ACC 3123
California Career College
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Test-Bank-Fundamentals-Of-Financial-Accounting-5th-Edition-by-Fred-Phillips-Robert-Libby-Patricia-Li
- Exam (elaborations) • 108 pages • 2022
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- $12.99
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You paid $10,000 to buy 1% of the stock in a corporation that is now bankrupt. The 
company owes $10 million dollars to its creditors. As a result of the bankruptcy, you are 
responsible for paying $100,000 (or $10 million × 1%) of the amount owed to the creditors. 
Answer: False 
Difficulty: 2 Medium 
LO: 01-01 
Topic: Organizational Forms 
Blooms: Apply 
AACSB: Analytic 
AICPA BB: Legal 
AICPA FN: Measurement 
Feedback: Unlike sole proprietorships and partnerships, a corporation is a separate...
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