Answer:
Option B fits perfectly,$1.61
Explanation:
Basis earnings per share is the total earnings attributable to common stock divided by the weighted average number of common stock in the year.
Earnings attributable to common is net income minus preferred stock dividends
Net income is $361,000
preferred stock dividend=20,100*$1.70=$ 34,170.00
earnings attributable to common stock=$361,000-$ 34,170=$ 326,830
Weighted average number of common stock is 203,000 shares
basic earnings per share= $326,830/203,000=$1.61
The correct option is B,$1.61
Answer:
- $17,600
Explanation:
The computation of the net decrease in cash during the month is shown below:
= $40,600 - $17,400 - $30,200 - $2,300 - $8,300
= - $17,600
After calculating the items which are presented in the column 1 represent the net decrease in cash for $17,600 amount.
The net decrease in cash represents an outflow of cash. In this, the chances of loss may be higher than the loss.
Even after commencement of business operations, officers and directors have a responsibility to comply with <u>corporate formalities.</u>
Corporate formalities is a term that is used to refer to the operating rules and guidelines that a corporation or business has to or must follow so as to meet its operational requirements. This in turn allows it to maintain the corporate protections that it enjoys.
Corporation refers to an entity that enjoys the backing of a law. It is separate from the directors or owners of the company.
It has the responsibility to comply with the rules and regulations so as to have a proper corporate functioning.
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Sclafani is a disclosed principal
<u>Principals are liable for contracts made by an agent when that contract was authorized by the principal.
</u>
Explanation:
1) Who was the principal?
Sclafani is a disclosed principal
<u>Principals are liable for contracts made by an agent when that contract was authorized by the principal.
</u>
<u>
</u>
2) Who is the agent?
<u>The office worker
</u>
3) Who is the third party?
<u>When a third party, in this case Felix, enters into a contract with a disclosed principal, in this case Sclafani, who is liable on the contract the principal alone
</u>
In this case Felix alleged that Sclafani authorized the officer worker to sign and fax the credit application back to Felix.
Felix likely alleged that in the event Sclafani did not give actual authority to the officer worker, the officer worker had apparent authority to contract with Felix.
Apparent authority is established when the principal leads a reasonably prudent person to justifiably believe that an agent has authority to act.
