In the context of legal forms of business, identify a true statement about limited liability partnership (LLP).
A. In a limited liability partnership, limited partners can work at the firm but not be active in its management.
B. All partners in a limited liability partnership are jointly responsible for any debts or judgments against the firm.
C. General partners in a limited liability partnership are indirectly responsible for federal taxes owed by the firm.
D. Limited partners in a limited liability partnership must be external advisors who do not have a stake in the ownership of the firm.
Answer: A
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In Steelworkers v. Rawson, the Supreme Court held that the allegations that the union had been negligent in its duty under the collective agreement to conduct safety inspections did not amount to a: A) ?breach of contract
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When using the modified approach to account for infrastructures, expenditures to extend the life of the infrastructure assets are expensed.
Answer the following statement true (T) or false (F)
A company has $104,000 in outstanding accounts receivable and it uses the allowance method to account for uncollectible accounts. Experience suggests that 5% of outstanding receivables are uncollectible. The current balance (before adjustments) in the allowance for doubtful accounts is a(n) $940 credit. The journal entry to record the adjustment to the allowance account includes a debit to Bad Debts Expense for:
A. $5247 B. $6140 C. $4260 D. $5200 E. $5153