Elise and Flair are partners in Gourmet Cupcakes, a new general partnership and business enterprise. As general partners, Elise and Flair are subject to liability that is
A. limited to the amount of their investment in Gourmet Cupcakes.
B. limited to the deductible on Gourmet Cupcakes's insurance policy.
C. limited to the extent that Elise and Flair believe to be reasonable.
D. not limited with respect to Gourmet Cupcakes's obligations.
Answer: D
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Houston Shoe Co is preparing a statement of cash flows using the indirect method. Indicate on the blanks below whether each item is an operating activity (O), an investing activity (I), a financing activity (F), a noncash transaction (N), or an item that would not appear on or with Houston's statement (NA). _____ 1. The change in Accounts Payable during the period _____ 2. Depreciation expense
_____ 3. Exchange of stock for a building _____ 4. Purchase of equipment _____ 5. Purchases of treasury stock _____ 6. Borrowing by issuing bonds _____ 7. A gain on the sale of equipment _____ 8. Collections from customers _____ 9. Dividends paid _____ 10. Income taxes paid _____ 11. Proceeds from sale of long-term investments at a loss _____ 12. The change in Inventory for the period Fill in the blank(s) with correct word
Why did Congress establish favorable treatment for 1231 assets?
A. to help business owners replace assets which had declined in value B. to allow a larger deduction for losses C. to encourage the mobility of capital D. all of the above
Which of the following statements about writing skills is most accurate?
A) Writing skills in today's workplace are an advantage, but they are not a necessity. B) Only the very top level of salaried employees need good writing skills. C) Having good writing skills can improve your chances for promotion and can result in higher earnings. D) Today's communication technologies have made writing obsolete.
Intrabrand competition exists when a manufacturer provides the same goods to more than one distributor or retailer in a particular market area
Indicate whether the statement is true or false