Trucking company bankruptcies

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Income Taxes, Intermediate Accounting, Managerial Accounting, Uncategorized.

According to Business Insider, six trucking companies have already folded during 2019. As a result, more than 2500 truckers are unemployed.

Questions:

  1. Explain the spot market for trucking companies and what has happened to it.
  2. What are the trucking companies that have gone bankrupt in 2019 and how many truckers were left unemployed by each bankruptcy?
  3. What company do many of these firms blame for their bankruptcies? Explain why.

Source:

Premack, R. (2019). At least 2,500 truck drivers have lost their jobs in 2019 as the transportation ‘bloodbath’ unfolds — here’s the full list of bankrupt trucking companies. Business Insider, July 15 (Retrievable online at https://www.businessinsider.com/trucking-companies-bankrupt-list-truckers-react-to-industry-bloodbath-2019-7#starlite-trucking-28-truck-drivers-1 )