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frosja888 [35]
3 years ago
10

Alex files a petition for bankruptcy under Chapter 7. He owes $2.37 million to assorted creditors. Two months before filing, he

sold his beach house, which was valued at $600,000, to his brother Jonah for $150,000. If the trustee objects to the sale, most likely:
Business
2 answers:
mamaluj [8]3 years ago
8 0

Answer:

If the trustee objects to the sale, most likely: The trustee will avoid the transfer and take back the house as part of Alex's estate

Explanation:

Nastasia [14]3 years ago
6 0

Answer:

C) the trustee will avoid the transfer and take back the house as part of Alex's estate.

Explanation:

Alex's creditors can claim that the sale was made to avoid payment to them since its value is much lower than the fair market value. It all depends if the property was considered an exempt property or not. Generally a beach house will not be considered exempt since it's not Alex's primary residence. So the trustee can cancel the transfer and include the beach house in Alex's estate.

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A cost that remains fixed over limited ranges of volumes but changes by a lump sum when volume changes occur outside these limit
Reil [10]

Answer:

Variable cost

Explanation:

because sometimes companies set fixed price to other product

6 0
3 years ago
Which of the following would be a helpful tool to help nations, communities, and families compensate for scarcity while trying t
Kryger [21]
<span>A budget allows nations, communities, and families to ensure they have what they need while accounting for scarcity. A budget allows one to take scarcity into account and to prioritize what is wanted and needed, and to allocate money or resources in a way that reflects these priorities.</span>
3 0
4 years ago
Daffy Duct, Inc. issued 10,000 shares of no-par value common stock at $10 per share. Miss Hap, the bookkeeper, recorded the tran
Westkost [7]

Answer:

B

Explanation:

When a company issues shares, ‘cash’ is debited because money has come into the firm (debit means addition). ‘Equity’ is credited however because it is money the business is owing to the business owners (credit means negative)

Equity is always a credit balance when new shares are issued. It means the business is owing more to the business owners.

Note that Equity is a credit balance (in negative position) while Asset is a debit balance (positive)

In our case, we have added more business owners by getting more money to the business to the tune of $100,000. We will therefore credit equity by -$100,000). Since money came in, we also debit cash by adding an equivalent +$100,000.  

The entry is therefore balanced and correct!

8 0
3 years ago
Lauren is an attorney. Like the conduct of all attorneys, Lauren’s conduct is governed by rules of professional conduct establis
GREYUIT [131]

Answer:

a. ​the American Bar Association.

Explanation:

-American Bar Association is an organization that is formed by law students and lawyers and it establishes codes of conduct for this profession. It created the Model Rules of Professional Conduct in 1983 and it is used in 49 states.

-American Institute of Certified Public Accountants is an organizaion formed by certified accountants in the United States and it determines ethical standards for the professionals.

-​The Securities and Exchange Commission is an agency of the United States government that develops and enforces laws for the securities industry.

-The International Accounting Standards Board is a body of the IFRS Foundation that establishes accounting standards.

According to this, the answer is that  Lauren’s conduct is governed by rules of professional conduct established by the state in which she is licensed, and the Model Rules of Professional Conduct of the American Bar Association.

8 0
3 years ago
Which diversification strategy is based on the idea that the company creates value by applying the distinctive competencies it d
Murljashka [212]

Answer:

Related diversification

Explanation:

Related diversification

As the name indicate related diversification is related to expansion of  business in the  same  field to which it is currently working. This can be explained by one example. If any corporation are in a business of making computer parts and the very same corporation expand their business by  making related articles like calculator, smart watch etc. These all are come in the related diversification.

4 0
3 years ago
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