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The Federal bankruptcy act contains several important terms.

The Federal bankruptcy act contains several important terms. One such term is "insider". The term is used in connection with preferences and preferential transfers. Which amoung the following in not an "insider".

Answer: A secured creditor having a security interest in at least 25% or more of the debtor's property.

Explanation: A secured creditor is not an "insider" for the purposes of a preferential transfer.
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One of the elements necessary to establish that a preferential transfer has been made under the Bankruptcy Code by the debtor to a creditor is that the..

One of the elements necessary to establish that a preferential transfer has been made under the Bankruptcy Code by the debtor to a creditor is that the..

Answer: Debtor was insolvent at the time of the transfer.

 Explanation: Under the Bankruptcy Act, one of the elements which must be established in proving that a preferential transfer was made is that the debtor was insolvent at the time of the transfer. The Bankruptcy Act presumes that the debtor is insolvent during 90 days prior to the date the petition was filed.

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The trustee in bankruptcy of a landlord-debtor under a Chapter 7 liquidation

The trustee in bankruptcy of a landlord-debtor under a Chapter 7 liquidation..

Answer: May assign the leases of the debtor

Explanation: the trustee may assign the leases of the landlord-debtor if such action is considered to be in the best interest of the debtor's estate. The trustee's duty is to acquires as many assets as possible for distribution to the creditors who files claims in the bankruptcy proceeding.

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Which of the following is an example of an endorsement found on the back of a promissory note that is a special qualified endorsement?

Which of the following is an example of an endorsement found on the back of a promissory note that is a special qualified endorsement?

Answer: Pay to Jenny Eaton without recourse, (signed) Jan Brake.

Explanation: The endorsement is special because it indicates the person, Jenny Eaton, to whom the instrument is negotiated. The endorsement is also qualified using the phrase "without recourse".

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Financial Accounting Third Edition Spiceland / Thomas / Herrmann Solutions Manual

Financial Accounting Third Edition Spiceland / Thomas / Herrmann Solutions Manual

  

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Exercise 1-13 Basic assumptions and principles

Exercise 1-13 Basic assumptions and principles [LO1-7, 1-8, 1-9]

For each of the following situations, state whether you agree or disagree with the financial reporting practice employed, and briefly explain the reason for your answer.

   

1.	The controller of the Dumars Corporation increased the carrying value of land from its original cost of $2 million to its recently appraised value of $3.5 million.
2.	The president of Vosburgh Industries asked the company controller to charge miscellaneous expense for the purchase of an automobile to be used solely for personal use.
3.	At the end of its 2013 fiscal year, Dower, Inc., received an order from a customer for $45,350. The merchandise will ship early in 2014. Because the sale was made to a long-time customer, the controller recorded the sale in 2013.
4.	At the beginning of its 2013 fiscal year, Rossi Imports paid $48,000 for a two-year lease on warehouse space. Rossi recorded the expenditure as an asset to be expensed equally over the two-year period of the lease.
5.	The Reliable Tire Company included a note in its financial statements that described a pending lawsuit against the company.
6.	The Hughes Corporation, a company whose securities are publicly traded, prepares monthly, quarterly, and annual financial statements for internal use but disseminates to external users only the annual financial statements. Get the answer now only $1.99