The following trial balance of Crane Co. does not balance.
CRANE CO.
TRIAL BALANCE
JUNE 30, 2017
Debit Credit
Cash $3,099
Accounts Receivable $3,460
Supplies 1,029
Equipment 4,029
Accounts Payable 2,895
Unearned Service Revenue 1,429
Common Stock 6,229
Retained Earnings 3,229
Service Revenue 2,609
Salaries and Wages Expense 3,629
Office Expense 1,169
Totals $14,745 $18,061
Each of the listed accounts should have a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors.
1. Cash received from a customer on account was debited for $570, and Accounts Receivable was credited for the same amount. The actual collection was for $750.
2. The purchase of a computer printer on account for $729 was recorded as a debit to Supplies for $729 and a credit to Accounts Payable for $729.
3. Services were performed on account for a client for $890. Accounts Receivable was debited for $890 and Service Revenue was credited for $89.
4. A payment of $294 for telephone charges was recorded as a debit to Office Expense for $294 and a debit to Cash for $294.
5. When the Unearned Service Revenue account was reviewed, it was found that service revenue amounting to $554 was performed prior to June 30 (related to Unearned Service Revenue).
6. A debit posting to Salaries and Wages Expense of $899 was omitted.
7. A payment on account for $206 was credited to Cash for $206 and credited to Accounts Payable for $260.
8. A dividend of $804 was debited to Salaries and Wages Expense for $804 and credited to Cash for $804.
Prepare a correct trial balance.
CRANE CO.
TRIAL BALANCE
JUNE 30, 2017
Debit
Credit $ $
Totals $ $
Answers
Answer and Explanation:
Cash= 3,099+180-294-294= 2691
Accounts receivable= 3,460-180=3280
Supplies =1,029-729=300
Equipment= 4,029+729=4758
Accounts payable =2,895-206-260= 2429
unearned service revenue=1,429-554= 875
Service revenue= 2,609+801+554 3964
Salaries & wage expense 3,629+899-804= 3724
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5. Compare and Contrast a gas station credit card and a bank credit card
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Answer:
Our tool lets you compare two credit cards or build a three-card comparison to make a decision easier. Compare cards on these fundamental features.
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definition of industries in priciples of buisness
Answers
Answer:
1. Understand Organizational Structure and Design
You need a basic understanding of how good businesses run effectively. From its initial structure of departments and personnel to how individual projects are managed, you need to run your business as effectively and efficiently as you can.
2. Use Capital and Cash Flow Wisely
Your business needs to start with a good financial base, but equally important will be a positive cash flow as you grow and develop. You need to have sufficient funds to pay your employees and vendors so you produce your products and sell them at a profit.
3. Understand the Fundamental Principles of Accounting and Finance
Understand and obey fundamental principles of accounting and finance, and always adhere to the regulations and laws that affect your industry. Obtain necessary permits, complete and file taxes, and pay strict attention to filing deadlines.
4. Respect Your Customers
Your customer may not always be right, but you always need to do whatever you can to make things right. Provide them with the best possible products and services you can deliver and always treat them with respect and understanding. If they become dissatisfied with your products or your services, do your best to quickly resolve the issue with patience and consideration.
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under the new law, starting in 2024, student loan payments would count as retirement contributions and would qualify for an employer's matching contribution
a. true
b. false
Answers
This statement is true: Under the new law, starting in 2024, student loan payments would count as retirement contributions and would qualify for an employer's matching contribution.
The Secure 2.0 Act will enable companies to match 401(k) contributions made by their staff members based on those employees' student loan repayments starting in 2024. In other words, student loan payments may be considered 401(k) or elective deferrals, and as such, may be subject to a company's matching plans.
The guidelines for employer 401(k) matches range between different plans. However, a firm will often match a portion of an employee's contributions up to a certain dollar amount annually.
Even if employees don't make direct contributions to their own 401(k) plans, the law permits employers to make matching 401(k) contributions based on employee student loan payments.
