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3 years ago

Chapter 13 bankruptcy is a filing meant for people who

2 answers:

azamat3 years ago

8 0

Bankruptcy is a filing meant for people who are unemployed. If you do not have any job or any source of income, possibility is that you always encounters bankruptcy or 0 balance. If you do not own a business but have any source of income, still you can survive.

Finger [1]3 years ago

8 0

B. Have a regular source of income

got a 100 on the quiz aye

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During the adjusting process two transactions were missed. The first is for unearned rent revenue of which $450 was earned durin

masya89 [10]

Answer:

3. net income is understated by $175

Explanation:

There were two transactions omitted. The first transaction is unearned rent revenue of which $450 was earned. This earned rent revenue increases income by $450. While the second transaction was accrued interest payable of which $275 is owed. This interest payable increases liabilities by $275.

Therefore, from the above, income or revenue is understated by $450, while expenses is understated by $275.

Therefore, net income is understated by income less expenses, thus 450 - 275 = $175. This also implies that liabilities are overstated by $175.

4 0

3 years ago

It is said that in a perfectly competitive market, raising the price of a firm's product from the prevailing market price of $17

stich3 [128]

Answer:

could likely result in a notable loss of sales to competitors

Explanation:

In the case of the perfect competitive market wheen the price of the firm is increased from $179 to $199 as compared to the prevailing market price so this means that there should be the loss with respect to the sales for the competitors or rivalrs as this would result the firm to lose its overall shares to its rivalry

Therefore the above statement should be considered true

6 0

2 years ago

Which of the following statement is false? Group of answer choices Financing activities include the obtaining of cash from issui

Lapatulllka [165]

Answer:

Interest payment on bonds payable is a cash outflow from financing activities.

Explanation:

The only statement which is false from the list is : Interest payment on bonds payable is a cash outflow from financing activities.

Interest payment on bonds payable is an expense in the income statement used to determine the income for the year. Net Income falls under the Cash flows from Operating Activities.

6 0

3 years ago

Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials inventory, March 1 6,000 Mater

Rufina [12.5K]

,Answer:

Zoe Corporation

Statement of Cost of Good Manufactured For the Month Ended March 31

Work in Process Inventory 22,000

Direct Materials:

Materials inventory, March 1 6,000

Purchases 92,000

Less Materials inventory, March 31 <u> ( 8,000)</u>

Cost of Materials used in Production 90,000

Direct Labor 25,000

Factory Overhead <u> 37,000</u>

Total Manufacturing Cost 174,000

Less Work in Process Inventory, March 31 <u> (23,500) </u>

Cost of Goods Manufactured 150,500

7 0

3 years ago

Corporation and limited liability (limited partnership) company taxed twice.

alekssr [168]

Option[A] is the correct answer.

Corporation and limited liability (limited partnership) company taxed twice.

Before any earnings may be distributed to shareholders, the corporation must pay income tax at the corporate rate. Any gains that are then dispersed as dividends to shareholders are again taxed at the recipient's individual rate. The company profits are thus subject to two separate income tax rates.

<h3>What is Double Taxation?</h3>

When business profits are taxed both at the corporate and personal levels, C corporations are subject to double taxation. Before any earnings may be distributed to shareholders, the corporation must pay income tax at the corporate rate. Any gains that are then dispersed as dividends to shareholders are again taxed at the recipient's individual rate. The company profits are thus subject to two separate income tax rates.

To know more about 'Double Taxation', visit: brainly.com/question/15869439

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8 0

1 year ago