Examlex
On January 1, Maxine Corp. entered into a subscription contract for 100 shares of its $20 par common stock at a price of $50 per share. The contract required on a per share basis an immediate down payment of $10 and two $20 payments on February 1 and March 1 from subscribers. All the down payments were received on January 1 and all the installments due on February 1 were received on February 1. On March 1, the rest of the payments were received except from one subscriber of ten shares, who defaulted. These shares were later sold for $40 per share. An amount necessary to bring the proceeds up to the total subscription price was retained and the balance of the payments received from the defaulted subscriber was returned.
Required:
Great Compromise
The agreement that large and small states reached during the Constitutional Convention of 1787 that in part defined the legislative structure and representation each state would have under the United States.
Three-Fifths Compromise
An agreement made during the 1787 Constitutional Convention stating that three-fifths of the enslaved population would be counted for determining taxation and representation in Congress.
Philadelphia Convention
The gathering in 1787 where the Constitution of the United States was framed and adopted by its original colonies.
Elastic Clause
Also known as the Necessary and Proper Clause, part of the U.S. Constitution allowing Congress to pass laws deemed necessary and proper for executing its enumerated powers.
Q12: Discount on Bonds Payable is a(n)<br>A) contra
Q46: When share options are exercised by an
Q47: The following information is provided for the
Q53: Refer to Exhibit 17-3. How much revenue
Q53: The entry to record a sale of
Q65: The Arnett Corporation is contemplating building a
Q82: On January 1, 2014, Pistachio purchased an
Q90: What factors should a company consider when
Q125: Noncompensatory share purchase plans are utilized to
Q163: Refer to Exhibit 14-6. Interest expense for