Consider refinancing your private student loans for a reduced interest rate if your student loan debt is preventing you from saving money for retirement. Visit Credible to receive your tailored rate without hurting your credit score in just a few minutes.
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It is accurate to say that beginning in 2024, payments made toward student loans would be considered retirement contributions and will be eligible for employer matching contributions.
Beginning in 2024, the Secure 2.0 Act will allow employers to match 401(k) contributions made by employees depending on those employees' student loan repayments. In other words, payments for student loans may be seen as 401(k) or elective deferrals, and as such, might be covered by a company's matching schemes.
Various plans have different requirements for employer 401(k) matching. However, a company may frequently match a part of a worker's contributions up to a certain yearly cash level.
The law allows companies to make matching 401(k) contributions based on employee student loan payments even if employees don't make direct contributions to their own 401(k) plans.
If your student loan debt is limiting you from saving money for retirement, think about refinancing your private student loans at a lower interest rate. Visit Credible to acquire your customized rate in a matter of minutes without damaging your credit score.
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What role does a company like UPS play in the supply chain?
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what do pet owners do when their store is closed on hoildays?
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Answer:
their jobs as short-term (perhaps just for a school holiday), consider what the ... Do it even better: Ask your store owner/manager to create a contact list of ... continuously in areas housing animals, 24 hours a day, 365 days a year. o Ensure the ...
Explanation:
assume a companies require production in units for April are 94,000 units the direct labor hours per unit is 1.50 hours in a direct labor wage rate is 19 per hour. what is the budgeted direct labor cost for April
Answers
The budgeted direct labor cost for April is $2,679,000 when require production in units for April are 94,000.
To calculate the budgeted direct labor cost for April, we need to multiply the number of units to be produced by the direct labor hours per unit and the direct labor wage rate.
Budgeted direct labor cost for April = Number of units * Direct labor hours per unit * Direct labor wage rate
Number of units to be produced in April = 94,000
Direct labor hours per unit = 1.50 hours
Direct labor wage rate = $19 per hour
Budgeted direct labor cost for April = 94,000 * 1.50 * $19
= $2,679,000
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If, as the economic problem states, we have limited resources, but unlimited wants, what does this make individuals and societies do? For example, if you have saved $300 and there is a cell phone you love for $250, but you also need to take a date to the prom, which will cost $300: a. Can you do both? Why can you/why can’t you? b. What does this situation force you to do? c. If you choose to purchase the cell phone, what must you give up (Remember, it is not just the money that you give up!)?
Answers
Answer:256 yes u can and this is wrong
Explanation:
256+698+625+9566
List five business opportunities you can find in the local areas
Answers
Answer:
- Fast food restaurant worker
-cashier
-Fitness Teacher
-Doctor
-Nurse
Explanation:
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which of the following are common controls over cash receipts? (select all that apply.) multiple select question. a. opening mail daily and making a detailed list of checks received b. reducing c. the amount of total sales to customers
Answers
The answer is only option (a) and (c).
a. opening mail daily and making a detailed list of checks received and
c. the amount of total sales to customers
Why are they the answers?The common controls over cash receipts are:
a. Opening mail daily and making a detailed list of checks received
b. Depositing all cash and checks intact and promptly
c. Using pre-numbered receipts
Therefore, the answer is only option (a) and (c). Option (b) is not a common control over cash receipts; it is actually the opposite of a control since reducing the amount of total sales to customers would result in understating the amount of cash received.
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Write an Introduction and Theoretical Framework on CHS Group - a company offer customised transportation.
The compay link: https://chs.fi/en/
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Introduction: CHS Group is a transportation company that provides customized and reliable transportation solutions.
Theoretical Framework: The transportation industry plays a critical role in facilitating economic growth and development.
CHS Group transportation company offers a range of transportation services, including ground transportation, airport transfers, and event transportation, among others. With a focus on quality and customer satisfaction.
The key benefit of customized transportation solutions is that they enable companies to optimize their transportation networks, reducing the time and cost of transportation.
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state whether the following plants are stable, marginally stable, or unstable and justify your reasoning.
