1. Liam died earlier this year but his company was not automatically dissolved by his death. Which type(s) of organization was it?

Partnership.

Sole proprietorship.

Hybrid partnership.

Corporation.

Limited proprietorship.

2. What is the #1 purpose of an auction market like the TSX?

-Match buyers with sellers.

-Handle private placements of shares of stock.

-Provide a market place for dealers.

-Offer new shares of stock to the general public.

-Provide electronic trading for dealers.

3. Exactly 6 years prior to today International Knitting Yarn Wholesalers bought a specialized piece of equipment for $368,000, which has a current balance sheet value of $172,200. The current market value of the equipment is $211,400. The company has one fixed asset. Net working capital is $121,000 and long-term debt is $82,500. What is the book value of shareholders' equity?