Forever Yours,Inc

question 29

Multiple Choice

Forever Yours,Inc.has a secured and perfected security interest in Sally's big-screen TV.On the filing date of Sally's Chapter 7 petition,the balance of the debt owed to Forever Yours is $2,000.The value of the TV is estimated at $1,500.This means that Forever Yours

• A)is secured for the entire debt,$2,000.
• B)is unsecured for $500,the excess of the debt over the value of the TV.
• C)has a high priority claim of $500.This means that Forever Yours,Inc.will be allowed $500 worth of other unsecured property before other unsecured creditors get anything.
• D)is unsecured for the entire debt.

Understand the difference between cash basis and accrual basis of accounting.

Determine the effect of unrecorded information on financial statements.

Prepare adjusting journal entries for end-of-period adjustments.

Understand the concept and importance of adjusting entries in the accounting process.

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Definitions:

White Americans

Individuals in the United States who identify as having origins in any of the original peoples of Europe, the Middle East, or North Africa.

Racial Discrimination

Unfair treatment of individuals based on their race, often resulting in systemic inequality and injustice.

White-Racist Ideologies

Belief systems that assert the superiority of white people and promote racism, often supporting social, political, or economic systems that discriminate against non-white individuals.

Hate Rhetoric

Language that promotes animosity, discrimination, or violence against individuals or groups based on their race, ethnicity, religion, or identity.