Answers
When something unexpected occurs, a stable structure, family, person, bridge, or chemical solution will "stand still."
How to determine whether the system is stable unstable or marginally stable?
The system is stable if every pole falls within the left half of the s-plane. The system is unstable if there are two or more poles in the same place on the hypothetical axis. The system is only minimally stable if there are one or more non-repeated poles on the hypothetical axis.
A function f(x) exists directed to as stable in terms of the solution of a differential equation if any alternative solution of the equation that begins sufficiently near to it at x = 0 continues to be close to it for subsequent values of x.
The adverb "instable" denotes the absence of stability. The word stable comes from the Latin root stare, which means "to stand." When something unexpected occurs, a stable structure, family, person, bridge, or chemical solution will "stand still."
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For my macroeconomics class, what’s the difference between CONSUMER SPENDING and CONSUMER BUYING?
Answers
Consumer spending refers to the total amount of money spent by households on goods and services during a specific period of time, usually a quarter or a year. This includes purchases of durable goods (such as cars and appliances), non-durable goods (such as food and clothing), and services (such as healthcare and education).
Consumer buying, on the other hand, refers specifically to the act of purchasing a good or service by a household. It is the point at which a consumer acquires ownership of a good or service in exchange for money or other valuable consideration.
In other words, consumer spending is a broader concept that encompasses all of the purchases made by households, while consumer buying is a more specific concept that refers only to the act of purchasing a good or service.
It is worth noting that consumer spending is a key component of gross domestic product (GDP), which is the total value of all goods and services produced in an economy. In fact, consumer spending is typically the largest component of GDP and is considered a major driver of economic growth.
Search the Internet and locate a job that you would consider applying for.
Construct a Cover Letter for this actual job.
Upload your professional cover letter
Answers
A Cover Letter for this actual job.
[Your Name]
[Your Address]
[City, State, ZIP Code]
[Email Address]
[Phone Number]
[Today's Date]
[Recipient's Name]
[Company Name]
[Company Address]
[City, State, ZIP Code]
Dear [Recipient's Name],
I am writing to express my keen interest in the [Job Title] position at [Company Name], as advertised on [Job Board/Company Website]. With my strong background in [Relevant Skills/Experience], I am confident in my ability to contribute to the success of your organization.
Having [X years] of experience in [Industry/Field], I have honed my skills in [Key Skills/Expertise], which I believe align perfectly with the requirements of the [Job Title] role. I am particularly drawn to [Company Name]'s commitment to [Specific Company Values/Initiatives] and its reputation for excellence in [Industry/Field].
Throughout my career, I have demonstrated a strong track record in [Relevant Achievements/Projects], showcasing my ability to [Specific Skills/Results]. I am highly skilled in [Technical Skills/Software], and I possess excellent [Soft Skills/Abilities], allowing me to collaborate effectively with cross-functional teams and deliver outstanding results.
I am excited about the opportunity to contribute to [Company Name]'s ongoing success and would welcome the chance to discuss further how my skills and experience align with your organization's goals. Enclosed is my resume for your review.
Thank you for considering my application. I look forward to the possibility of meeting with you to discuss how my qualifications make me a strong fit for the [Job Title] position at [Company Name].
Sincerely,
[Your Name]
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Help Help!~ I will give brainliest to the first correct & honest answer!
Beekeeping has become a focus of Jacinta’s life. She understands that bees are fast disappearing and works hard to keep her hives healthy and productive. The Agriculture, Food, and Natural Resource pathway Jacinta works in is _____.
a). Agribusiness Systems
b). Food Products & Processing Systems
c). Animal Systems
d). Natural Resources Systems
Answers
Answer:
Explanation: B Food Products & Processing Systems
Answer:
I think it is Food products and Processing systems
In order to compare and evaluate choices, there must be a set of ______.
A. Resources
B. Decisions
C. Consequences
D. None of the above
Answers
Answer:
answer is a
Explanation:
A. Resources
6.
Which of the following is an example of representative money?
