Use the Information Given Above to Answer the Following Questions

question 24

Multiple Choice

Use the information given above to answer the following questions:
Greening Ltd is a newly established business selling computer hardware. Shown below are ledger accounts in T-account form, with entries made for the first month of operations.

-What is the closing balance of inventory?

• A) $120 000
• B) $140 000
• C) $200 000
• D) $260 000.

Grasp the concept of ultra vires acts and their significance in corporate operations.

Understand the implications of a corporation's citizenship and legal status.

Recognize the legal requirements and consequences regarding corporate bylaws, property, and liability.

Learn about special corporate forms and provisions under U.S. law, such as Subchapter S corporations and benefit corporations.

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Definitions:

Acquisition of Land

The process of obtaining ownership or rights to use land through purchase, lease, or other means, often for business or investment purposes.

Common Stock

Common stock represents ownership shares in a corporation, offering voting rights and potential dividends to shareholders.

Noncash Transaction

A transaction that does not involve the direct exchange of cash for goods or services, often involving bartering or trading.

Significant Noncash Activity

Transactions or activities that affect the financial statements of a company but do not involve cash inflow or outflow, such as depreciation or amortization.