For Each of the Following Accounts,indicate Whether the Account Is

question 107

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For each of the following accounts,indicate whether the account is an asset (A),liability (L),or stockholders' equity (SE)and whether the account usually has a debit (Dr)or credit (Cr)balance. $\begin{array}{l}\begin{array}{l}\text { 1. Inventory } \\\text { 2. Accounts receivable } \\\text { 3. Contributed Capital } \\\text { 4. Prepaid expenses } \\\text { 5. Wages payable } \\\text { 6. Property and equipment } \\\text { 7. Retained Earnings } \\\text { 8. Accounts payable }\end{array}\begin{array}{rl}\mathrm{SE}, \mathrm{Cr} & 7 \\\mathrm{A}, \mathrm{Dr} & 1 \\\mathrm{SE}, \mathrm{Cr} &3 \\\mathrm{~L}, \mathrm{Cr} & 8 \\\mathrm{~A}, \mathrm{Dr} & 2 \\\mathrm{~A}, \mathrm{Dr} & 6 \\\mathrm{~L}, \mathrm{Cr} & 5 \\\mathrm{~A}, \mathrm{Dr} & 4\end{array}\end{array}$

Grasp the concept of quorum requirements for director meetings.

Comprehend the processes involved in selecting directors during incorporation.

Recognize the financial thresholds for shareholder proposals in accordance with the Securities and Exchange Commission.

Learn the factors that determine the number of corporate directors.