Bill filed a petition for bankruptcy under Chapter 7 of the Bankruptcy Act. Bill listed, among others, the following debts: a debt to the National Bank for $10,000 secured by his 1980 truck, which is valued at $3,500; an unsecured debt to his friend, Francis; a $500 debt to the IRS for 1989 federal income taxes; and a $500 student loan to the university which was due one year ago. In this scenario, ________.
A. Francis can claim the debt without filing a proof of claim
B. the $500 debt to the IRS is a nondischargeable debt
C. the bank can receive preferential payment because the debt owed to it is the highest
D. the $500 student loan to the university is a dischargeable debt
Answer: B
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Many companies view their CIFs as a key source of:
A) marketing strategy. B) competitor analysis. C) competitive advantage. D) supplier analysis.
In which journal would an adjustment for an overcharge by a creditor be recorded?
A) General journal B) Purchases journal C) Cash Payments journal D) Cash Receipts journal
The percent of sales method provides a general estimate, but the more detailed cash budget will
ultimately be used to estimate financing needs. Indicate whether the statement is true or false
Dukes Corporation used a predetermined overhead rate this year of $2 per direct labor-hour, based on an estimate of 20,000 direct labor-hours to be worked during the year. Actual costs and activity during the year were: Actual manufacturing overhead cost incurred$38,000Actual direct labor-hours worked 18,500 The overapplied or underapplied manufacturing for the year was:
A. $3,000 overapplied B. $1,000 underapplied C. $1,000 overapplied D. $3,000 underapplied