23. What is the general form of the trustee’s opening entry

23. What is the general form of the trustee’s opening entry, accepting the assets of the debtor company?

A. Option A
B. Option B
C. Option C
D. Option D

24. Which monthly report shows the results of the trustee’s fiduciary actions beginning at the point the trustee accepts the debtor’s assets?
A. Statement of affairs
B. Statement of realization and liquidation
C. Statement of financial position
D. Statement of activities

25. The Statement of Realization and Liquidation contains sections for all the following items except:
A. assets.
B. supplementary items.
C. liabilities.
D. stockholders equity.

26. In a statement of realization and liquidation, unusual revenue items are reported under:
A. assets.
B. extraordinary items.
C. supplementary items.
D. These are never reported.

 

27. All of the following items are reported in a statement of realization and liquidation except:
A. Cash
B. Prepaid assets
C. Depreciable assets (net)
D. Receiver’s expenses

28. Which of the following items are likely to be reported in the supplementary items section of a statement of realization and liquidation?
A. Creditors’ claims settled during the period.
B. Trustee’s administration fees.
C. New obligations incurred by the trustee.
D. Assets subsequently acquired by the trustee.

Orville Company recently petitioned for bankruptcy and is now in the process of preparing a statement of affairs. The carrying values and estimated fair values of the assets of Orville Company are as follows:


Debts of Orville are as follows:

 

29. Based on the preceding information, what is the total amount of unsecured claims?
A. $113,000
B. $126,000
C. $93,000
D. $121,000

30. Based on the preceding information, what estimated amount will be available for general unsecured creditors upon liquidation?
A. $28,000
B. $93,000
C. $113,000
D. $121,000

31. Based on the preceding information, what is the estimated dividend percentage?
A. 23 percent
B. 93 percent
C. 77 percent
D. 68 percent

 

32. Eagle Company recently petitioned for bankruptcy and is now in the process of preparing a statement of affairs. The following information has been assembled for this statement:

What amount will be paid to the fully secured creditors and the creditors with priority?

A. Option A
B. Option B
C. Option C
D. Option D

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