Both the state and the federal law define the exempt
(protected) assets of chapter 13, so they may change from one state to another,
but the following are the most basic ones, they are regulated by federal law,
and considered common in all the 50 states:
<span>- </span>Family homes (homestead)
<span>- </span>Cars
<span>- </span>Household items
<span>- </span>Household furniture
- Personal items like clothes and jewelry
The main condition to be eligible for chapter 13 is
demonstrate to the court that you have enough income after subtract basic
allowed expenses and obligatory payments on secured debts. The main idea behind
chapter 13 is the reorganization of your assets and create a repayment plan to
pay back your debts usually over a period of 3 to 5 years. Another condition is
that your debt cannot exceed $1’184.200 and you must be current in your income
taxes.
Answer:
$3200
Explanation:
The depreciation expense under the conventional straight line depreciation will be calculated using the following formula:
Straight-line Depreciation = (Cost - Scrap Value) / Useful Life
The useful life here is 5 years, cost is $24000 and scrap value is $0 which can be calculated using the following formula:
Straight-line Depreciation = ($24,000 - 0) / 5 Years = $4800 per year
This is for a year and we need for the year end 31 December, 2019 for eight months.
The per month depreciation charge = $4800 / 12 = $400 per month
For 8 months = $400 * 8 months = $3200
Answer:
B. a credit to Interest Revenue for $2700
Explanation:
The interest earned from Bonds receivable is recorded as an interest revenue. The 10% rate of interest given is an annual rate and as the interest is paid semi annually so the semi annual interest payment received is of,
Semi annual interest revenue = 54000 * 0.1 * 6/12 = $2700
Thus, on 31 December 2018, Leonard will record a debit to the cash for $2700 and a credit to the interest revenue for $2700.
Answer:
The accrued interest is $2,520
Explanation:
The computation of accrued interest is shown below:
= (Notes payable amount) × (interest rate) × (number of months ÷ total number of months in a year)
= ($42,000) × (8%) × (9 months ÷ 12 months)
= $2,520
The 9 months is computed from April 1, 2016, to December 31, 2016
. Moreover, all the item values are to be considered in the computation part.
Answer:
80
Explanation:
As for the required reserve balance the information is provided as follows:
Total amount deposited by Jose = $400
Provided the reserve balance = 20%
Therefore, reserve balance from this payment = $400 20% = $80.
As it is not specified clearly, that this $400 is inclusive or exclusive of the reserve balance, it is assumed that reserve will be created out of such balance.
Therefore, reserve maintained from this $400 = $80 and the rest $400 - $80 = $320 will be usable freely, without any restrictions.