Person B has been a rancher all her life. Her ranch is valued at $ 500,000. Person B has total 8 creditors and an indebtedness of $ 70,000. Among all the creditors two of the largest creditors are person O with a debt of $ 30,000 and person S with a debt of $ 25,000. The rest of the six creditors have a claim of less than $ 5,000. The drought has ruined all crops of person B. B cannot pay off her creditors. To find: The validity of a voluntary petition of the bankruptcy of person B with a $ 500,000 ranch.

Question

What will be the net book value of the equipment ?

Answer 1

Question

Chapter 15, Problem 2BS

(a)

Summary Introduction

Case summary: Person B has been a rancher all her life. Her ranch is valued at $500,000. Person B has total 8 creditors and an indebtedness of $70,000. Among all the creditors two of the largest creditors are person O with a debt of $30,000 and person S with a debt of $25,000. The rest of the six creditors have a claim of less than $5,000. The drought has ruined all crops of person B. B cannot pay off her creditors.

To find: The validity of a voluntary petition of the bankruptcy of person B with a $500,000 ranch.

(b)

Summary Introduction

Case summary: Person B has been a rancher all her life. Her ranch is valued at $500,000. Person B has total 8 creditors and an indebtedness of $70,000. Among all the creditors two of the largest creditors are person O with a debt of $30,000 and person S with a debt of $25,000. The rest of the six creditors have a claim of less than $5,000. The drought has ruined all crops of person B. B cannot pay off her creditors.

To find: The validity of involuntary bankruptcy petition because of the force of person O or person S.

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Answer 2

Question

Chapter 15, Problem 2BS

(a)

Summary Introduction

Case summary: Person B has been a rancher all her life. Her ranch is valued at $500,000. Person B has total 8 creditors and an indebtedness of $70,000. Among all the creditors two of the largest creditors are person O with a debt of $30,000 and person S with a debt of $25,000. The rest of the six creditors have a claim of less than $5,000. The drought has ruined all crops of person B. B cannot pay off her creditors.

To find: The validity of a voluntary petition of the bankruptcy of person B with a $500,000 ranch.

(b)

Summary Introduction

Case summary: Person B has been a rancher all her life. Her ranch is valued at $500,000. Person B has total 8 creditors and an indebtedness of $70,000. Among all the creditors two of the largest creditors are person O with a debt of $30,000 and person S with a debt of $25,000. The rest of the six creditors have a claim of less than $5,000. The drought has ruined all crops of person B. B cannot pay off her creditors.

To find: The validity of involuntary bankruptcy petition because of the force of person O or person S.

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Answer 3

Question

Chapter 15, Problem 2BS

(a)

Summary Introduction

Case summary: Person B has been a rancher all her life. Her ranch is valued at $500,000. Person B has total 8 creditors and an indebtedness of $70,000. Among all the creditors two of the largest creditors are person O with a debt of $30,000 and person S with a debt of $25,000. The rest of the six creditors have a claim of less than $5,000. The drought has ruined all crops of person B. B cannot pay off her creditors.

To find: The validity of a voluntary petition of the bankruptcy of person B with a $500,000 ranch.

(b)

Summary Introduction

Case summary: Person B has been a rancher all her life. Her ranch is valued at $500,000. Person B has total 8 creditors and an indebtedness of $70,000. Among all the creditors two of the largest creditors are person O with a debt of $30,000 and person S with a debt of $25,000. The rest of the six creditors have a claim of less than $5,000. The drought has ruined all crops of person B. B cannot pay off her creditors.

To find: The validity of involuntary bankruptcy petition because of the force of person O or person S.

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Answer 4

Question

Chapter 15, Problem 2BS

(a)

Summary Introduction

Case summary: Person B has been a rancher all her life. Her ranch is valued at $500,000. Person B has total 8 creditors and an indebtedness of $70,000. Among all the creditors two of the largest creditors are person O with a debt of $30,000 and person S with a debt of $25,000. The rest of the six creditors have a claim of less than $5,000. The drought has ruined all crops of person B. B cannot pay off her creditors.

To find: The validity of a voluntary petition of the bankruptcy of person B with a $500,000 ranch.