O gold earrings
O an IOU note
O a fur coat
O diamond
Answers
Answer:
an IOU note
Explanation:
IOU or ’I owe you’ is an informal document that recognizes and acknowledges the debts. IOU is not the medium to discuss the conditions or the time to repay.
There is no standard format for the IOU. Time, date, interest, payments don’t have to be included in this document.
The informal nature of the IOU means that there is some uncertainty if it’s the real contract or not, so the law can’t be enforced so easily, like when the contract is formal. This is the reason why IOU is not considered as a negotiable instrument.
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Jose can't wait to buy his first car next month. He imagines that he will make several new friends at school since everyone will want to ride in his car. He is even having a hard time concentrating on filling orders at the restaurant where he works. Does Jose's thinking have an ethical component? Who is most affected by Jose's conduct? *
Answers
Answer:
His thinking does NOT have a ethical componet.
HISELF is most affected by his conduct.
Answer:
C
Explanation:
im him
A POS merchant system is __
Answers
Answer:
POS means point of sale
Explanation:
The point of sale or point of purchase is the time and place where a retail transaction is completed. At the point of sale, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice for the customer, and indicates the options for the customer to make payment.
Which circumstance would most likely make a person eligible for unemployment benefits?
a.losing a job for performance reasons
b.losing a job because the company downsizes
not taking time to look for a job
c.losing a job at a nonprofit organization
Answers
Answer:
b. Losing a job because the company downsizes is most likely to make a person eligible for unemployment benefits. To be eligible, a person must have lost their job through no fault of their own and must be actively seeking work. As long as those two conditions are met, then someone who has lost their job due to a downsizing of the company would be eligible for unemployment benefits.
if shelly is selling seashells at $5.00 a piece which costs her $2.00 and all of her expenses for running her business are $300 a month and she expects to sell 20 seashells a week, how long will it take her to reach the breakeven point?
Answers
Answer:
60 days or we can say about 2 months
As a part of internal accounting controls, the activity called
involves detecting and avoiding errors
Answers
Answer:
As a part of internal accounting controls, the activity called RECONCILIATION involves detecting and avoiding errors.
Explanation:
Reconciliation involves detecting and avoiding errors since it helps management to discover or detect any mistakes and errors, and can also help to understand why these errors occurred and how to prevent future mistakes.
Reconciliation is basically comparing two different accounting records and making sure that they match, e.g. reconciliation of bank account and cash balance. If you cannot reconcile the company's bank account with its cash balance, it means something is wrong. Is the mistake intentional? Why did it occur? How can you prevent it from happening again? Can it be solved?
Answer:
The answer you are looking for is risk assessment
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Type the correct answer in the box. Spell all words correctly.
Which source of funds refers to the money raised by corporations through stock markets?
_______ refers to the money raised by corporations through stock markets?
Answers
Answer:
Equity Capital or equity funding refers to the money raised by corporations through stock markets
Explanation:
Answer: Capital Market
Explanation: plato
What is a TRUE statement about who is affected by the stock market? A. No one is affected by the stock market. B. Only big companies are affected by the stock market. C. All people are affected by the stock market. D. Only investors are affected by the stock market.
Answers
Answer: c is the answer everyone if affected by the stock market. Inflation and other factors such as bank crashes and business going out of business is bad for all
Explanation:
The heart of the golden rule is
O sympathy
O pity
O empathy
O liberty
Answers
Answer:
The answer is empathy
Explanation:
Empathy means to put yourself into another person's perspective, which is precisely what the golden rule "treat yourself how you would like to be treated" encourages.
Closing and opening stores. Sanchez Corporation runs two convenience stores, one in Connecticut and one in Rhode Island. Operating income for each store in 2017 is as follows:
Connecticut Store Rhode Island Store
Revenues $1,150,000 $820,000
Operating costs
Cost of goods sold 700,000 640,000
Lease rent (renewable each year) 86,000 71,000
Labor costs (paid on an hourly basis) 41,000 44,000
Depreciation of equipment 21,000 19,000
Utilities (electricity, heating) 40,000 49,000
Allocated corporate overhead 50,000 42,000
Total operating costs 938,000 865,000
Operating income (loss) $212,000 $(45,000)
The equipment has a zero disposal value. In a senior management meeting, Maria Lopez, the management accountant at Sanchez Corporation, makes the following comment, "Sanchez can increase its profitability by closing down the Rhode Island store or by adding another store like it."
