Suppose a firm has 68 million shares of common stock outstanding and eight candidates are up for election to six seats on the board of directors. a. If the firm uses cumulative voting to elect its board, what is the minimum number of votes needed to ensure election to the board? b. If the firm uses straight voting to elect its board, what is the minimum number of votes needed to ensure election to the board? (For all requirements, enter your answers in dollars, not millions of dollars.) a. Minimum number of votes 58,285,715 b. Minimum number of votes
Answers
Answer:
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Explanation:
a. If the firm uses cumulative voting to elect its board, each shareholder can allocate their total number of votes (which is equal to the number of shares they own) among the candidates in any way they choose, including giving all their votes to a single candidate. The formula to determine the minimum number of votes needed to ensure election to the board is:
Minimum votes = (number of seats + 1) * (total number of shares / (number of seats + 1))
In this case, the number of seats is 6, and the total number of shares is 68 million. Plugging these values into the formula, we get:
Minimum votes = (6 + 1) * (68 million / (6 + 1)) = 58,285,715
Therefore, the minimum number of votes needed to ensure election to the board using cumulative voting is 58,285,715 votes.
b. If the firm uses straight voting to elect its board, each shareholder can vote for one candidate per open seat. The formula to determine the minimum number of votes needed to ensure election to the board is:
Minimum votes = (total number of shares / number of open seats) + 1
In this case, there are 6 open seats. Plugging in the total number of shares, we get:
Minimum votes = (68 million / 6) + 1 = 11,333,334
Therefore, the minimum number of votes needed to ensure election to the board using straight voting is 11,333,334 votes.
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Answer:
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Explanation:
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Answer:
The company's revenue for the year is $1,615,000.
The correct option is A. $1,615,000.
Explanation:
Given:
Patterson Corporation began the year with retained earnings of $325,000. During the year, the company issued $500,000 of common stock, recorded expenses of $1,500,000, and paid dividends of $90,000.
If Patterson’s ending retained earnings was $350,000.
Now, to find the company's revenue for the year.
Opening Retained earnings = $325,000.
Common stock = $500,000.
Recorded expenses = $1,500,000.
Paid dividends = $90,000.
Closing Retained earnings = $350,000.
Now, to get the revenue of the company we put formula:
Revenue = (Recorded expenses + paid dividends + closing Retained earnings) - opening Retained earnings
Therefore, the company's revenue for the year is $1,615,000.
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b. an escrow agent.
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Answer:
D
Explanation:
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Answer:
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