<span>They can file the bankruptcy code under chapter 11.
</span>This chapter of the Bankruptcy Code generally provides for reorganization, usually involving a corporation or partnership. A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in chapter 11<span>.
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Answer:
C.
Explanation:
Does not directly account for the time value of money.
Answer:
(b) Goods shipped on consignment to Logan Holdings Inc. on January 5.
(c) Goods shipped to a customer, FOB destination, on January 29 that are still in transit.
Explanation:
Gato Inc. should include two items in its inventory. Good shipped on consignment to Logan Holdings Inc. should be included in inventory because this is transaction after the closing of December period. Goods shipped tp a customer on January 29 must also be included in the inventory because the goods are still in transit.
Answer:
D. All of the above
Explanation:
Temporary investments are investments carried out by owners of funds that wants to earn interest from their excess funds that is only available for a short term. The owners of such fund prefer to earn little interest by investing in near cash or cash equivalent investment instead of leaving his fund in an interest-free condition. Example of temporary investment is certificate of deposit and some fixed deposits instrument available for the short term.
Temporary investments are reported as current assets in the balance sheet of a business.
