Which of the following statements is FALSE? In bankruptcy law
A) secured creditors who are not fully paid when the assets they have a security interest in are sold can then rank as preferred creditors for the unpaid amount
B) lawyers and the trustee in bankruptcy are preferred creditors
C) many unsecured creditors often receive very little of the amount they are owed
D) landlords, the government and employees can all be preferred creditors
E) the trustee can take back assets if the debtor sold them to keep them away from creditors' claims
A
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The ZYX Corporation is planning to request a line of credit from its bank and wants to estimate its cash needs for the month of September. The following sales forecasts have been made for 2014:
July $500,000 August $400,000 September $300,000 October $200,000 November $100,000 Collection estimates were obtained from the credit collection department as follows: 20% collected within the month of sale; 70% collected the first month following the sale; and 10% collected the second month following the sale. Payments for labor and raw materials are typically made in the month in which these costs are incurred. Total labor and raw material costs each month are 50% of sales. General administrative expenses are $30,000 per month, lease payments are $10,000 per month, and depreciation charges are $20,000 per month. The corporation tax rate is 40%; however, no corporate taxes are paid in September. Prepare a cash budget for September.
Give an example of a question that could be answered using descriptive statistics
What will be an ideal response?