The debtor is presumed to have been insolvent on and during what period of time immediately preceding the date on which the petition was filed?
A) One year
B) Sixty days
C) Ninety days
D) Six months
C
You might also like to view...
If there are 20 manufacturers and 500 retailers, and each manufacturer has 15 interactions per year with each retailer at a cost of $200 per transaction, calculate the total number of transactions
A) 100,000 transactions per year B) 150,000 transactions per year C) 200,000 transactions per year D) 250,000 transactions per year E) 300,000 transactions per year
Neil and Paul formed a partnership. During the year, Neil and Paul withdrew $13,000 and $6,000, respectively. Provide the journal entry to close the withdrawal accounts. Omit explanation.
What will be an ideal response?
Outrigger Leisure Products sells 2200 kayaks per year at a price of $450 per unit. Outrigger sells in a highly competitive market and uses target pricing. The company has $1,000,000 of assets and the shareholders wish to make a profit of 17% on assets. Fixed costs are $450,000 per year and cannot be reduced. Assume all products produced are sold. What are the target variable costs?
A) $139,401 B) $1,000,000 C) $820,000 D) $370,000
The use of the gross profit method assumes
a. the amount of gross profit is the same as in prior years. b. sales and cost of goods sold have not changed from previous years. c. inventory values have not increased from previous years. d. the relationship between selling price and cost of goods sold is similar to prior years.