Liabilities ch13 accounting

Chapter 13 non financial and current liabilities solutions

RecognitionMeasurement Common types Disclosures Presentation of current liabilities Analysis of current liabilities Current Liabilities and Contingencies Contingencies Contingent liabilities Contingent assets 5 What is a Liability? Probable that an outflow of resources will be required to settle the obligation; and 3. Carrefour sells many items at varying selling prices. Reported either as current or non-current liability. Finally, chapter 13 acts like a consolidation loan under which the individual makes the plan payments to a chapter 13 trustee who then distributes payments to creditors. Unless the court orders otherwise, the debtor must also file with the court: 1 schedules of assets and liabilities; 2 a schedule of current income and expenditures; 3 a schedule of executory contracts and unexpired leases; and 4 a statement of financial affairs. Unless the bankruptcy court authorizes otherwise, a creditor may not seek to collect a "consumer debt" from any individual who is liable along with the debtor. Similar presentations More Presentation on theme: " The financial statements are authorized for issuance on April 1, In any event, if the debtor fails to make the payments due under the confirmed plan, the court may dismiss the case or convert it to a liquidation case under chapter 7 of the Bankruptcy Code. How Chapter 13 Works A chapter 13 case begins by filing a petition with the bankruptcy court serving the area where the debtor has a domicile or residence. During this meeting, the trustee places the debtor under oath, and both the trustee and creditors may ask questions. Debts not discharged in chapter 13 include certain long term obligations such as a home mortgage , debts for alimony or child support, certain taxes, debts for most government funded or guaranteed educational loans or benefit overpayments, debts arising from death or personal injury caused by driving while intoxicated or under the influence of drugs, and debts for restitution or a criminal fine included in a sentence on the debtor's conviction of a crime. ProvisionsProvisions LO 4 Explain the accounting for different types of provisions.

Creditors provided for in full or in part under the chapter 13 plan may no longer initiate or continue any legal or other action against the debtor to collect the discharged obligations. No later than 45 days after the meeting of creditors, the bankruptcy judge must hold a confirmation hearing and decide whether the plan is feasible and meets the standards for confirmation set forth in the Bankruptcy Code.

Furthermore, while confirmation of the plan entitles the debtor to retain property as long as payments are made, the debtor may not incur new debt without consulting the trustee, because additional debt may compromise the debtor's ability to complete the plan.

A corporation or partnership may not be a chapter 13 debtor.

wileyplus accounting homework answers chapter 13

Large companies like Novartis are involved in numerous litigation issues related to their products. The discharge in a chapter 13 case is somewhat broader than in a chapter 7 case.

chapter 13 current liabilities and contingencies test bank

Future events that may have an impact on the measurement of the costs should be considered. CashNotes PayableInterest-Bearing Note Issued 11 If Landscape prepares financial statements semiannually, it makes the following adjusting entry to recognize interest expense and interest payable at June What is a Current Liability?

In contrast to secured claims, unsecured claims are generally those for which the creditor has no special rights to collect against particular property owned by the debtor.

Intermediate accounting 16th edition solutions manual - chapter-13

Accumulated rights - employees can carry forward to future periods if not used in the period in which earned. Recognition of a Provision LO 4 Recognition Examples Illustration 45 A reliable estimate of the amount of the obligation can be determined. Normally the fees must be paid to the clerk of the court upon filing. Premiums 4. Retired by assets accumulated that have not been shown as current assets, 2. The plan must pay priority claims in full unless a particular priority creditor agrees to different treatment of the claim or, in the case of a domestic support obligation, unless the debtor contributes all "disposable income" - discussed below - to a five-year plan. The plan need not pay unsecured claims in full as long it provides that the debtor will pay all projected "disposable income" over an "applicable commitment period," and as long as unsecured creditors receive at least as much under the plan as they would receive if the debtor's assets were liquidated under chapter 7. The court will not enter the discharge, however, until it determines, after notice and a hearing, that there is no reason to believe there is any pending proceeding that might give rise to a limitation on the debtor's homestead exemption. They are not an obligation until the board of directors authorized the payment Returnable Cash Deposits Companies may receive deposits from customers to guarantee performance of a contract or service or as guarantees to cover payment of expected future obligations Employee-Related Liabilities.

The debtor must attend the meeting and answer questions regarding his or her financial affairs and the proposed terms of the plan. In such situations, the debtor may ask the court to grant a "hardship discharge.

Liabilities ch13 accounting
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Intermediate Accounting 16th edition solution manual (Kieso/Weygandt …