7. Which type of business subjects its owners to the overall highest tax on income? A Sole Proprietorship b. A Limited Liability Partnership C A Corporation d. both a and b 8. Capital Markets are: a. Markets for securities with maturities of less than one year b. Markets for securities with maturities of longer than one year Where Futures and Options contracts are sold. Both a and c. d. Use the following information for questions 9 and 10: Galan Associates prepared its year end financial statement for 2015 based on the information given here. The company's Balance Sheet is composed of cash worth $1,234, inventory worth $13,480, and accounts receivables of $7,789. The company's net fixed assets are $42,331, and other long-term assets are $1,822. It had accounts payables of $9,558, notes payables of $2.756, common stock of $22,000, and retained earnings of $14,008. 9. How much long-term debt does the firm have? a. $66,556 b. $30,648 c. $12,314 d. $18,334 10. What is the Working Capital of Galan at the end of 2015? a. $30,648 b $10,189 c. $36,008 d. $22,503 Hint for Questions 9 and 10: Set up the Balance Sheet using the following table: Cash Inventory Receivables Current Assets Accts Payable Notes Payable Current Liabilities Net Fixed Assets Long Term Debt Common Stock Retained Earnings Total Equity Other Total Assets Total Liabilities+ Equity