Brandywine Corporation reported the following information for 2011 and 2012: Interest payable, December 31, 2011 $ 13,500 Interest payable, December 31, 2012 20,500 Interest expense--2012 32,000 How much cash was paid for interest during 2012?
A) $25,000
B) $39,000
C) $52,500
D) $45,500
A
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In a short essay, list and discuss the four types of statements that a corporation may adopt to communicate the corporation’s view of the subject of ethics.
What will be an ideal response?
A process for teams to generate ideas and to find solutions on project issues and problems best defines
A) brainstorming. B) TMAP. C) burndown charts. D) preplanning review.
What types of information should a partnership agreement contain?
What will be an ideal response?
Property of the Estate. John Patrick Goulding filed for Chapter 7 bankruptcy relief in 1987. In his schedules, he listed assets of $62,000 and debts of over $670,000. The majority of these debts were unsecured and were not consumer debts. The Federal
Deposit Insurance Corp (FDIC), as successor to two banks, was the largest unsecured creditor ($379,000). The FDIC and the trustee learned that Goulding was the beneficiary of three irrevocable spendthrift trusts (the assets of which cannot be reached by creditors) that provided him with $12,000 per month, and that he would receive from the corpus (principal) of one trust $200,000 on January 30, 1988. The trustee and the FDIC filed a joint motion requesting the court to dismiss Goulding's Chapter 7 petition. Discuss whether the court should have dismissed Goulding's petition and whether any payments made from the trusts were part of the debtor's estate.