Kyle and Felix have a business called Fishing Kings, which escorts tourists on fishing expeditions in Florida. Fishing Kings is doing poorly. Ernesto, a contractor, wants $10,000 for the work he did on Kyle’s house. Colin, a tech consultant, wants $7,000 owed to him for setup and purchase of computers in Fishing Kings’ office. Kyle sells one of Fishing Kings’ boats in order to pay some of the debts. When Felix finds out about the sale, he is furious and yells that Kyle had no right to sell the boat without his permission. Kyle responds that he was acting as an agent of the partnership in selling the boat. Which creditor, if any, has priority in Fishing Kings’ assets?

In the text case Auerbach v. Bennett a shareholder brought a derivative action after an internal audit of the GTE Corporation suggested that the corporation’s management had paid significant amounts in bribes and kickbacks over a period of several years. Which of the following was the result on appeal?

In the text case Auerbach v. Bennett a shareholder brought a derivative action after an internal audit of the GTE Corporation suggested that the corporation’s management had paid significant amounts in bribes and kickbacks over a period of several years. Which of the following was the result on appeal?

Cash is reported in the Current Assets section of the Income Statement

Often described as the “energy currency” of the cell, ___________ directly powers chemical reactions in cells.

Cash equivalents are investments such as CDs or high-grade government securities that are so like cash that they are combined with cash for financial disclosure

Calvin and Daniella each own 5% of GamePower, a video game design company. GamePower is seeking to merge with GameKing, and before a shareholder meeting, Calvin and Daniella email all other shareholders and corporate representatives about their disagreement with the proposed transaction. At the shareholder meeting, they vote against the merger with GameKing, but, 90% of the shareholders vote in favor of the merger. Calvin tells Daniella that it is not fair that they are forced to be part of GameKing. Daniella tells him they have no choice, so get used to it. Assuming Calvin and Daniella properly exercise their appraisal rights, how is the value of their shares generally determined?

Cash equivalents are investments such as CDs or high-grade government securities that are so like cash that they are combined with cash for financial disclosure

Often described as the “energy currency” of the cell, ___________ directly powers chemical reactions in cells.

Lexie and Fernando, both artists, discussed forming a partnership to paint portraits. Fernando’s parents were interested in investing in the partnership, but they wanted to avoid any liability. Fernando suggested forming a limited partnership. He told Lexie and his parents that they could do it very informally, that an oral agreement was sufficient, and that the parents would be protected from liability. However, Lexie insisted that a certificate of limited partnership be filed with the secretary of state, over Fernando’s objection that it was a waste of money. After a few months, Lexie and Fernando decided that they wanted to add a new partner, Melissa, to the partnership as a general partner. Melissa had some expertise in the portrait field but she had also had some scrapes with local law enforcement. Fernando’s parents objected strenuously to the admission of Melissa. Lexie and Fernando took the position that the parents, as limited partners, had no say in the admission of a new partner. Fernando’s father, who had an interest in painting and was concerned that the partnership was not making very much money, decided to start coming to the partnership studio to manage the business and attempt to bring it into profitability. Which statement is true regarding the issue of Fernando’s father deciding to manage the partnership?