1. By closing down the Rhode Island store, Sanchez can reduce overall corporate overhead costs by $44,000. Calculate Sanchez’s operating income if it closes the Rhode Island store. Is Maria Lopez’s statement about the effect of closing the Rhode Island store correct? Explain.
2. Calculate Sanchez’s operating income if it keeps the Rhode Island store open and opens another store with revenues and costs identical to the Rhode Island store (including a cost of $22,000 to acquire equipment with a one-year useful life and zero disposal value). Opening this store will increase corporate overhead costs by $4,000. Is Maria Lopez’s statement about the effect of adding another store like the Rhode Island store correct? Explain.
Answers
Answer:
Sanchez Corporation
1. Connecticut
Store
Revenues $1,150,000
Operating costs
Cost of goods sold 700,000
Lease rent (renewable each year) 86,000
Labor costs (paid on an hourly basis) 41,000
Depreciation of equipment 21,000
Utilities (electricity, heating) 40,000
Allocated corporate overhead 92,000
Total operating costs 980,000
Operating income (loss) $170,000
Maria Lopez is correct by $3,000 increase in operating income.
2. Connecticut Rhode Island Identical
Store Store Store
Revenues $1,150,000 $820,000 $820,000
Operating costs
Cost of goods sold 700,000 640,000 640,000
Lease rent (renewable each year) 86,000 71,000 71,000
Labor costs (paid on an hourly basis) 41,000 44,000 44,000
Depreciation of equipment 21,000 19,000 22,000
Utilities (electricity, heating) 40,000 49,000 49,000
Allocated corporate overhead 50,000 42,000 4,000
Total operating costs 938,000 865,000 808,220
Operating income (loss) $212,000 $(45,000) $11,780
Maria Lopez is correct by $11,780 increase in operating income.
Explanation:
a) Data and Calculations:
Connecticut Rhode Island
Store Store
Revenues $1,150,000 $820,000
Operating costs
Cost of goods sold 700,000 640,000
Lease rent (renewable each year) 86,000 71,000
Labor costs (paid on an hourly basis) 41,000 44,000
Depreciation of equipment 21,000 19,000
Utilities (electricity, heating) 40,000 49,000
Allocated corporate overhead 50,000 42,000
Total operating costs 938,000 865,000
Operating income (loss) $212,000 $(45,000)
Serene Dairy has four product lines: sour cream, ice cream, yogurt, and butter. The total cost of producing the milk base for the products is $45,000, which has been allocated based on the gallons of milk base used by each product. Results for July follow:
Units sold Revenue
Variable departmental costs Fixed costs
Net income (loss)
Sour Cream Ice Cream Yogurt Butter Total 2.000 500 400 2.000 4.900 $10,000 $20.000 $10.000 $20.000 $60,000
How much are total joint costs of the products
a. $28,000
b. $17,000
c. $45,000
d. $15.000
Answers
Serene Dairy has four product lines: sour cream, ice cream, yogurt, and butter. $45,000 much are total joint costs of the products. Thus, option (c) is correct.
What is products?The thing being sold is called a “product.” A product and service market foundation. Items are divided into two categories: industrial products and consumer products. The product is to fulfill the needs of the consumer. The products in another name was the commodities.
According to the four product lines: sour cream, ice cream, yogurt, and butter.
Calculation of Total costs of the products
Total costs of the products = variable cost + Fixed cost
Total costs of the products = $28,000 + $17,000
Total costs of the products = $45,000
As a result, the conclusion of the four product lines are the aforementioned. Therefore, option (c) is correct.
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Question one
a) The table below gives the interest rates of government bonds sold over a period of 12 months.
