For Each of the Following Situations, Select the Best Answer

question 75

Short Answer

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, 2011. (Bankruptcy petition filed July 14, 2011).
___ 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:

Competition

A situation in which two or more parties strive for a common goal that cannot be shared, such as a prize or recognition.

Muzafer Sherif

A social psychologist known for his work on group norms, social influence, and the psychology of social conflict.

Sociometric Status

A measure of an individual's social standing or acceptance within a group, based on peer evaluations.

Sociable

The quality of being inclined to seek out and enjoy the company of others, often associated with being friendly and outgoing.