Answer:
Net operating income= $83,714
Explanation:
Giving the following information:
Sales= $515,000.
Variable costs are 44 percent of sales
Fixed costs are $128,500
Depreciation is $49,750.
Tax= 24 percent.
<u>Income statement:</u>
Sales= 515,000
Total variable cost= (0.44*515,000)= (226,600)
Gross profit= 288,400
Fixed costs= (128,500)
Depreciation= (49,750)
Operating income= 110,150
Tax= 110,150*0.24= (26,436)
Net operating income= 83,714
Answer:
A) This is called piercing the corporate veil and may result in significant liability for the corporation's principals.
Explanation:
The phrase "Piercing the corporate veil" is used to describe a situation where a court will put aside limited liability and hold a corporation's shareholders or directors liable for the actions and liabilities of the corporation.
This is not a common procedure and courts usually do this based on the following:
- "unity of interest and ownership": interest of the shareholders doesn't stand together anymore.
- "wrongful conduct": illegal or wrongful actions by the directors or shareholders.
- "proximate cause": as a result of the illegal or wrongful actions, other parties were harmed.
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Answer:
The correct answer is True.
Explanation:
A perfectly competitive market has the following characteristics:
• There are many buyers and sellers in the
market.
• The goods offered by the different sellers
They are largely identical.
• Companies can freely enter and exit the
market.
As a result of these characteristics, perfectly competitive markets, result in:
• The actions of any buyer or seller
have an insignificant impact on the price of
market.
• Each buyer and seller takes the prices of
Market as dice.
A competitive market has many buyers and sellers trading with identical products so that each buyer and seller is price-accepting.
• Buyers and sellers must accept the price
determined by the market.
