The Rosberg family asked their neighbors, the Lowells, to feed their cat while they are away on a vacation. The Lowells fed the cat as they had been asked to but the cat ran away and never returned
What kind of bailment agreement existed between the Rosbergs and the Lowells?
A) bailment for the sole benefit of the bailee
B) bailment for the sole benefit of the bailor
C) mutual benefit bailment
D) bailment at will
B
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The Miracle Corporation issues $1,000,000, 10-year, 8% bonds at 96. The journal entry to record the issuance will show a:
A) debit to Discount on Bonds Payable for $40,000. B) debit to Cash of $1,000,000. C) credit to Bonds Payable for $960,000. D) credit to Cash for $960,000.
Under the doctrine of strict liability, a plaintiff cannot recover punitive damages for reckless conduct of the defendant
Indicate whether the statement is true or false
All of the following business forms offer limited liability except the
A) partnership. B) corporation. C) S corporation. D) limited liability company.
The carrying value of a bond issued at a premium:
A. decreases by equal amounts each year if effective interest amortization is used. B. decreases by equal amounts each year if straight-line amortization is used and decreases by increasing amounts each year if effective interest amortization is used. C. decreases by equal amounts each year if straight-line amortization is used. D. decreases by larger and larger amounts each year if effective interest amortization is used.