For Each of the Following Situations,select the Best Answer Concerning

question 1

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 5,2007.(Bankruptcy petition filed July 14,2007).
___ 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.

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Definitions:

Social Transition

Refers to changes in an individual's social status or roles, often associated with life events such as marriage, retirement, or moving to a new community.

Social Acceptance

The degree to which an individual is accepted or regarded positively by a social group or society at large.

Transgender

Denoting or relating to a person whose sense of personal identity and gender does not correspond with their birth sex.

Gay

A term used to describe a person who is emotionally, romantically, or sexually attracted to people of their same sex.