Which of the following individuals have unlimited liabilitybased on their ownership interest?

I. general partner

II. sole proprietor

III. stockholder

IV. limited partner

A. II only

B. I and II only

C. II and IV only

D. I, II, and III only

E. I, II, and IV only

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A company paid $1,300 in dividends and $920 in interest thispast year. The common stock paid-in capital account increasedby $1,200 and retained earnings decreased by $310. What isthe net income for the year?

A. -$210

B. $990

C. $1,610

D. $1,910

E. $2,190

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The cash flow of a firm which is available for distribution tothe firm's creditors and stockholders is called the:

A. cash flow from operations.

B. capital expenditures.

C. net working capital.

D. free cash flow.

E. additions to net working capital.

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A company had the following working capital accountvalues. What effect did the change in net working capitalhave on the firm's cash flows for the year?

		Beginning of Year					End of Year
Cash			$179				$164
Accounts receivable			415				480
Inventory			987				923
Accounts payable			562				649

A. net use of cash of $73

B. net use of cash of $88

C. net source of cash of $86

D. net source of cash of $101

E. net source of cash of $135