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  1. A

    Mark operates an auto parts shop. The shop has gone out of business, and all assets

    have been sold.? The following debts remain: 1. 10,000 owed to suppliers for merchandise that was sold to customers. 2. $20,000 owed to suppliers for merchandise that was ruined in an unexpected flood. 3. $35,000 owed to a customer who has a final judgment in a product liability suit against the...
  2. A

    Does a sole proprietor have unlimited liability for any of the liabilities of the

    business? A) Yes, but only for foreseeable expenses and liabilities. B) Yes, but only for ordinary recurring types of expenses. C) Yes, but only for debts if the owner specifically assumed personal liability when the debt was incurred. D) No. E) Yes, for all debts of the business.
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