In order to be considered as a legal owner of a public company, a person or an organization must hold or own at least one stock of such public company.
<h3>What is the significance of a legal owner?</h3>
A legal owner can be referred to or considered as a person who is the owner of a property, whether movable or immovable, in the eyes of the laws. A legal owner is better than any other owner for having the right to own, possess, and sell such property.
In case of a public company, a legal owner will be someone who owns the stock of such company, irrespective of the quantity of stocks held by such owner.
Therefore, the significance regarding a legal owner has been aforementioned.
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Answer:
option (C) $3,000
Explanation:
Data provided:
Policy duration = 4 years
Policy amount = $12,000
Date on which premium is paid = January 1, 2013
Date on which entry is adjusted = December 31, 2015
Now,
The time passed between January 1, 2013 to December 31, 2015 = 3 years
Therefore,
Amount to be recognized as insurance exp. on December 31, 2015
= 
= 
= $9,000
Thus,
The balance in the prepaid insurance account = $12,000 - $9,000 = $3,000
Hence,
The correct answer is option (C) $3,000
Answer:
No
Amos McCoy is earning an economic loss. His implicit cost ($200) is greater than his accounting profit ($100)
Explanation:
Economic profit it accounting profit less implicit cost.
Accounting profit is total revenue less total cost or explicit cost.
Implicit costs are opportunity costs.
Economic profit = $100 - $200 = $-100
Amos McCoy Is making an economic loss of $-100
I hope my answer helps you.
Answer:
Kohl's Average total Assets were $1,000,000
Explanation:
1.
Asset Turnover = Net Sales / Average fixed Assets
Net Sales = Asset Turnover x Average fixed Assets
2.
Account Receivable Turnover = Net Sales / Average Account receivable
Net Sales = Account Receivable Turnover x Average Account receivable
According to given condition
Asset Turnover x Average fixed Assets = Account Receivable Turnover x Average Account receivable
2 X Average fixed Assets = 10 X $200,000
Average fixed Assets = $2000,000 / 2
Average fixed Assets = $1,000,000
Answer:
$11,000
Explanation:
Based on the information given What will be the MAXIMUM AMOUNT OF THE CHARITABLE CONTRIBUTION ALLOWABLE as an itemized deduction on Deet's income tax return will be the amount of $11,000 which represent the amount the art value that Deet donated to the local art museum which was valued at $11,000.
Therefore the maximum amount of the charitable contribution allowable as an itemized deduction on Deet's income tax return is $11,000
