tailieunhanh - Lecture Advanced accounting (12/e): Chapter 13 - Joe B. Hoyle, Thomas F. Schaefer, Timothy S. Doupnik

Chapter 13 - Accounting for legal reorganizations and liquidations. In this chapter you will learn: Describe the history and current status of bankruptcy and bankruptcy laws; explain the difference between a voluntary and involuntary bankruptcy; identify the various types of creditors as they are labeled during a bankruptcy;. | Chapter Thirteen Accounting for Legal Reorganizations and Liquidations Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Bankruptcy A basic assumption of accounting is that a business is a going concern (will remain in business). Occasionally, a business becomes insolvent (unable to pay debts as they come due). An insolvent business can either cease to exist, or can seek a legal remedy called bankruptcy. LO 1 13- A basic assumption of accounting is that a business is a going concern (will remain in business). Occasionally, a business becomes insolvent (unable to pay debts as they come due). An insolvent business can either cease to exist, or can seek a legal remedy called bankruptcy. Company files a petition with courts requesting bankruptcy. When facing prospect of severe losses or a difficult operating environment, companies will seek voluntary Chapter 11. Bankruptcy Reform Act of 1978 LO 2 Creditors file petition with the court. Can force company into liquidation under Chapter 7 or receiving protection under Chapter 11. Involuntary Bankruptcy Voluntary Bankruptcy 13- Involuntary Bankruptcy Creditors file petition with the court. Can force company into liquidation under Chapter 7 or receiving protection under Chapter 11. Voluntary Bankruptcy Company files a petition with courts requesting bankruptcy. When facing prospect of severe losses or a difficult operating environment, companies will seek voluntary Chapter 11. Criteria for Forcing Involuntary Bankruptcy When there are 12 or more unsecured creditors: At least 3 must sign the petition Those that sign must have total unsecured debts of at least $14,425 If there are fewer than 12: Only 1 must sign The minimum debt limit remains $14,425 (Debt limit balances are adjusted every three years based on the Consumer Price Index) 13- Criteria for Forcing Involuntary Bankruptcy When there are 12 or more unsecured creditors: At least 3 must sign the petition Those that | Chapter Thirteen Accounting for Legal Reorganizations and Liquidations Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Bankruptcy A basic assumption of accounting is that a business is a going concern (will remain in business). Occasionally, a business becomes insolvent (unable to pay debts as they come due). An insolvent business can either cease to exist, or can seek a legal remedy called bankruptcy. LO 1 13- A basic assumption of accounting is that a business is a going concern (will remain in business). Occasionally, a business becomes insolvent (unable to pay debts as they come due). An insolvent business can either cease to exist, or can seek a legal remedy called bankruptcy. Company files a petition with courts requesting bankruptcy. When facing prospect of severe losses or a difficult operating environment, companies will seek voluntary Chapter 11. Bankruptcy Reform Act of 1978 LO 2 Creditors file petition with the court. Can .

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• Advanced accounting
• Lecture Advanced accounting
• Advanced financial accounting
• Financial statements
• Accounting valuation
• Accounting for legal reorganizations
• Equity method of accounting
• International accounting diversity
• Accounting for state
• Accounting for leases
• Accounting for estates
• Investment accounting
• Consolidation of financial information
• Consolidated financial statements
• Intra entity asset transactions
• Variable interest entities
• Income taxes
• Interim reporting
• Foreign currency transactions
• Foreign currency financial statements
• Exchange commission
• Partnership advantages
• Statement of liquidation