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Study Resources (Accounting)

11.On a statement of financial affairs, a company's assets should be valued at A. historical cost. B. net realizable value, if lower than historical cost. C. replacement cost. D. net realizable value, if higher than historical cost. E. net realizable value, whether higher or lower than historical cost. 12.On a statement of financial affairs, a.
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21.Quincy Corp., about to be liquidated, has the following amounts for its assets and liabilities: The mortgage is secured by the land and building, and the note payable is secured by the equipment. Quincy expects that the expenses of administering the liquidation will total $40,000. How much should the mortgage holder expect.
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65.Bazley Co. had severe financial difficulties and was considering the possibility of filing a bankruptcy petition. At that time, the company had the following assets (stated at net realizable value) and liabilities. Total payment on partially secured debt is calculated to be what amount? .
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66.Lucky Co. had cash of $65,000, inventory worth $117,000, and a building worth $169,000. Unfortunately, the company also had accounts payable of $234,000, a note payable of $104,000 (secured by the inventory), liabilities with priority of $26,000, and a bond payable of $195,000 (secured by the building). In a Chapter 7.
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31.Which statement is false regarding a plan for reorganization? A. The plan is the heart of every Chapter 7 bankruptcy. B. The provisions of the plan specify the treatment of all creditors and equity holders upon approval by the Court. C. The plan shapes the financial structure of the entity that emerges. D..
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63.Bazley Co. had severe financial difficulties and was considering the possibility of filing a bankruptcy petition. At that time, the company had the following assets (stated at net realizable value) and liabilities. Assets that are available for unsecured creditors after payment of liabilities with priority are calculated to be what amount?.
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62.Bazley Co. had severe financial difficulties and was considering the possibility of filing a bankruptcy petition. At that time, the company had the following assets (stated at net realizable value) and liabilities. In a liquidation, total assets available to pay liabilities with priority and unsecured creditors are calculated to be what.
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Multiple Choice Questions 1.A Chapter 7 bankruptcy is a(n) A. involuntary reorganization. B. bankruptcy forced by a company's creditors. C. liquidation. D. bankruptcy in which all creditors receive payment in full. E. voluntary reorganization. 2.Where should a company undergoing reorganization report the gains and losses resulting from the reorganization? A. on the statement of retained earnings. B..
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32.Which statement is false regarding the acceptance and confirmation of a reorganization plan? A. The plan must be voted on by the creditors and the stockholders of the company. B. A separate vote is required of each class of stockholders. C. Any class of creditors that is not damaged by a reorganization.
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Essay Questions 47.For each of the following situations, select the best answer concerning information forms filed with the SEC:(A.) Form 10-K(B.) Form 10-Q(C.) Form 8-K(D.) Not required___ 1. A unique or significant happening.___ 2. Annual information required by Regulation S-X.___ 3. Changes in control of the registrant.___ 4. Interim financial statements.___.
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41.Which one of the following forms is used in connection with employee stock plans? A. S-8. B. S-3. C. S-4. D. S-1. E. S-11. 42.Which one of the following forms is used in connection with registration of securities of real estate companies? A. S-8. B. S-1. C. S-4. D. S-3. E. S-11. 43.Which one of the following forms is used.
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