On March 15, Marcos placed a good-'til-canceled order to buy 200 shares of ABC at $10 a share. ABC sold between $10.50 and $11.00 on that day
Over the following two months the stock price continued to rise and Marcos forgot about the order. After the markets closed on June 6, some bad news concerning ABC was released. The stock opened on June 7 at a price of $8.00 a share. Which one of the following statements is correct concerning Marcos' order?
A) The order was cancelled on May 15 because it had not been executed within the allowable two-month time period.
B) The order was executed on March 15 at $10.50 a share since that was the best available price of the day.
C) The order was executed on June 7 at a price of $10.00 a share.
D) The order was executed on June 7 at a price of $8.00 a share.
Answer: D
You might also like to view...
On December 1, the board of directors of Buy & Large, Inc., declared a cash dividend of $2 per share on the 300,000 common shares outstanding on record at December 31, payable January 10 of the following year. No other dividends were declared in either year. Show the effect on the accounting equation of the entry to be recorded on January 10. What happened to assets?
A. (600,000) Treasury Stock B. (600,000) Paid-in Capital in Excess of Par C. 600,000 Dividends Payable D. 600,000 Common Stock E. (600,000) Common Stock F. (600,000) Dividends G. 600,000 Cash H. (600,000) Cash I. 0 No Effect J. (600,000) Dividends Payable
In structural terms, a virtual organization is highly centralized, with little or no departmentalization
Indicate whether the statement is true or false