B & B, Inc

question 30

Multiple Choice

B & B, Inc.is incorporated in Delaware, but it has its principal place of business in Minnesota.It does much of its business in California.For purposes of diversity of citizenship, B & B is a resident of:

• A) Delaware.
• B) Minnesota.
• C) Both Delaware and Minnesota.
• D) Delaware, Minnesota, and California.

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Definitions:

Unearned Subscription Revenue

Refers to the money received for services or products that have not yet been delivered or performed, often recognized as a liability on the balance sheet.

Office Supplies

Consumable items used in offices or businesses for daily activities, such as pens, paper, and staplers.

Cash

Money in the form of coins or banknotes, especially that held by an organization or in a financial institution.

Total Asset Turnover Ratio

The total asset turnover ratio measures how efficiently a company uses its assets to generate sales, calculated by dividing revenue by total assets.