corporation is created by operation of law d. Corporation has a right of succession
A corporation existing in fact but not in law Choices; De facto corporation De jure corporation Domestic corporation Foreign corporation
1. The following are the attributes of a corporation, except * A. It is an artificial being. B. It is created as a product of the agreement of the incorporators. C.It can enjoy perpetual existence. D. It is functions within the limits granted to it by law. 2. The following corporations are governed by the Revised Corporation Code, except: * A. Stock corporation B. Close corporation C. Public corporation D. Government-owned and controlled corporations 3. In applying the doctrine of piercing the veil of corporate fiction, the following factors may be considered, except: * A. The identity of controlling stockholders in two corporations B. The identity of those who compose the governing body of the subject corporations C.The identity of the stockholders3 D. The internal control system referring to the manner of keeping corporate books and records
If the corporation is considered as de facto, who can question its existence? Board of Directors Stockholders Solicitor General Corporators
What principle is applied when the properties bought by a corporation is wholly owned by the corporation? This principle also requires that all the properties of the corporation must be used for the benefit of the corporation only. None of the above Corporation is created by operation of law Corporation has a right of succession Separate and distinct personality of the corporation