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Liula [17]
3 years ago
11

Jameson works for Fishy-Mart Corporation, a chain of superstores that sell large quantities of seafood. His job is to locate fut

ure sites for Fishy-Mart stores. Jameson finds a piece of land near a coastline that would make a great site for a Fishy-Mart store. Jameson makes his friend purchase the property from its current owner. After that, they sell the property to Fishy-Mart and share the profits. Jameson does not disclose his interest in the property while recommending the site to Fishy-Mart. Which of the following duties of loyalty has Jameson breached in this scenario?
a. usurping a corporate opportunity.
b. self-dealing.
c. proxy.
d. competing with the corporation.
Business
1 answer:
gulaghasi [49]3 years ago
7 0

Answer:

<em>b. self-dealing. </em>

Explanation:

Self-dealing is the behavior of a trustee, solicitor, administrative employee,  

or other trustee who comprises of taking advantage of their position in a contract and  behaving in their own interests rather than in the interests of trust beneficiaries,  corporate investors, or their customers.

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production for that product will increase.

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3 years ago
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Suppose 90-day investments in Britain have a 6% annualized return and a 1.5% quarterly (90-day) return. In the U.S., 90-day inve
Vilka [71]

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1 pound = $1.6582

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5 0
3 years ago
A company reported total equity of $145,000 at the beginning of the year. The company reported $210,000 in revenues and $165,000
Allushta [10]

Answer:

e. $ 282,000

Explanation:

To determine the assets of the company at year end, we need to find the equity at year end, this is calculated as follows:

Opening Equity                                                      $ 145,000

Net Income for the year                                        $ 45,000

Revenues     $ 210,000

Expenses     $ 165,000

Equity at end of year                                            $  190,000

The accounting equation is

Assets = Liabilities + Stockholders' Equity

Assets = $ 92,000 + $ 190,000                           $ 282,000

4 0
3 years ago
Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows:
Xelga [282]

Answer:

Equinox Products Inc. during the fiscal year ended December 31, 20Y8

Journal Entries:

Jan 3.

Debit Cash Account $450,000

Credit Common Stock $300,000

Credit Additional Paid-in Capital: Common Stock $150,000

To record the issue of 15,000 shares of $20 par at $30 per share.

Feb. 15

Debit Cash Account $400,000

Credit Preferred 5% Stock $320,000

Credit Additional Paid-in Capital: Preferred Stock $80,000

To record the issue of 4,000 shares of $80 par at $100 per share.

May 1:

Debit Cash $520,000

Credit 5% 10-year Bonds $500,000

Credit Bond Premium $20,000

To record the issue of $500,000 at 104, with interest payable semiannually.

May 16:

Debit Dividends: Common Stock $50,000

Debit Dividends: Preferred Stock $20,000

Credit Dividends Payable $70,000

To record the declaration of a quarterly dividend of $0.50 per share on 100,000 common stock shares and $1.00 per share on 20,000 preferred stock shares.

May 26:

Debit Dividends Payable $70,000

Credit Cash Account $70,000

To record the payment of cash dividends.

Jun. 8:

Debit Treasury Stock $160,000

Debit Additional Paid-in Capital: Common Stock $104,000

To record the repurchase of shares at $33 per share.

June 30:

Debit Dividends: Preferred Stock $20,000

Credit Dividends Payable $20,000

To record the declaration of a quarterly dividend of $1.00 per share on 20,000 preferred stock shares.

Jul. 11:

Debit Dividends Payable $20,000

Credit Cash Account $20,000

To record the payment of cash dividends.

Oct. 7:

Debit Cash Account $98,800

Credit Treasury Common Stock $52,000

Credit Additional Paid-in Capital: Common Stock $46,800

To record the reissue of 2,600 shares of treasury common stock at $38.

Oct. 31:

Debit Bonds Interest $12,500

Credit Cash Account $12,500

To record the payment of semiannual interest on the bonds.

Debit Bond Premium $1,000

Credit Bond Premium Amortization $1,000

To record the amortization of the premium for six months using the straight-line method.

Explanation:

a) Common Stock issued at $30 with $20 par value means that the shares were issued at above par value.  The difference is accounted for in a separate account called Additional Paid-in Capital.  The same applies to the preferred stock issued at above par value.

b) The face value of the Bonds is $500,000 but issued at a premium.  The total premium is $20,000 ($500,000 x 0.04).

c) Dividends on the Common Stock = $0.50 * 100,000 shares = $50,000.  The preferred stock dividends = $1.00 * 20,000 = $20,000.

d) Treasury Stock represents the value of common stock repurchased or reissued from stockholders by the company.  There are two methods to treat the above or below par value at which the shares are repurchased or issued.  One method is the costing method where the above or below par value is not taken to a separate account, but everything is treated in the Treasury Stock account.  The other method is the par value method.  This treats the above or below par value in the Additional Paid-in Capital account.  This is the method adopted here.  Note that Treasury Stock is a contra account to the Common Stock.

e) Bond Premium Amortization (straight-line method) is calculated as follows: $20,000/10 *6/12 = $1,000 for six months.  A Premium on Bonds arises when the bonds are trading at above the face value.  The amortization of Bond Premium is the write-down of the excess premium paid or received over and above the face value of the Bond.  In this case, we used the straight-line method.

6 0
3 years ago
When the expected rate of inflation is higher than the actual rate of inflation, wealth is: A. not redistributed at all. B. redi
Gemiola [76]

Answer:

D. redistributed from borrowers to lenders.

Explanation:

  • The inflation is the increase of the price levels of the goods and the services in the economy for a long time and shows a reduction in the purchasing power, a common measure is the price index.
  • Very high rates of inflation are caused by the massive growth of the money supply the expected rate of inflation of wealth is measured by the distribution of the wealth of the borrowers to the lenders that create hoardings of prices and fluctuations in the real demands.
3 0
3 years ago
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