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Linda_us
Linda_us, Finance, Accounts & Homework Tutor
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estion 16 Which one of the following would not be considered

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estion 16

Which one of the following would not be considered an advantage of the corporate form of organization?
Answer

Limited liability of stockholders.

Separate legal existence.

Continuous life.

Government regulation.
10 points
Question 17

Which of the following is not true of a corporation?
Answer

It may buy, own, and sell property.

It may sue and be sued.

The acts of its owners bind the corporation.

It may enter into binding legal contracts in its own name.
10 points
Question 18

XXXXX XXXXXsen has invested $600,000 in a privately held family corporation. The corporation does not do well and must declare bankruptcy. What amount does Hansen stand to lose?
Answer

Up to his total investment of $600,000.

Zero.

The $600,000 plus any personal assets the creditors demand.

$400,000.
10 points
Question 19

Alt Corp. issues 3,000 shares of $10 par value common stock at $14 per share. When the transaction is recorded, credits are made to:
Answer

Common Stock $30,000 and Paid-in Capital in Excess of Stated Value $12,000.

Common Stock $42,000.

Common Stock $30,000 and Paid-in Capital in Excess of Par Value $12,000.

Common Stock $30,000 and Retained Earnings $12,000.
10 points
Question 20

Which of the following represents the largest number of common shares?
Answer

Issued shares.

Treasury shares.

Outstanding shares.

Authorized shares.
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