Answer: This loan would would have priority over the other unsecured claims in this bankruptcy case.
Explanation:
Since the trucks are secured collateral the loan is a secure loan. It will be the priority in the bankruptcy case since the other claims were unsecured. The law firm would have a right to the trucks since he owed them 20,000$ and put them up as collateral.
Everything that was an unsecured loan does not have anything to take from and will be a loss for the other companies who filed against Henry Anderson.
Answer:
The correct answer is letter "A": Merchandise Inventory.
Explanation:
Lower-of-cost-or-market value is a strategy by which the costs of inventory on the company's Balance Sheet is reported at historical value -purchase cost- or market value, whatever it is lower. The lower-of-cost-or-market approach considers the value of inventory can change, meaning it can increase but it can decrease as well. For both purposes, the lower-of-cost-or-market value can be used. This technique follows the Generally Accepted Accounting Principles (GAAP).
Therefore, <em>merchandise inventory, which can fluctuate in price during a period, is reported using the lower-of-cost-or-market value method.</em>
Hariette should choose cash basis of accounting when she runs the profit and loss report. A company's reporting guidelines and practices for revenues and expenses make up its accounting method. Cash accounting and accrual accounting are the two primary accounting techniques.
Revenues and costs are recorded in cash accounting when they are received and paid. There are three different accounting methods: modified cash basis, cash basis, and accrual basis. Let's briefly review the fundamentals before we discuss which types of firms use certain accounting techniques.
If you only consider popularity, accrual accounting comes out on top since it is both the most popular and the most accurate techniques.
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Answer: Person who enjoys the benefits of a collective good, action, or service without any effort on their part.
Explanation:
In Economics, Free riders are people who benefit from resources and/or goods that are communal in nature and yet either do not pay or pay an insubordinate amount for enjoying same. Essentially they enjoy the benefits of a collective good without any effort on their part.
As a result, the good might become overused and degraded as it is not being maintained enough.
