Business, 05.05.2020 04:43 rebekah2503
A company enters Chapter 7 bankruptcy proceedings. Its balance sheet, prepared using GAAP for a company with continuing operations, is as follows:
Cash $ 15,000
Accounts payable $ 90,000
Inventories 100,000
Loans payable 300,000
Plant and equipment, net 250,000
Equity (deficit) (25,000)
Total $365,000
Total $365,000
The plant and equipment is security for one of the loans, with a balance of $130,000. The other liabilities are unsecured. The following transactions occur:
* Inventories with a book value of $60,000 were sold for $40,000.
* The plant and equipment was sold for $200,000. The loan secured by the plant and equipment was paid.
* Wages and administrative expenses of $10,000 were accrued.
* An initial payment of 40 cents per dollar of indebtedness was paid to the unsecured creditors.
3. The statement of realization and liquidation reports total "assets not realized" of:
A. $ 40,000
B. $ 60,000
C. $ 61,000
D. $150,000
Answers: 3
Business, 22.06.2019 03:10
On the first day of the fiscal year, a company issues an $7,500,000, 8%, five-year bond that pays semiannual interest of $300,000 ($7,500,000 × 8% × ½), receiving cash of $7,740,000. journalize the first interest payment and the amortization of the related bond premium. round to the nearest dollar. if an amount box does not require an entry, leave it blank.
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Business, 22.06.2019 23:00
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Business, 23.06.2019 00:00
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Business, 23.06.2019 02:10
Which of the following best explains the purpose of a supply schedule? a. to calculate how much time it takes for distribution. b. to indicate how supply and demand relate to price. c. to show the relationship between quantity supplied and prices. d. to demonstrate how the supply decreases as price increases.
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A company enters Chapter 7 bankruptcy proceedings. Its balance sheet, prepared using GAAP for a comp...
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