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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 auto parts shop.
For which of these debts can Mark be held personally liable?
Interest Expense
The cost incurred by an entity for borrowed funds, which is recognized in the financial statements as an expense.
Times Interest Earned Ratio
A financial metric that measures a company's ability to cover its interest expenses with its earnings before interest and taxes.
Net Income
The total profit of a company after all expenses, including taxes and operating costs, have been deducted from total revenue.
Equity Multiplier
A financial leverage ratio that measures the portion of a company’s assets that is financed by stockholders' equity.
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