Which of the following is true of an LLC (limited liability company)?
A) An LLC is a creature of federal law.
B) An LLC is regarded a separate legal entity.
C) An LLC cannot hold title to property.
D) The owners of an LLC are called general partners or specific partners.
B
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Which of the following is a probable future sacrifice of economic benefits arising from present obligations as a result of past events?
A) Expense B) Liability C) Loss D) Asset
On January 1, 2016, Randolf Company signed a contract to have Rory Associates construct a manufacturing facility at a cost of $14,000,000. It was estimated that it would take three years to complete the project. Also on January 1, 2016, to finance the construction cost, Randolf borrowed $14,000,000 payable in seven annual installments of $2,000,000 plus interest at the rate of 9%. During 2016,
Randolf made progress payments totaling $5,000,000 under the contract, and the average amount of accumulated expenditures was $3,000,000 for the year. The excess borrowed funds were invested in short-term securities, from which Randolf realized investment income of $330,000. What amount should Randolf report as capitalized interest at December 31, 2016? A) $ 0 B) $ 270,000 C) $ 510,000 D) $1,260,000
On June 30, 2018, Samuel, Inc. showed the following data on the equity section of their balance sheet:
On July 1, 2018, the company declared and distributed a 6% stock dividend. The market value of the stock at that time was $14 per share. Following this transaction, what is total stockholders' equity?
A) $1,376,000
B) $1,558,140
C) $1,302,860
D) $1,208,840
Michael stayed late at work to complete a project. As a result, the boss praised his work ethic in front of the entire team. Afterward, the other members of the team started staying past quitting time to complete their projects. What the team members experienced was ______.
A. classical conditioning B. operant conditioning C. social learning D. positive reinforcement