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Chapter 15, Problem 7BCP
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Case summary: A company GHC obtained a judgment to secure $45,458.86 from two people G and N in Ohio state court and filed for garnishment seeking funds from various banks held by the people G and N. People G and N disputed the company GHC’s right of garnishment and claimed that the funds were exempted amount but offered no proof. In response, banks deposited $23,911.97 with the court which was delivered to the company GHC. Later, the people G and N filed a bankruptcy petition in the court. After the people G and N were granted a discharge, they filed a “motion to return funds to debtors” but offered no proof that their debt to the company GHC was included in the discharge.

To find:The arguments of the company GHC in response to the motion filed by the people G and N.

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Subject:- General Account
During the year, Kiner Company made an entry to write off a $9,000 uncollectible account. Before this entry was made, the balance in accounts receivable was $315,000 and the balance in the allowance account was $27,000. The net realizable value of accounts receivable after the write-off entry was: A. $200,000. B. $184,000. C. $176,000. D. $288,000. answer
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