During 2011, Wright Corp. had outstanding 125,000 shares of common stock and 7,500 shares of noncumulative, 8 percent, $50 par preferred stock. Each preferred share is convertible into 8 shares of common stock. In 2011, net income was $231,500.
Definitions:
Consumer Protection Legislation
Laws and regulations designed to ensure the rights of consumers and fair trade, competition, and accurate information in the marketplace.
Industries
Sectors of economy composed of businesses and organizations that share a common focus in producing or trading goods or services.
Seller's Lien
A legal claim or right a seller has on the property sold until the buyer completes payment, ensuring the seller can reclaim the property if the buyer defaults.
Unpaid
The state of not having been paid for goods provided, services rendered, or work done.
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