This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: When a business is declared bankrupt, what steps are taken to pay the business' ... (Read 79 times)

TFauchery

  • Hero Member
  • *****
  • Posts: 500
on: Jun 24, 2018
When a business is declared bankrupt, what steps are taken to pay the business' debts?

Question 2

What are the three categories typically found on a balance sheet?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

mmj22343

  • Sr. Member
  • ****
  • Posts: 297
Reply #1 on: Jun 24, 2018
Answer to Question 1

The court appoints a trustee to sell all the assets. The proceeds from the assets first go to pay the legal costs of the bankruptcy. They also go to any claims that the law says must be paid first and to any secured creditors, such as a bank holding a mortgage. Any money left over goes to all other creditors in proportion to their claims.

Answer to Question 2

assets, liabilities, equity


TFauchery

  • Member
  • Posts: 500
Reply 2 on: Jun 24, 2018
Excellent

parshano

  • Member
  • Posts: 333
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

Egg cells are about the size of a grain of sand. They are formed inside of a female's ovaries before she is even born.

Did you know?

Long-term mental and physical effects from substance abuse include: paranoia, psychosis, immune deficiencies, and organ damage.

Did you know?

Alzheimer's disease affects only about 10% of people older than 65 years of age. Most forms of decreased mental function and dementia are caused by disuse (letting the mind get lazy).

Did you know?

According to the American College of Allergy, Asthma & Immunology, more than 50 million Americans have some kind of food allergy. Food allergies affect between 4 and 6% of children, and 4% of adults, according to the CDC. The most common food allergies include shellfish, peanuts, walnuts, fish, eggs, milk, and soy.

Did you know?

In 1844, Charles Goodyear obtained the first patent for a rubber condom.

The steps in eukaryotic chromosomal compaction leading to the metaphase chromosome The steps in eukaryotic chromosomal compaction leading to the metaphase chromosome
Steps in determining the structure of sperm whale myoglobin by x-ray crystallography Steps in determining the structure of sperm whale myoglobin by x-ray crystallography
Drug inhibition of folic acid metabolism. Drugs inhibit multiple steps in the metabolic pathway ... Drug inhibition of folic acid metabolism. Drugs inhibit multiple steps in the metabolic pathway ...
The Four Steps of The Cell Cycle The Four Steps of The Cell Cycle
Business Vector Icon Business Vector Icon
Proposed steps in the evolution of jaws Proposed steps in the evolution of jaws
Video: Enzyme-Catalyzed Reactions

For a complete list of videos, visit our video library