Final Review: Ch 12

a firm listed on a stock exchange; no owner owns a majority

private firm, all owners have equal ownership and limited liability

corporation, owners have limited liability

business with 2 or more owners that is not organized as a corporation

$48,000

$17,000

$20,000

$28,000

$7,500

$11,250

$15,000

$3,750

Bill, Capital will be debited for $17,000.

Jim, Capital will be debited for $17,000.

Jim, Capital will be credited for $15,000.

Bill, Capital will be credited for $15,000.