Chapter 3 of the Bankruptcy Code contains provisions dealing with the commencement of a case in bankruptcy
a. True
b. False
Indicate whether the statement is true or false
True
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A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $200 worth of merchandise. On July 28, it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the payment on July 28 is:
A. Debit Accounts Payable $1,800; credit Cash $1,800. B. Debit Merchandise Inventory $1,600; credit Cash $1,600. C. Debit Accounts Payable $1,600; credit Merchandise Inventory $32; credit Cash $1,568. D. Debit Accounts Payable $1,600; credit Cash $1,600. E. Debit Cash $1,600; credit Accounts Payable $1,600.
Magpie Corporation uses the total cost concept of product pricing. Below is cost information for the production and sale of 60,000 units of its sole product. Magpie desires a profit equal to a 25% rate of return on invested assets of $700,000. Fixed factory overhead cost $38,500 Fixed selling and administrative costs 7,500 Variable direct materials cost per unit 4.60 Variable direct labor cost
per unit 1.88 Variable factory overhead cost per unit 1.13 Variable selling and administrative cost per unit 4.50 The unit selling price for the company's product is: A) $15.00 B) $13.82 C) $15.80 D) $14.76
Standard cost systems are adopted
A) to improve planning and control. B) to facilitate product costing. C) to enhance the operational control of firms that emphasize continuous improvement. D) to improve planning and control, and to facilitate product costing. E) for all of these reasons.
John Adams plans to retire at the age of 62. He wants an annual income of $60,000 per year. He
believes that he will live to be 87. He will draw the money at the beginning of each year. How much money will he need when he retires in order to support his $60,000 annual life style if he will average 12 percent per year on his retirement account? A) $470,586 B) $527,059 C) $505,302 D) $439,800