(b)

Summary Introduction

Case summary: Person B has been a rancher all her life. Her ranch is valued at $500,000. Person B has total 8 creditors and an indebtedness of $70,000. Among all the creditors two of the largest creditors are person O with a debt of $30,000 and person S with a debt of $25,000. The rest of the six creditors have a claim of less than $5,000. The drought has ruined all crops of person B. B cannot pay off her creditors.

To find: The validity of involuntary bankruptcy petition because of the force of person O or person S.

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Answer 5

Chapter 15, Problem 2BS

(a)

Summary Introduction

Case summary: Person B has been a rancher all her life. Her ranch is valued at $500,000. Person B has total 8 creditors and an indebtedness of $70,000. Among all the creditors two of the largest creditors are person O with a debt of $30,000 and person S with a debt of $25,000. The rest of the six creditors have a claim of less than $5,000. The drought has ruined all crops of person B. B cannot pay off her creditors.

To find: The validity of a voluntary petition of the bankruptcy of person B with a $500,000 ranch.

(b)

Summary Introduction

Case summary: Person B has been a rancher all her life. Her ranch is valued at $500,000. Person B has total 8 creditors and an indebtedness of $70,000. Among all the creditors two of the largest creditors are person O with a debt of $30,000 and person S with a debt of $25,000. The rest of the six creditors have a claim of less than $5,000. The drought has ruined all crops of person B. B cannot pay off her creditors.

To find: The validity of involuntary bankruptcy petition because of the force of person O or person S.

Answer 6

Chapter 15, Problem 2BS

(a)

Summary Introduction

Case summary: Person B has been a rancher all her life. Her ranch is valued at $500,000. Person B has total 8 creditors and an indebtedness of $70,000. Among all the creditors two of the largest creditors are person O with a debt of $30,000 and person S with a debt of $25,000. The rest of the six creditors have a claim of less than $5,000. The drought has ruined all crops of person B. B cannot pay off her creditors.

To find: The validity of a voluntary petition of the bankruptcy of person B with a $500,000 ranch.

Answer 7

Chapter 15, Problem 2BS

(a)

Summary Introduction

Case summary: Person B has been a rancher all her life. Her ranch is valued at $500,000. Person B has total 8 creditors and an indebtedness of $70,000. Among all the creditors two of the largest creditors are person O with a debt of $30,000 and person S with a debt of $25,000. The rest of the six creditors have a claim of less than $5,000. The drought has ruined all crops of person B. B cannot pay off her creditors.

To find: The validity of a voluntary petition of the bankruptcy of person B with a $500,000 ranch.

Answer 8

(b)

Summary Introduction

Case summary: Person B has been a rancher all her life. Her ranch is valued at $500,000. Person B has total 8 creditors and an indebtedness of $70,000. Among all the creditors two of the largest creditors are person O with a debt of $30,000 and person S with a debt of $25,000. The rest of the six creditors have a claim of less than $5,000. The drought has ruined all crops of person B. B cannot pay off her creditors.

To find: The validity of involuntary bankruptcy petition because of the force of person O or person S.

Answer 9

(b)

Summary Introduction

Case summary: Person B has been a rancher all her life. Her ranch is valued at $500,000. Person B has total 8 creditors and an indebtedness of $70,000. Among all the creditors two of the largest creditors are person O with a debt of $30,000 and person S with a debt of $25,000. The rest of the six creditors have a claim of less than $5,000. The drought has ruined all crops of person B. B cannot pay off her creditors.

To find: The validity of involuntary bankruptcy petition because of the force of person O or person S.

Answer 10

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Answer 15

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Answer 21

Ch. 15 - Prob. 1RE Ch. 15 - Prob. 2RE Ch. 15 - Prob. 3RE Ch. 15 - Prob. 4RE Ch. 15 - Prob. 1IS Ch. 15 - Prob. 2IS Ch. 15 - Prob. 1BS Ch. 15 - Prob. 2BS Ch. 15 - Prob. 3BCP Ch. 15 - Prob. 4BCP

Solution Summary: The author explains how a voluntary bankruptcy petition can be filed by anyone who is unable to pay off debts.

Chapter 15 Solutions