Reference no: EM132917449
Sea Green Enterprises reports the following assets and liabilities on its balance sheet.
Net Book Value Fair Market Value
Assets $485,000 $727,500
Liabilities 145,500 145,500
Sea Green just lost a product liability suit with damages of $7,275,000 being awarded to the plaintiff. Although Sea Green will appeal the judgment, legal counsel indicates the judgment is highly unlikely to be overturned by the appellate court. The product liability insurance carried by Sea Green includes a payout ceiling of $4,365,000.
Assume any net assets of the company will be used to reduce the judgment.
Problem 1: For how much of the judgment is the entity and its owners liable if Sea Green is a sole proprietorship, a partnership, an LLC, a C corporation, and an S corporation?
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: How much of the judgment is the entity and its owners liable if Sea Green is a sole proprietorship, a partnership, an LLC, a C corporation, and an S corporation
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