N3 Corporation Has Assets of $3,000,000, Common Stock of $780,000

question 185

Multiple Choice

N3 Corporation has assets of $3,000,000, common stock of $780,000, and retained earnings of $475,000. What are the creditors' claims on their assets?

• A) $2,695,000
• B) $1,255,000
• C) $1,745,000
• D) $3,305,000

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Definitions:

Roger Taney

The fifth Chief Justice of the United States, serving from 1836 until his death in 1864, best known for delivering the majority opinion in Dred Scott v. Sandford (1857), which ruled that African Americans could not be American citizens.

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A landmark Supreme Court case in 1837 that dealt with the issue of public vs. private interests and upheld that new projects could proceed even if they harmed existing monopolies.

Interstate Commerce

Interstate commerce involves the purchase, sale, or exchange of commodities, transportation of people, money, or goods, and navigation of waters between different states, regulated by the federal government in the United States.

American System

An economic plan developed in the early 19th century by Henry Clay, advocating for a strong role for federal government in promoting infrastructure, a protective tariff to support American industry, and a national bank to foster development.