Which of the following with respect to partnership is TRUE?
A) Partnership is a separate legal entity.
B) General partners have limited liability
C) General partners have unlimited liability
D) Partners are not agents for each other.
E) Partners must make an equal financial contribution to the partnership.
C
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The net income reported on the income statement for the current year was $220,000. Depreciation was $50,000. Accounts receivable and inventories decreased by $10,000 and $30,000, respectively. Prepaid expenses and accounts payable increased, respectively, by $1,000 and $8,000. How much cash was provided by operating activities?
a. $281,000 b. $317,000 c. $301,000 d. $239,000
Sample surveys are classified as descriptive, cross-sectional studies whose samples are drawn in such a way as to be representative of a specific population
Indicate whether the statement is true or false