Which of the following is true of a corporation??
A) ?It is an artificial being, existing only in contemplation of law
B) ?Directors of a corporation as a group do not represent the corporation as agents.
C) ?Stockholders perform all the administrative functions of the corporation.
D) ?Stockholders directly control the day to day activities of a corporation.
A
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Blockbuster is a video rental and retail chain. Blockbuster is forecasting its financial statements for Year 3. Selected financial information for Year 2 is provided in the table
What is Retained Earnings for Year 3? Selected Financial Information Blockbuster Inc ($ '000) Year 2 Ratios (to Sales) Forecast Year 3 Revenue $5,157,600 $5,673,360 COGS 2,420,700 0.469346 SG&A 2,532,400 0.491004 R&D 176,100 0.034144 Dep. Exp. 246,600 300,000 EBIT -218,200 Int. Exp. 78,200 78,000 EBT -296,400 Provision for Income Taxes -56,100 0.19* Net Income $ -240,300 Dividends $0 Retained Earnings $ -327,100 Owner's Equity $ -427,100 *Tax rate is a proportion of Earnings before Taxes. A) $-46,224 B) $-47,279 C) $-329,300 D) $-607,976 E) $-707,976
Using the full-costing method, the cost of dry wells is capitalized with the cost of producing wells
Indicate whether the statement is true or false