When a business is declared bankrupt, what steps are taken to pay the business' debts?
The court appoints a trustee to sell all the assets. The proceeds from the assets first go to pay the legal costs of the bankruptcy. They also go to any claims that the law says must be paid first and to any secured creditors, such as a bank holding a mortgage. Any money left over goes to all other creditors in proportion to their claims.
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A. job rotation. B. job satisfaction. C. organizational goals. D. job enlargement. E. organizational ethics.
A company made no adjusting entry for accrued and unpaid employee wages of $28,000 on December 31. This oversight would:
A. Have no effect on net income. B. Understate assets by $28,000. C. Overstate assets by $28,000. D. Understate net income by $28,000. E. Overstate net income by $28,000.
The use of electronic funds transfers makes check writing unnecessary
Indicate whether the statement is true or false
What are the effect of the operating and capital lease methods on the financial statements of the lessor?