Month Interest rate (%) per annum
January 11.5
February 11.3
March 11.4
April 11.6
May 11.8
June 11.7
July 11.8
August 12.5
September 12.0
October 11.7
November 11.6
December 11.6
Required
i) Develop 3-month and 4-month moving averages for this series. (8 marks)
ii) Which moving average provides better forecast? Why? (2 marks)
QUESTION TWO
a) A bakery bakes cakes under the brand name “super cakes.” Irene Juma, the manageress does not know the cost of each cake. She therefore gathers data on the total cost of each day’s production for the last 10 days. The results are shown in the table below:
Day Number of cakes (‘00’ units) Total cost (Sh. ‘000’)
1 22.5 23.0
2 21.0 21.6
3 27.5 23.3
4 21.5 24.0
5 30.0 28.2
6 20.0 22.4
7 24.0 23.1
8 26.5 25.3
9 18.3 20.1
10 17.0 16.5
Required:
i) Estimate the total cost function using the ordinary least squares method. State the fixed cost and unit cost. (11 marks)
ii) If each cake is sold at Sh. 10, determine the break even number of cakes. (3 marks)
b) Two different models are available for the same machine. The production statistics (number of units produced per hour) of these two models are given below. The data was collected on different days.
Model A: 180, 176, 184, 181, 190, 137,
Model B: 195, 194, 190, 192, 187, 185, 187,
Will you conclude that Model A and Model B have the same productivity (6Marks)
QUESTION THREE
The table below shows data on the number of visitors (V) to the Kenyan coastline in a month and the amount of money (M) for each of the 8 months in 2018
Number of visitors V Amount of money spent M (Sh.’M’)
2450 1370
2480 1350
2540 1400
2420 1330
2350 1270
2290 1210
2400 1330
2460 1350
Required
a) Determine the product moment correlation coefficient between number of visitors and amount spent. (4Marks)
b) Give a reason to support fitting a regression model of the form M = a + bv to these data
(2 marks)
c) Find the value of b (4 Marks)
d) Find the equation of the regression line of m and v (4 Marks)
e) Interpret your value of b (2 marks)
f) Use your answer to part (d) to estimate the amount of money spent when the number of visitors to Kenya coastline in a month is 2500. (2 Marks)
g) Comment on the reliability of your estimate in part (f). Give a reason for your answer.
(2 Marks)
Answers
Answer:
Explanation:
help
During an economic emergency like the Great Depression, governments are
most likely that use fiscal policy to:
O A. spend more money on services and jobs for citizens.
O B. raise taxes on the poor while lowering them for the rich.
C. lower spending to make sure a deficit doesn't occur.
D. greatly reduce spending to create a long-term surplus
Answers
Answer:
A. spend more money on services and jobs for citizens.
Explanation:
During an economic emergency like the Great Depression, governments are most likely that use fiscal policy to spend more money on services and jobs for citizens.
What is fiscal policy?The utilization of expenditures of government to control the economy refers to fiscal policy. It is used by the government to encourage long-term economic growth and to eliminate poverty by improving the standard of living.
During the time of the great depression, there was an economic crisis that led to reducing the jobs in the market. So to improve the consequences of the great depression government increased spending.
These increased spending will be implemented in the development of better infrastructure and industries to provide better facilities to citizens along with more opportunities for jobs.
Therefore, option A spending more money on services and jobs for citizens is appropriate.
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Bonds contain three important pieces of information. These three pieces are the
d.name of the borrower, the repayment date, and the amount due at repayment.
Answers
what is paying divedends to stockholders do?
Answers
Dividends are paid out by companies as a strategy to reward present stockholders and lure in new ones.
Owners of one or more shares of a company's capital stock are referred to as stockholders or shareholders. As a result of being seen as distinct from the corporation, an investor is only partially liable for its debts. Common stockholder is a term used to describe a person who owns shares of common stock in a firm. The corporation's board of directors is chosen by the company's common investors, who also cast ballots on specific decisions like the company's merger with another corporation. When a business succeeds more and more, common stockholders typically benefit financially. Some businesses also issue preferred stock along with common stock. Preferred stockholders are the people who own shares of preferred stock.
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