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3 years ago

The estate in bankruptcy does NOT include one of the following:_______

Business

1 answer:

Vlada [557]3 years ago

5 0

Answer:

Property that was sold three years ago by the debtor(A)

Explanation:

Property that was sold three years ago by the debtor : Debtor has no legal claim on the property of the bankrupt.

Community property: This is also knows as marital property. It belongs to both partners in marriage. Community property is part of the bankruptcy estate, even if only one spouse files for bankruptcy.

Property transferred in a transaction voidable by the trustee : these are transactions that trustee can prove to be voidable and recover transferred assets back to the bankrupt provided it can be proven to have been improperly transferred.

Proceeds and profits from the property of the estate : These are income realized from the estate after trustee fee has been paid and other associated expenses.

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Journal Entry

Contact [7]

Answer:

Explanation:

unearned rent 6000 (debit)

Rent revenue. 6000 (credit)

to record 2 months of realized rent revenue

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3 years ago

The balance sheet of FIFA Cup Company included the following shareholders' equity section at December 31, 2021: ($ in millions)

liraira [26]

Answer:

Explanation:

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3 years ago

Steve is staying at a hotel while on business in Chicago, but he forgot to bring his ties. Who would he most likely turn to for

babymother [125]

Answer:

Steve

Explanation:

because he can get in contact with Steve while in the hotel

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2 years ago

If the general education level within a country rises significantly over time, it is likely that: the country’s production possi

kiruha [24]

Answer: Option (D) is correct.

Explanation:

Correct: The country’s production possibilities curve will shift out.

The production possibility frontier shows different combination of two goods that are to be produced with the available resources. It also shows the point on the curve which represents the efficient level of quantity to be produced.

So, if there is any improvement in the factors such as technology advancement and level of education will generally results in higher economic growth and increase in the level of output.

Hence, there is an outward shift in the production possibility frontier.

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3 years ago

United Machining's margin was 2% and turnover was 3.0 on sales of $60 million for the year. On the basis on this information____

Hunter-Best [27]

Answer:

B, net income for the year was $1,200,000, average assets were $20 million, ROI was 6%

Explanation:

net income is calculated by multiplying the percentage margin by the sales. We have,

(2 ÷ 100) × $60,000,000

= 0.02 × $60,000,000

= $1,200,000

To calculate the average assets, sales is divided by the turnover.

we have, ($60,000,000 ÷ 3.0)

= $20,000,000.

To calculate the ROI, margin and turnover are multiplied.

we have,

(2% × 3.0) = 6%

Cheers.

3 0

3 years ago