Greg Knowles owns a business, Clean and Paint. Clean and Paint has 47 employees, equipment worth $350,000, and signed contracts for work that total $450,000. Tragically, Greg has a massive heart attack and passes away. Greg leaves behind his wife and three children. Which of the following is correct? a. The business is dissolved and cannot continue. b. The equipment will be sold, the business liquidated, and proceeds distributed first to the employees. c. The employees now own the business. d. The business could be liquidated or continued by Greg's heirs.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Greg Knowles owns a business, Clean and Paint. Clean and Paint has 47 employees, equipment worth $350,000, and signed contracts for work ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Exporting can be a way to test market demand for a product. Many companies turn to agents and/or distributors to represent them in foreign markets. This approach minimizes.
Answers (1)
Locus Company has total fixed costs of $119,000. Its product sells for $59 per unit and variable costs amount to $45 per unit. Next year Locus Company wishes to earn a pretax income that equals 35% of fixed costs.
Answers (1)
The interest is tax deductible on a ... A. Bank loan B. Credit union loan C. Home equity loan D. Credit card loan
Answers (1)
Assuming the market interest rate on the issue date is 9%, the bonds will issue at $340,000. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021.
Answers (1)
These are managers who are citizens of countries other than the one in which the MNC is headquartered or the one in which they are assigned to work by the MNC. A. Multipatriates B. Home-country nationals C. Inpatriates D. Third-country nationals
Answers (1)
New Questions in Business
Suppose we are interested in bidding on a piece of land and we know one other bidder is interested. The seller announced that the highest bid in excess of $10,000 will be accepted.
Answers (1)
Zappos, the online shoe and clothing marketer, promises free shipping and free returns on any of its products, no questions asked. This is an example of how Zappos has a strong competitive advantage through
Answers (1)
Based on the corporate valuation model, the total corporate value of chen lin inc. is $900 million. its balance sheet shows $110 million in notes payable, $90 million in long-term debt, $20 million in preferred stock, $140 million in retained
Answers (1)
Larry's lizards and ronaldo's reptiles are competing pet store franchises. both are considering opening a store in the small town of turtleville.
Answers (1)
How does the government of a republic typically shape its economy? A. The government allows citizens to own private businesses. B. The government blocks the ownership of personal property. C. The government owns all homes and other forms of housing.
Answers (1)