The suspension of certain legal actions by creditors against a debtor or the debtor's property is known as a(n) ________.
A. discharge of debt
B. composition
C. automatic stay
D. order for relief
Answer: C
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Fashion Jeans, Inc sells two lines of jeans; Simple Life and Fancy Life. Simple Life sells for $85.00 a pair and Fancy Life sells for $100.00 a pair. The company sells all of its jeans on credit and estimates that 60% is collected in the month of the sale, 35% is collected in the following month, and the rest is considered to be uncollectible. The estimated sales for Simple are as follows:
January 20,000 jeans, February 27,500 jeans, and March 25,000 jeans. The estimated sales for Fancy are as follows: January 18,000 jeans, February 19,000, and March 20,500 jeans. What are the expected cash receipts for the month of March? A) $3,988,125 B) $2,505,000 C) $2,125,000 D) $4,175,000
Hunkins Corporation has provided the following data concerning last month's operations. Purchases of raw materials$33,000Indirect materials included in manufacturing overhead$4,000Direct labor cost$58,000Manufacturing overhead applied to Work in Process$91,000 BeginningEndingRaw materials inventory$14,000$20,000Work in process inventory$57,000$70,000 How much is the cost of goods manufactured for the month on the Schedule of Cost of Goods Manufactured?
A. $159,000 B. $176,000 C. $172,000 D. $229,000