The Following Totals Are Taken from the December 31, 2011

question 23

Essay

The following totals are taken from the December 31, 2011, balance sheet of Bartholomew Company:

Additional information:

After making any necessary changes, what are the totals for Bartholomew's long-term assets and long-term liabilities?

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Definitions:

Debtors

Individuals or entities that owe money to another party, typically as a result of receiving a loan or credit.

Exemptions

Provisions that allow certain individuals or entities to be excused from observing a particular law or regulation.

Chapter 11

A chapter of the U.S. Bankruptcy Code that provides for reorganization, usually involving a corporation or partnership, allowing the debtor to keep its business alive and pay creditors over time.

Chapter 13

A form of bankruptcy in the United States that allows individuals with a regular income to reorganize their debts and make a plan to repay all or part of them.