For each of the purchases below made by Daily Grind,Inc.,fill in the inventory amount net of discounts,and then indicate with an "X" whether you should include or exclude the purchase from Daily Grind's inventory balance at December 31.
Definitions:
Authorized Shares
The legally allowed maximum issuance of shares by a corporation, as stated in its charter.
Articles of Incorporation
Legal documents filed with a governmental body to legally document the creation of a corporation.
Limited Liability
A legal structure where a company's shareholders' financial responsibility is limited to the value of their shares in the event of liquidation.
Share Transferability
The ability to transfer ownership of a company's shares from one party to another.
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