9.26.07 - Jeremy Liebman 950929750 Accounting 211 Homework...

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Jeremy Liebman 950929750 Accounting 211 Homework Tuesday/Thursday 10:00 – 11:50 E1-4, 5, 7, 8, 9, 10, 11, 12 4. A. The ownership of Zander Company is divided into 1,000 shares of stock, therefore it is a corporation. The owners of the company are the shareholders. B. Wallingford is owned by Trent Malone, and because he is solely liable for the company’s debts, the business is known as a sole proprietorship. C. While Elijah Fong and Ava Logan both own Financial Services, they do not have personal responsibility for the company’s debts. This means that Financial Services has to be a corporation because the responsibilities for its debts are legally separate from its owners. D. Speedy Packages is a courier service that is owned by both Dylan Bailey and Emma Kayley. They both share liability for the debts of their business, therefore it is a partnership. E. IBC Services does not have separate legal existence apart from the one person who owns it; therefore it is a sole proprietorship. F
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This note was uploaded on 04/07/2008 for the course ACCTG 213 taught by Professor Tomcal during the Spring '08 term at Oregon.

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9.26.07 - Jeremy Liebman 950929750 Accounting 211 Homework...

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