Norma files a petition in bankruptcy. She turns her assets over to O'Brien, who sells them and then distributes the proceeds to Norma's creditors. O'Brien is
A) a preferred creditor
B) a bankruptcy court judge.
C) abankruptcy trustee.
D) adebtor.
C
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You have received an email from a new accounting client, Jamal Parker, who has just started a new business. Jamal would like you to explain whether it is really that beneficial for him to take advantage of a 2/10, net 30 discount offered by one of his
suppliers, given his limited cash flow. In a memo, explain to him why this is or is not a sound financial move for his new company. Most firms attempt to pay their accounts payable within the discount period to take advantage of the discount. Why is that normally a sound financial move?
The fee paid by a retailer to a credit card company is considered a contra-revenue account by the retailer
Indicate whether the statement is true or false
In the event that a large company has to downsize, the middle-aged workers who are laid off find it difficult to find new jobs. When such workers decide to start their own businesses, they:
A. become welfare recipients. B. are called necessity entrepreneurs. C. become post-retirement workers. D. are called baby boomers.
Long-term capital gains have favorable tax treatment over earned income
Indicate whether this statement is true or false.