In a Chapter 7 proceeding, the primary effect of a discharge is to void any judgment on a discharged debt and to prohibit any action to collect it.

Confectioners' Corner wants to offer some preferred stock that pays an annual dividend of $4.50 a share. The company has determined that stocks with similar characteristics provide an 11% rate of return. What price should Confectioner's expect to receive per share for this stock offering?

A) $38.87
B) $40.54
C) $40.91
D) $45.50
E) $49.50

An accountant has debited an asset account for $1300 and credited a liability account for $600. Which of the following would be an incorrect way to complete the recording of the transaction?

A) Credit an asset account for $700.
B) Credit another liability account for $700.
C) Credit an owner's equity account for $700.
D) Debit an owner's equity account for $700.

Limited liability companies are formed under federal law for international commerce purposes.

For accounting purposes business transactions should be kept separate from the personal transactions of the owners of the business.

People with strong social networks experience less stress and cope with stress better than those with weaker social networks.