The Bankruptcy Abuse Prevention and Consumer Protection Act allows the bankruptcy court to disallow a petition for a Chapter 7 bankruptcy if the individual filing for bankruptcy earns an income that is too high to meet the standards of the means test.
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Explanation:</u></h3>
The main aim of The Bankruptcy Abuse Prevention and Consumer Protection Act is the prevention of abuse against the process that are involved in Bankruptcy. The process that are associated with the asset liquidation is being controlled by the Chapter 7 of Title 11 U.S bankruptcy code.
The liquidation of non exempt assets to pay creditors is carried out by a trustee. There will be a discharge of the debt that remains when there is an exhaust of proceeds. If the income of an individual is too high to meet the standards of mean test , then, according to his act the bankruptcy court to disallows a petition for a Chapter 7 bankruptcy.
Answer:
Choosing alternative B would increase net income by $17,100
Explanation:
The analysis showing the incremental revenues,costs and net income of alternative A and B is shown below:
Alternative A Alternative B Difference between A&B
Revenues $146,100 $185,900 $39800
Costs ($104,400) ($127,100) ($22700
)
Net income $41,700 $58,800 $17,100
Alternative B records a higher net income compared to Alternative A,hence choosing alternative B would increase net income by $17,100
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Question Completion:
Cash received from bank loans was $10,000.
Revenues earned and received in cash were $9,000.
Dividends of $4,000 were paid to stockholders.
Expenses incurred and paid were $5,600.
Answer:
Jiminez, Inc.
Income Statement for the month ended March 31:
Revenue $9,000
Expenses 5,600
Net income $3,400
Dividends 4,000
Retained earnings during the year ($600)
Explanation:
Jiminez, Inc. paid more dividends to stockholders this month than it actually generated in net income. The excess amount of dividends must be from retained earnings carried forward from the previous month. In preparing the income statement for the month of March, Jiminez, Inc. must deduct all the expenses from its revenue to obtain the net income before tax. The bank loan does not form part of the items for the preparation of the income statement, as only temporary accounts are considered.
Answer:
Instructions are listed below.
Explanation:
Giving the following information:
The sales budget for the year shows 50,600 units and total sales of $2,317,800.
The total unit cost of making one unit of sales is $22.
Selling and administrative expenses are expected to be $304,000.
Income taxes are estimated to be $270,180.
Income statement:
Sales= 2,317,800
COGS= (22*50,600)= (1,113,200)
Gross profit= 1,204,600
Selling and administrative= (304,000)
Tax= (270,180)
Net operating profit= $630,420
<span>In this case, the transfer could be considered voidable by the trustees. This is because Shirley did not receive the fair value for the car, but simply received a negligible amount as a way of trying to defraud her creditors. In this case, the transfer could be voided.</span>
