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Chapter 3: 5BP (page 157)

Dr. Phil wishes to know how many shares are necessary to elect 6 directors out of 14 directors up for election for the board of the Winfrey Publishing Company. There are 3,40,000 shares outstanding. (Use Formula 17-1 to determine the answer.)

Short Answer

Expert verified

The number of shares required to elect 6 directors is 136,001shares.

Step by step solution

01

Information provided in the question

Shares outstanding =340,000 shares

Total number of directors =14

Number of directors to be elected =6

02

Calculation of shares required to elect 6 directors

The number of shares required is 136,001 shares.


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Most popular questions from this chapter

City Farm Insurance has collection centers across the country to speed up collections. The company also makes its disbursements from remote disbursement centers so the firm’s checks will take longer to clear the bank. Collection time has been reduced by two days and disbursement time increased by one day because of these policies. Excess funds are being invested in short-term instruments yielding 12 percent per annum.

a. If City Farm has \(5 million per day in collections and \)3 million per day in disbursements, how many dollars has the cash management system freed up?

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Antonio Banderos & Scarves make headwear that is very popular in the fall-winter season. Units sold are anticipated as follows:

October

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November

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December

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January

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a. What is the ending inventory at the end of each month? Compare the units sales to the units produced and keep a running total.

b. If the inventory costs $8 per unit and will be financed at the bank at a cost of 12 percent, what is the monthly financing cost and the total for the four months? (Use 1 percent or the monthly rate.)
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