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Gnesinka [82]
3 years ago
5

Knox operates an electronics store as sole proprietor. On April 5, Knox was involuntarily petitioned into bankruptcy under the l

iquidation provisions of the Bankruptcy Code. On April 20, a trustee in bankruptcy was appointed and an order for relief was entered. Knox's nonexempt property has been converted to cash, which is available to satisfy the following claims and expenses as may be appropriate:
Claims and Expenses

Claim by Dart Corp. (one of Knox's suppliers) for computers ordered on April 5, and delivered on credit to Knox on April 10. $20,000

Fee earned by the bankruptcy trustee. $ 15,000

Claim by Boyd for deposit given to Knox on April I, for computer Boyd purchased for personal use but that had not yet been received by Boyd. $ 1,500

Claim by Noll Co. for the delivery of stereos to Knox on credit. The stereos were delivered on April 4, and a financing statement was properly filed on April 5. These stereos were sold by the trustee with Noll's consent for $7,500, their fair market value. $ 5,000

Fees earned by the attorneys for the bankruptcy estate. $ 10,000

Claims by unsecured general creditors $ 1,000 The cash available for distribution includes the proceeds from the sale of the stereos.

What amount will be distributed to Boyd if the cash available for distribution is $50,800?
Business
1 answer:
Xelga [282]3 years ago
6 0

Answer:

$800

Explanation:

Since $50,800 are available for distribution, the payments will start with the trustee, the lawyers and the suppliers:

  • trustee will receive $15,000
  • lawyers will receive $10,000
  • Dart will receive $20,000
  • <u>Noll will receive $5,000    </u>
  • total $50,000

After the suppliers, lawyers and trustee are paid, only $800 are left and they will be given to Boyd. The creditors with unsecured claims will get $0.

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You are given an investment to analyze. the cash flows from this investment are end of year 1. $19,340 2. $2,280 3. $26,600 4. $
AleksandrR [38]
PW = FW×(1+i)^-n

PW = $19340×1.15^-1 + $2280×1.15^-2 + $26600×1.15^-3 + $24240×1.15^-4 + $8770×1.15^-5 = $54250.90

hence PW = $54250.90
6 0
3 years ago
You and your spouse are in good health and have reasonably secure jobs. Each of you makes about $25,000 annually. You own a home
saveliy_v [14]

Answer:

$88,150

Explanation:

DINK method for insurance sums one half of all the debt plus funeral expenses. Thus,

Using DINK method

One half of mortgage, 140,000 = 70000

One half of car loan, 14000 = 7000

One half of personal debts, 4800 = 2400

One half of credit card loans, 3500 = 1750

Funeral expenses = 7000

Thus

Total insurance needed =

70000 + 7000 +2400 + 1750 + 7000

= $88,150

Note that, when using DINK method, what the spouse earn isn't used in calculating total insurance.

7 0
3 years ago
What is credit?............
kondaur [170]

Answer:

It’s trust you have in getting back the money that was borrowed

Explanation:

It’s trust you have in getting back the money that was borrowed

4 0
3 years ago
Read 2 more answers
Please select the type of shock that would produce the indicated shift.
ankoles [38]

The various types of shocks that will be caused are:

  • A leftward shift in the AD curve - Negative demand shock.
  • A leftward shift in the SRAS curve - Negative supply shock.
  • A rightward shift in the SRAS curve -  Positive supply shock.
  • A positive shift that leads to a higher aggregate price level.  - Positive demand shock.
  • A rightward shift in the AD curve - Positive demand shock.
  • A negative shift that leads to a lower aggregate price level - Negative demand shock.
  • Stagflation -  Negative supply shock.
  • A negative shift that leads to a higher aggregate price level - Negative supply shock.
  • A positive shift that leads to a lower aggregate price level - Positive supply shock.

<h3>What causes shocks in the economy?</h3>

When there is a change in the components of demand or supply, there will be a shift in the Aggregate Demand and Supply Curves to show that either demand or supply has changed as a result.

For instance, if there is a weaker harvest for a crop, there will be a leftward shift in the SRAS curve which would lead to a negative supply shock.

In conclusion, supply and demand are prone to shocks.

Find out more on Stagflation at brainly.com/question/23113698.

8 0
2 years ago
At June 1, 2018, Coquehcot Industries had an accounts receivable balance of $12,000. During the month, the company performed cre
Nimfa-mama [501]

Answer:

At the end of the period, account receivable balance shall be $20,000

Explanation:

Account receivable is an account to register credit sale. It is an asset account and is increased with a debit entry.

In this example, opening balance is $12,000.

Credit sale for the month                    $30,000

less collections received                    $22,000

        Closing  Balance                    : $20,000

4 0
3 years ago
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