Which of the following categories of owners have unlimited liability?
A) sole proprietors B) general partners in a limited partnership
C) shareholders of a corporation D) both A and B
D
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Budget Leasing issued 500 shares of $20 par value convertible preferred stock at $22 per share. Each preferred share is converted to 7 shares of $4 par value common stock. The entry to record this conversion would include a
A) debit to Additional Paid-in Capital on Preferred Stock for $11,000. B) credit to Common Stock for $11,000. C) debit to Retained Earnings for $3,000. D) credit to Additional Paid-in Capital from Preferred Stock Conversion for $3,000.
An example of a process where all of the materials would be added at the end of the process would be:
a. A bakery where the ingredients for bread are combined and left to rise. b. The second process of a snack factory where snack chips coming from the frying process are cooled and dried for an hour, then bagged. c. A baker where the wet ingredients for a cake are added one-at-a-time after the dry ingredients have been thoroughly blended. d. None of the above.
"At Joe's Diner, we serve great burgers" is a product-oriented business definition
Indicate whether the statement is true or false
A minimum rate of return will be set by the organizations to guard
a. the minimum costs b. the profitability c. fixed costs d. variable costs