John's brother, Phil, loaned him $10,000 to start his business. John didn't do too well and planned to file for bankruptcy. In May, he gave Phil his car worth $8,000 to satisfy the debt. John filed his petition in November. After liquidation, if the car were included in his assets, every unsecured debtor would have received 85% of the debt owing to him. Will this be a voidable preference?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “John's brother, Phil, loaned him $10,000 to start his business. John didn't do too well and planned to file for bankruptcy. In May, he gave ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
The stock of Cachapa International has a beta of 1.23. The risk-free rate of return is 4.5% and the market rate of return is 10%. What is the amount of the risk premium on Cachapa's stock?
Answers (1)
Loster Company reported a net loss of $17,017 for the year ended December 31. During the year, accounts receivable decreased by $7,476, inventory increased by $5,997, accounts payable increased by $15,357, and depreciation expense of $5,495 was
Answers (1)
Superior Micro Products uses the weighted-average method in its process costing system. Data for the Assembly Department for May appear below: Materials Labor Overhead Work in process, May 1 $ 32,000 $ 52,806 $ 257,175 Cost added during May $
Answers (1)
Your large firm is about to change to a customer centered organization structure in which employees who have rarely had customer contact will now likely significantly influence customer retention.
Answers (1)
On July 1, 2020, Dobbs Co. pays $14,400 to Kalter Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Dobbs Co.
Answers (1)
New Questions in Business
You have been placed in charge of all advertising for a product that has common appeal in different cultures around the world. You will most likely engage in a. global advertising. b. international advertising. c. national advertising. d.
Answers (1)
Miller Company has a subsidiary located in Saudi Arabia. In order to reduce economic exposure, Miller restructured its operations and increased supply order in Saudi Arabia.
Answers (2)
It would be faster for a human resource manager to use a (an) (blank) to alert employees about a company picnic.
Answers (1)
Why do economists use models? a. Models are used to add complexity to a simple world. b. Models allow us to study a simplified version of a complex world. c. Models allow us to control exogenous factors. d. Models make the world harder to understand.
Answers (2)
On January 1, Wei company begins the accounting period with a $45,000 credit balance in allowance for doubtful accounts. a. On February 1, the company determined that $9,800 in customer accounts was uncollectible; specifically, $2,400 for Oakley Co.
Answers (2)