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Ivanshal [37]
3 years ago
7

Describe the personal assets that are protected under Chapter 13. Describe the basic eligibility requirements for filing under C

hapter 13.\
Business
1 answer:
aleksandrvk [35]3 years ago
5 0

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.

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During December, Far West Services makes a $3,200 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.
Dima020 [189]

Answer:

Dr Accounts receivable 3,472

Cr Sales 3,20

Cr Sales tax payable 272

Explanation:

Since $3,200 is the credit sale and the state sales tax rate is 6% while the local sales tax rate is 2.5% which means we have to calculate for 6% of 3,200 as well as 2.5% of 3,200 which is: Sales tax payable

6%×3,200=192

2.5%×3,200=80

192+80= 272

The last step is to Debit Accounts receivable with 3,472 (3,200+272) , Credit Sales 3,200 and Credit Sales tax payable with 272

Far West Services Journal entry

Dr Accounts receivable 3,472

(3,200+272)

Cr Sales 3,200

Cr Sales tax payable 272

8 0
3 years ago
Which of the following is an example of an operational risk for a company that manufactures automobiles?A. A state tax increase
Vedmedyk [2.9K]

Answer:C. Damage to completed cars held on a storage lot

Explanation:

Operational risk are the hazards and the uncertainties that are faced by companies in the day to day activities. It may be caused as a result of system failure or manufacturing components.

An example of operational risk for a company that manufactures automobiles would be damage to completed cars held on a storage lot.

7 0
3 years ago
Buffalo National Corp. (BNC) is currently an all-equity firm worth $320 million with 50 million common shares outstanding. BNC p
balu736 [363]

Answer:

The solution as per the given problem is provided below throughout the explanation portion below.

Explanation:

The given values are:

Debt issued,

= 120

Pretax earnings,

= 80

Tax,

= 35%

All equity firm,

= $320

Number of common stock,

= 50

(a)

Balance sheet before the debt issue's announcement will be:

<u>Assets </u><u>                                 320</u>

<u>Debt   </u><u>                                    0</u>

<u>Equity  </u><u>                                 320</u>

then,

The total will be "320".

(b)

The per share price will be:

= \frac{Equity}{Number \ of \ common \ stock}

= \frac{320}{50}

= 6.40

or,

After tax, the net income will be:

= EBIT(1-t)

= 80(1-0.35)

= 80\times 0.65

= 52

(c)

The return on equity will be:

= \frac{Net \ income \ after \ taxes}{Value \ of \ equity}

= \frac{52}{320}

= 0.1625

or,

= 16.25 (%)

5 0
3 years ago
Which of the following is a microeconomic topic? A) the unemployment rate of the United. States economy as a whole. B) the rate
NikAS [45]

Answer:

The correct answer is C, the advertising strategy of a particular company.

Explanation:

Option is about the rate of prices increase in Brazil as whole,hence that involves the households,the businesses and the government, it is a macroeconomic topic

The increase in the national income of the United States over the past three months is also a macroeconomic topic as it involves the activities of the government of US as well as businesses and private individuals.

The unemployment rate focused on the proportion of the able population who are not gainfully employed in the economy as a whole is also a macroeconomic topic

8 0
3 years ago
Read 2 more answers
Copy equipment was acquired at the beginning of the year at a cost of $56,000 that has an estimated residual value of $8,000 and
sergeinik [125]

Answer:

Results are below.

Explanation:

<u>The depreciable cost is the result of deducting from the purchase price the salvage value:</u>

<u></u>

Depreciable cost= 56,000 - 8,000

Depreciable cost= $48,000

<u>The depreciable rate is the depreciation that the asset suffers in one year express as a percentage:</u>

<u></u>

Depreciation rate= 1/5 = 0.2 or 20% per year

<u>Finally, the units of production depreciation for the first year:</u>

Annual depreciation= [(original cost - salvage value)/useful life of production in copies]*number of copies

Annual depreciation= (48,000/1,000,000)*240,000

Annual depreciation= 0.048*240,000

Annual depreciation= $11,520

5 0
3 years ago
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