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sleet_krkn [62]
2 years ago
6

Keenan wants to incorporate his business. He buys business cards and labels with the name "Keenan’s Kwips" on them and begins se

lling gag gifts. Keenan follows the rules for incorporation in his state, including a statement that he is the sole shareholder, and he is granted a certificate of incorporation. The only problem is that Keenan has an error in his address on all the paperwork. Keenan’s business is probably a:______.a. corporation by estoppel.
b. de jure corporation.
c. de facto corporation.
d. public corporation.
Business
1 answer:
Charra [1.4K]2 years ago
6 0

Answer:

The correct option is b. de jure corporation.

Explanation:

A de jure corporation is a business that has fulfilled all the requirements mandated under the law of its state incorporation statute and has had limited liability protection granted to the corporation. De jure means "a matter of law," which validates the corporation as a legal entity.

It is created when steps are taken to incorporate, but not all of the statutes are in compliance. With a de facto corporation, it is not protected if the state challenges it in a "quo warranto" proceeding. It is protected against third parties.  

Courts can decide on a finding of de facto if three requirements are met by the corporation:

• A statute must be in existence that allows legal incorporation.

• The corporation has attempted to comply with the statute, which is considered a good faith effort.

• There has been actual use or the exercise of the corporate franchise.

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May 1, 2021, Bibby Company had beginning inventory consisting of 200 units with a unit cost of $7. During May, the company purch
Umnica [9.8K]

Answer:

$7.38

Explanation:

The average cost method recalculates a new cost per unit with each and every purchase made. This new costs would then be used to calculate the costs of goods sold and inventory value.

Average cost per unit = Total Costs ÷ Units available for sale

                                    = (200 x  $7 + 800 x $7 + 600  x $8) ÷ 1,600

                                    = $7.375 or $7.38

The average cost per unit for May is $7.38

4 0
3 years ago
Cruella Inc. owns 85% of Horace Co. During 20X9, Cruella sells goods to Horace with a 25% gross profit. Horace sold all of these
vovangra [49]

Answer:

Option A is the correct answer,no adjustment is needed.

Explanation:

When related companies sell to each other,the sales transaction is not sales in actual sense,as it is likened to the left hand of an individual exchanging cash with the right hand,in other words, the cash is still owned by the same person.

The same concept is applicable to subsidiaries and parent,the sales recorded from a group perspective is when they sold to external third parties.

When sales happen between related companies, a provision for unrealized profits has to be made to the tune of inventory purchased from related companies  not yet sold externally,as the whole of the goods have been to third parties, no such provision or adjustment is required.

4 0
3 years ago
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Productivity is defined as the quantity of a. labor required to produce one unit of goods and services. b. goods and services pr
Bumek [7]

Answer:

Option (C) is correct.

Explanation:

Productivity of labor refers to the term which is used by the firms for knowing the efficiency of the labor employed into the production of the output.

Productivity is determined by dividing the output of the firm by the inputs used in the production of the goods and services.

Productivity = (Output ÷ Input)

If the productivity of the labor is not achieved as per the company requirement then there is a fall in the labor employment.

8 0
3 years ago
The transatlantic flow of people and goods such as corn, potatoes, horses, and sugarcane is called:
Bess [88]

Answer:

b. the Columbian Exchange.  

Explanation:

The transatlantic flow of people and goods such as corn, potatoes, horses, and sugarcane is called the Columbian Exchange.

The Columbian exchange or interchange, refers to the monumental flow of humans, plants and animals between the continents of North and South America and West Africa; and was named after Christopher Columbus.

The Columbian interchange has been documented to have taken place in the in the 15th and 16th centuries: also referred to as 'the old world'

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