if a company wi8th no insurance had a major fire and the company can not continue trading, how should reflect in financial statements for year ended example 2018 but the fire was in February next year?

1. A company is insolvent when Select one: a.it is in default on one-third or more of its outstanding debt obligations. b.it is unable to pay debts within 90 days following the close of the company's reporting year, whether such year is a calendar or fiscal year. c.it is unable to pay debts as the obligations come due. d.it is more likely than not that it will not be able to pay debts within a reasonable period of time following the date such obligations become due. e.it is unable to timely remit payments on more than two-thirds of its outstanding obligations measured on a rolling three-month basis.   2.The statement of financial affairs is prepared Select one: a.in order to bring clarity to the "liquidate or reorganize" decision. b.under the assumption that liquidation will occur. c.Under the going concern assumption. d.as the final statement produced in any liquidation or reorganization scenario. e.Both a) and b) are correct.   3. A Chapter 7 bankruptcy is a(n)…

How will this change in GAAP impact GM’s Operating Income? How will investors react to this change?

Which of the following accurately describes Tesla's financial results for the third quarter of 2020 as shown below? Tesla Form 10-Q, September 30, 2020 (figures in millions) $10,396 (as of 12/31/19) $11,848 (as of 9/30/20) Change in net PP&E a. A disclosure note indicating plans to discontinue operations in Berlin, Texas, and Shanghai. O b. An increase in net property, plant, and equipment (PP&E) reported on the balance sheet. Oc. A decrease in the net cash used in investing activities as reported on the statement of cash flows. Od. A decrease in revenues for Q3 2020 compared with Q3 2019 as reported on the income statement.