For Each of the Following Situations, Select the Best Answer

question 33

Essay

For each of the following situations, select the best answer concerning the classification of the liability.
(A.) Unsecured without priority
(B.) Unsecured with priority
(C.) Partially secured
(D.) Fully secured
___ 1.Payroll taxes payable.
___ 2.Land and building valued at $427,000 mortgaged by a bank loan in the amount of $517,000.
___ 3.Equipment valued at $73,000 securing a loan to an individual in the amount of $32,100.
___ 4.Salaries payable to employees in the following amounts: $1,250; $1,876; $4,500.
___ 5.Electric bill owed to a local utility.
___ 6.Unpaid defined contribution pension plan payments in the amount of $4,000 (none in excess of $375 per employee.)
___ 7.Obligations arising from the purchase of materials on July 5, 2018.(Bankruptcy petition filed July 14, 2018).
___ 8.Fees charged by bankruptcy trustee.
___ 9.Inventory valued at $61,895 collateralizing a note payable to a bank in the amount of $56,982.
___ 10.Delivery trucks valued at $389,900 securing a lien by General Motors for $400,000.

Recognize the stages of conflict development and approaches to conflict resolution.

Differentiate between interorganizational, intergroup, and interpersonal levels of conflict.

Identify methods for managing role ambiguity and conflict arising from unclear or competing task expectations.

Understand the foundations and implications of comparative law.

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Definitions:

Sales Returns and Allowances

Accounts that reduce the total gross sales revenue due to products being returned by customers or allowances for damaged goods.

Purchase Discounts

Reductions in price given by the seller to the buyer for early payment or for buying in bulk.

Freight-In

The cost associated with transporting goods into a business, usually included in the inventory cost of purchased goods.

Perpetual Inventory System

An accounting method that records inventory transactions in real-time, continuously updating inventory and cost of goods sold.