Assume the football team is set up as a C corporation and that Lenny, Sarah, and Sam are the shareholders. The team is sued for negligence because an individual who turned to see the quarterback running naked crashed her car. Which of the following is true?

a. The corporation may have liability, but not the individual owners.
b. The individual owners may have liability, but not the corporation itself.
c. The corporation may have liability as well as the owners individually, but the owners' individual liability is limited to twice their investment in the company.
d. The corporation may have liability as well as the owners individually, and the owners' liability unlimited.

Tiana daniels enterprise’s trial balance as at december 31, 2016 did not balance. on february 15, 2017 the following errors were detected: errorsi. water rates had been undercast by $2, 000.  ii. a cheque paid to yvonne walch of $2, 680 had been posted to the credit side of her account.  iii. discount received total of $1, 260 had been posted to the debit side of the discount allowed account as $1, 620.  iv. rent paid in the amount of $24, 000 had been posted to the credit of the rent received account.  v. wayne returned goods valuing $1, 680 to daniels enterprise but had been completely omitted from the books.    required: 1. prepare the journal entries to correct the errors.  (narrations required)                    14.5 marks  2.    prepare the suspense account showing clearly the original trial balance error.          8 marks