The net loan proceeds of a new loan appear as a debit to the buyer on the Closing Statement.

Glasgow, Inc. uses the periodic inventory system. On February 1, the corporation purchased inventory on account for $14,000. The terms were 4/10, n/30. On February 2, it returned damaged goods worth $700 to the supplier and was granted an allowance

Give the journal entry for the payment if the invoice is paid after the discount period. (Round your answers to the nearest dollar.) A) Accounts Payable 13,440 Cash 12,902 Purchase Discounts 538 B) Cash 14,000 Accounts Payable 14,000 C) Accounts Payable 13,440 Cash 13,440 D) Cash 12,902 Purchase Discounts 538 Accounts Payable 13,440

Which of the following statements is true regarding the fiduciary duty?

A. A director's fiduciary duty to the corporation may be discharged by merely disclosing his or her self-interest. B. A director owes a fiduciary duty to the shareholders but not to the corporation. C. A promoter of a corporation to be formed owes no fiduciary duty to anyone, unless the contract engaging the promoter so provides. D. A majority shareholder as such may owe a fiduciary duty to fellow shareholders.