A North Carolina Court of Appeals ordered plaintiffs in a lawsuit against a member of an LLC
to pay the defendant's attorneys' fees stating that a member of a limited liability company is not
a proper party to proceedings by or against an LLC.
Indicate whether the statement is true or false
TRUE
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When all of the cash for an account previously written off under the direct write-off method is unexpectedly collected, the correct entry is
a. debit Bad Debt Expense and credit Accounts Receivable. b. debit Accounts Receivable and credit Bad Debt Expense. c. debit Cash and credit Accounts Receivable. d. dependent on the period in which the cash was collected.
Purchase returns and allowances is subtracted from cost of goods sold to determine net purchases
a. True b. False Indicate whether the statement is true or false
Which of the following is NOT a long-term investment?
a. Stock held to exert influence on another company b. Land held for speculation c. Trademarks d. Cash surrender value of life insurance
A store positioning map for bookstores found various stores occupying each quadrant (classical to contemporary and full-service to self-service). This map illustrates that _____
a. many different market segments exist b. a mass marketing strategy could be effective c. the ideal target market should be classical, full-service d. few opportunities exist for additional bookstores