Homework Answers
Solution
Q7) The correct answer is c)
Limited partner have liability only for the amount for their contributions
Limited partner invests money, property, or services in the partnership and does not manage or control. Not personally liable for the obligations of the partnership
Q8) The correct answer is a)
The corporate veil can be pierced under the alter ego theory when personal and corporate assets or debts are mixed.
Q10) The correct answer is a)
The corporation may not make personal loan to directors and officers
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Question 7 3 pts Limited partners have liability: for the full amount of partnership...
1. The limited liability company may elect to be manager-managed rather than member-managed, which means that...
1. The limited liability company may elect to be manager-managed rather than member-managed, which means that only authorized members may legally bind the corporation. a. True b. False 2. A corporation is a separate entity for accounting purposes but not for legal purposes. a. True b. False — 3. When compared to a corporation, one of the major disadvantages of the partnership is its limited life. a. True b. False _ 4. Each partner may withdraw the assets he or...
QUESTION 1 Manuela has worked as an accountant in her own accounting business, a sole proprietorship,...
QUESTION 1 Manuela has worked as an accountant in her own accounting business, a sole proprietorship, for more than seven years. Among the services she offers is tax return filing and personal investment advising. Which of the following is true of Manuela’s business? A. Manuela has little control over the management and operations of her business. B. Manuela has unlimited liability. C. Outside funding for the business has been easy for Manuela to obtain. D. Manuela had varied and complicated...
It is based on the multiple-choice question pasted below. Use the current 21 percent tax rate....
It is based on the multiple-choice question pasted below. Use the current 21 percent tax rate. (28) in the current year, Acom, Inc., had the following items of income and expense! Sales $500,000 Cost of sales 250,000 Dividends received 25,000 The dividends were received from a corporation of which Acom owns 30%. In Acom's current yoar income tax rotum, what amount should be reported as income before special deductions? A. $525.000 B. $508,750 C. $275,000 D. $250.000 The correct answer...
Please read the article and answer about questions. You and the Law Business and law are...
Please read the article and answer about questions. You and the Law Business and law are inseparable. For B-Money, the two predictably merged when he was negotiat- ing a deal for his tracks. At other times, the merger is unpredictable, like when your business faces an unexpected auto accident, product recall, or government regulation change. In either type of situation, when business owners know the law, they can better protect themselves and sometimes even avoid the problems completely. This chapter...
Case: Enron: Questionable Accounting Leads to CollapseIntroductionOnce upon a time, there was a gleaming...
Case: Enron: Questionable Accounting Leads to CollapseIntroductionOnce upon a time, there was a gleaming office tower in Houston, Texas. In front of that gleaming tower was a giant “E,” slowly revolving, flashing in the hot Texas sun. But in 2001, the Enron Corporation, which once ranked among the top Fortune 500 companies, would collapse under a mountain of debt that had been concealed through a complex scheme of off-balance-sheet partnerships. Forced to declare bankruptcy, the energy firm laid off 4,000...
CASE 20 Enron: Not Accounting for the Future* INTRODUCTION Once upon a time, there was a...
CASE 20 Enron: Not Accounting for the Future* INTRODUCTION Once upon a time, there was a gleaming office tower in Houston, Texas. In front of that gleaming tower was a giant "E" slowly revolving, flashing in the hot Texas sun. But in 2001, the Enron Corporation, which once ranked among the top Fortune 500 companies, would collapse under a mountain of debt that had been concealed through a complex scheme of off-balance-sheet partnerships. Forced to declare bankruptcy, the energy firm...
1. The limited liability company may elect to be manager-managed rather than member-managed, which means that only authorized members may legally bind the corporation. a. True b. False 2. A corporation is a separate entity for accounting purposes but not for legal purposes. a. True b. False — 3. When compared to a corporation, one of the major disadvantages of the partnership is its limited life. a. True b. False _ 4. Each partner may withdraw the assets he or...
It is based on the multiple-choice question pasted below. Use the current 21 percent tax rate. (28) in the current year, Acom, Inc., had the following items of income and expense! Sales $500,000 Cost of sales 250,000 Dividends received 25,000 The dividends were received from a corporation of which Acom owns 30%. In Acom's current yoar income tax rotum, what amount should be reported as income before special deductions? A. $525.000 B. $508,750 C. $275,000 D. $250.000 The correct answer...
CASE 20 Enron: Not Accounting for the Future* INTRODUCTION Once upon a time, there was a gleaming office tower in Houston, Texas. In front of that gleaming tower was a giant "E" slowly revolving, flashing in the hot Texas sun. But in 2001, the Enron Corporation, which once ranked among the top Fortune 500 companies, would collapse under a mountain of debt that had been concealed through a complex scheme of off-balance-sheet partnerships. Forced to declare bankruptcy, the energy firm...
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