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Murljashka [212]
3 years ago
14

Kite Sales. Wendy is president of a business that manufactures kites. The kites of her company, ABC Kites, are sold to large toy

stores. After Wendy learned a great deal about kites, she started to make kites at home and to promote them to large toy stores. She also started selling kites to friends. Some of the directors learned about her kite sales and accused her of wrongdoing. Wendy denied any wrongdoing. What duty, if any, did Wendy violate? Group of answer choices She did not commit any violation. She violated the duty of loyalty. She violated the duty of care. She violated the duty of understanding. She violated the duty of profit maximization.
Business
1 answer:
LuckyWell [14K]3 years ago
5 0

Answer:

She violated the duty of loyalty

Explanation:

One of the fiduciary duties of a director is to always act in the best interest of the company .

Similar to this is the duty of loyalty that prevents the director from acting against the interest of the company and also guide the director against activities that could bring conflict of interest whereby he is involved in reaping personal benefits from the position she occupies .

This describes Wendy's action of personal dealing based on her position as the president of Kite sale

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All of the current year's entries for Zimmerman Company have been made, except the following adjusting entries. The company's an
lianna [129]

Answer:

1) adjusting entries

a. On September 1 of the current year, Zimmerman collected six months' rent of $8,520 on storage space. At that date, Zimmerman debited Cash and credited Unearned Rent Revenue for $8,520.

Dr Unearned rental revenue 5,500

    Cr Rental revenue 5,500

b. On October 1 of the current year, the company borrowed $13,200 from a local bank and signed a one-year, 12 percent note for that amount. The principal and interest are payable on the maturity date.

Dr Interest expense 396

    Cr Interest payable 396

c. Depreciation of $3,000 must be recognized on a service truck purchased in July of the current year at a cost of $24,000.

Dr Depreciation expense 3,000

    Cr Accumulated depreciation 3,000

d. Cash of $3,600 was collected on November of the current year, for services to be rendered evenly over the next year beginning on November 1 of the current year. Unearned Service Revenue was credited when the cash was received.

Dr Unearned service revenue 600

    Cr Service revenue 600

e. On November 1 of the current year, Zimmerman paid a one-year premium for property insurance, $9,960, for coverage starting on that date. Cash was credited and Prepaid Insurance was debited for this amount.

Dr Insurance expense 1,660

    Cr Prepaid insurance 1,660

f. The company earned service revenue of $4,200 on a special job that was completed December 29 of the current year. Collection will be made during January of the next year. No entry has been recorded.

Dr Accounts receivable 4,200

    Cr Service revenue 4,200

g. At December 31 of the current year, wages earned by employees totaled $13,700. The employees will be paid on the next payroll date in January of the next year.

Dr Wages expense 13,700

    Cr Wages payable 13,700

h. On December 31 of the current year, the company estimated it owed $490 for this year's property taxes on land. The tax will be paid when the bill is received in January of next year.

Dr Property taxes expense 490

    Cr Property taxes payable 490

2) Assets     = Liabilities + Stockholders’     Revenues - Expenses = Net

                                          Equity                                                          Income

a.    na               -                    +                           +               na                +

b.    na               -                    -                           na              -                   -

c.     -               na                   -                           na              -                   -

d.    na               -                    +                           +               na                +

e.     -               na                   -                           na              -                   -

f.      +              na                   +                           +               na                +

g.    na              +                    -                            na             -                   -

h.    na              +                    -                            na             -                   -

4 0
3 years ago
Kodak is a company name associated with photography. The company has recognized that digital photography is a threat to the futu
Ksivusya [100]

Answer:

The correct answer to the following question will be Option B (design competition).

Explanation:

  • Design competition seems to be a platform that allows participants to overcome a problem domain as well as compete against someone else, mostly their colleagues, to obtain an honor or perhaps a construction project.
  • In comparison to the greatest design, arts as well as architecture blogs around the world, A' Design Recognition and Competition distributes every information throughout the design internet networks.

Some other available options have no connection with the given scenario. So choice B seems to be the right answer to that.

5 0
3 years ago
Colleen and Judy purchased a dilapidated townhome in an estate sale. Due to their fix-up work and the current economy, the prope
liq [111]

Answer:

The correct answer is The covenant of warranty.

Explanation:

It is said that in this type of pact a public and peaceful possession must be written, which can be exercised so that it can be known by society. The possession of the property must be declared as continuous (that is, there can be no claim by the owner or the property is lost), and must be exercised as the legitimate owner before third parties.

5 0
3 years ago
Since 70 percent of preferred dividends received by a corporation is excluded from taxable income, the component cost of equity
dusya [7]

Answer:

The answer is False

Explanation:

Since the 70 percent of preferred dividends received by a company is excluded from taxable income, the component cost of equity for a corporation which pays half of its revenue out as a common dividends and half as preferred dividends should ,technically be.

3 0
3 years ago
Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity.
Lady_Fox [76]

Net change in assets =  15,000+ 75,000

= $90,000

<h3>1-Receive payment of $12,000 owed by a customer</h3>
  • No effect on asset
  • No effect on liability
  • No effect on equity
<h3>2-Buy $15,000 worth of manufacturing supplies on credit</h3>
  • Assets increase by $15,000
  • Liabilities increase by $15,000
  • No effect on equity
<h3>3-. Purchase equipment for $44,000 in cash</h3>
  • No effect on asset
  • No effect on liability
  • No effect on equity
<h3>4-Issue $75,000 in stock</h3>
  • Assets increase by $75,000
  • No effect on liability
  • Equity increases by $75,000

To learn more about assets visit the link-

brainly.com/question/13848560

#SPJ4

5 0
2 years ago
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