This topic contains a solution. Click here to go to the answer

Author Question: Suppose you own a proprietorship that is in serious financial difficulty. The assets of the company ... (Read 62 times)

ss2343

  • Hero Member
  • *****
  • Posts: 548
Suppose you own a proprietorship that is in serious financial difficulty. The assets of the company are 100,000 . but liabilities are 175,000 . You also have, however, stock in General Motors worth 200,000 . If you file bankruptcy, what amount of personal assets do you stand to lose?
 a. 100,000
  b. 75,000
  c. 200,000
  d. 275,000
  e. 375,000

Question 2

Brian is the sole proprietor owner of Long Voyage Software, which generates maps for wilderness trips. He started the business with an initial investment of 80,000 . A faulty map caused one customer to get hopelessly lost. After her rescue and recuperation, she sued Long Voyage for 5,000,000 . Which of the following is true?
 a. The customer can be awarded only 80,000--what the firm has available to pay.
  b. The customer can be awarded 5,000,000 but can get only 80,000.
  c. The customer can be awarded 5,000,000 . but Brian personally won't have to pay more than 80,000.
  d. If 5,000,000 is awarded, Brian will have to pay none of it.
  e. If 5,000,000 is awarded, Brian is personally responsible for paying all of it.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

millet

  • Sr. Member
  • ****
  • Posts: 354
Answer to Question 1

B

Answer to Question 2

E




ss2343

  • Member
  • Posts: 548
Reply 2 on: Jul 1, 2018
Wow, this really help


meganmoser117

  • Member
  • Posts: 303
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

Did you know?

Computer programs are available that crosscheck a new drug's possible trade name with all other trade names currently available. These programs detect dangerous similarities between names and alert the manufacturer of the drug.

Did you know?

The term pharmacology is derived from the Greek words pharmakon("claim, medicine, poison, or remedy") and logos ("study").

Did you know?

Amoebae are the simplest type of protozoans, and are characterized by a feeding and dividing trophozoite stage that moves by temporary extensions called pseudopodia or false feet.

Did you know?

Though the United States has largely rejected the metric system, it is used for currency, as in 100 pennies = 1 dollar. Previously, the British currency system was used, with measurements such as 12 pence to the shilling, and 20 shillings to the pound.

Did you know?

Elderly adults are at greatest risk of stroke and myocardial infarction and have the most to gain from prophylaxis. Patients ages 60 to 80 years with blood pressures above 160/90 mm Hg should benefit from antihypertensive treatment.

For a complete list of videos, visit our video library