Posted by & filed under Accounting Careers, Advanced Accounting.

Description: Hip hop entertainer 50 Cent has lots of assets. The only problem is, he has even more liabilities. His application for bankruptcy hit a bit of a road block this week when an attorney representing the trustee’s office asked for a deeper look at the rapper’s finances. The questioning appeared to have been prompted by recent photos on Instagram showing 50 Cent with wads of cash. 50 Cent responded that the cash stash was fake cash.

Source: thestar.com

Date: March 4, 2016

Link: http://www.thestar.com/entertainment/2016/03/10/photos-of-50-cent-with-piles-of-cash-spark-bankruptcy-probe.html

Discussion Points:

1) If you have over $10 million in cash and roughly $20 million in assets, how do you end up in bankruptcy?

2) What is the difference between bankruptcy and insolvency?

3) After you obtain your accounting designation, what would be your next steps in order to become a trustee in bankruptcy here in Canada?

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