Which of the following is TRUE of a partnership balance sheet?
A) Each partner's assets will be shown separately.
B) Each partner's liabilities will be shown separately.
C) Each partner's equity will be shown separately.
D) Each partner's assets, liabilities, and equity will be shown separately.
C) Each partner's equity will be shown separately.
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A best practice is to have an oversight of the internal audit function as a responsibility of which of the following?
a. Management. b. Internal auditors. c. Audit committee. d. External auditors.
Which of the following is the first stage in the process of increasing emotional intelligence?
A. watching others B. trying new behaviors C. developing emotional literacy D. developing trusting relationships that enable change
The operating cycle of a merchandiser begins when the company purchases inventory from a vendor and ends when the company then sells the inventory to a customer
Indicate whether the statement is true or false
In April 1997, Keven Shanahan bought two units at the Woodview Condominium complex in Millville, New Jersey. The Woodview Condominium Association, Inc, collected fees on a monthly basis to cover each unit owner's pro rata share of expenses for the
common areas, including utility charges. During his ownership, Mr. Shanahan defaulted on his obligation to pay the monthly condominium assessments, which he cured when sued by the Association. On January 11, 2000, Shanahan conveyed title to the two units to Tomas Pratts, Jr., who, in exchange, executed a one-year purchase money mortgage in the amount of $33,000 payable to Shanahan. Pratt also failed to pay the monthly fees, and on January 29, 2001, the Association filed an assessment lien on the units, totaling $3,192.50. In September 2001, Pratts defaulted on his mortgage with Shanahan, and Shanahan assumed control of both units as a mortgagee in possession. Shanahan rented out each unit. Although Shanahan satisfied the Association's assessment liens, he never paid the monthly condominium fees while in possession and control of the units. As a result, the Association filed suit against Pratt and Shanahan to collect the monthly assessments that were due. Shanahan moved to dismiss on the grounds that he was not personally liable for the accrued fees because he did not hold legal title to the units. Discuss whether Shanahan is liable for the fees.