Under the federal Magnuson-Moss Warranty Act no seller is required to give a written warranty, but the seller who elects to do so must label it as either full or limited
Indicate whether the statement is true or false
T
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The return policy of an organization is a gauge customers use to determine where they will spend their time and money.
Answer the following statement true (T) or false (F)
_____ is formal notification of giving up employment
Fill in the blank(s) with correct word
What QuickBooks activity comes next in this series of payroll activities:Enter Time > Pay Employees > ________ > Process Payroll Forms
A. Pay Payroll Liabilities B. Print Payroll Report C. Reconcile Payroll D. None of the choices are correct
Wilbur Corporation is to be liquidated under Chapter 7 of the Bankruptcy Code. The balance sheet on December 31, 20X8, is as follows: AssetsCash$4,000 Marketable Securities 20,000 Accounts Receivable (net) 75,000 Inventory 90,000 Prepaid Insurance 6,000 Land 50,000 Plant and Equipment (net) 250,000 Franchises 48,000 Total$543,000 EquitiesAccounts Payable$120,000 Wages Payable 13,000 Taxes Payable 20,000 Interest Payable 25,000 Notes Payable 125,000 Mortgages Payable 150,000 Common Stock ($5 par) 180,000 Retained Earnings (deficit) (90,000) Total$543,000 The following additional information is available: 1. Marketable securities consist of 2,000 shares of Bristol Inc. common stock. The market value per share of the stock
is $8. The stock was pledged against a $20,000, 8 percent note payable that has accrued interest of $800. 2. Accounts receivable of $40,000 are collateral for a $35,000, 10 percent note payable that has accrued interest of $3,500. 3. Inventory with a book value of $35,000 and a current value of $32,000 is pledged against accounts payable of $60,000. The appraised value of the remainder of the inventory is $50,000. 4. Only $1,000 will be recovered from prepaid insurance. 5. Land is appraised at $65,000 and plant and equipment at $160,000. 6. It is estimated that the franchises can be sold for $15,000. 7. All the wages payable qualify for priority. 8. The mortgages are on the land and on a building with a book value of $110,000 and an appraised value of $100,000. The accrued interest on the mortgages is $7,500. 9. Estimated legal and accounting fees for the liquidation are $10,000. Required:a. Prepare a statement of affairs as of December 31, 20X8.b. Compute the estimated percentage settlement to unsecured creditors. What will be an ideal response?