Accounting homework help

Select three of the following questions for your initial response. Copy and paste the questions you decide to answer in bold type. It is a good idea to select questions to which you do not know the answer or would like to understand better. Also, be bold and answer a question you have not seen a classmate answered yet.

  1. What      are the nonjudicial actions available to a financially distressed company?      What judicial actions are available?
  2. What      is the difference between a Chapter 7 action and a Chapter 11 bankruptcy      action? What financial statements must a company file during a Chapter 11      reorganization?
  3. What      is the difference between a Chapter 7 and a Chapter 11 bankruptcy action?      What are the rights of creditors with priority in a Chapter 7 liquidation?
  4. What      is the difference between a Chapter 7 and a Chapter 11 bankruptcy action?      What are the financial reporting responsibilities of a trustee who accepts      the debtor company’s assets in a Chapter 7 liquidation?
  5. What      is the difference between a Chapter 7 and a Chapter 11 bankruptcy action?      What is usually included in the plan of reorganization filed as part of a      Chapter 11 reorganization?
  6. What      conditions must occur for a company in reorganization to use fresh start      accounting? How are the sales of assets reported on the statement of      realization and liquidation?

Include in bold type in your initial response the above question(s) you are answering.

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