A court order that directs an employer to set aside a portion of an employee’s wages to pay a debt owed to a creditor is known as garnishment.
When money is legally withdrawn from your paycheck and given to another person, this is known as garnishment or wage garnishment. It alludes to a legal procedure that directs a third party to take money out of a debtor's paycheck or bank account on their behalf.
The third party also referred to as the garnishee, is frequently the debtor's employer. Employers are not allowed to terminate a worker in order to avoid processing a garnishment payment under federal law. For debts including unpaid taxes, cash penalties, child support obligations, and unpaid student loans, garnishments are used.
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Answer:
a. $425,000
Explanation:
<em>Calculation of compensated absences expense for the year</em>
Closing balance of compensated absences = $150,000
+ Payments made for compensated expenses = $400,000
- Opening balance of compensated absences =<u> - $125,000</u>
Compensated absences expense for the year = $425,000
Answer:At year-end (December 31), Chan Company estimates its bad debts as 0.80% of its annual credit sales of $831,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $416 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare the journal entries for these transactions. View transaction list 1 Record the estimated bad debts expense. 2 Wrote off P. Park's account as uncollectible. 3 Reinstated Park's previously written off account 4 Record the cash received on account. Credit Note :· journal entry has been entered Record entry Clear entry View general journal
Answer: an externality, market failure
Explanation:
Externality, simply refers to the gains and the costs that a third party gets due to the productivity or consumption activities of an individual or firm. In the above question, a negative externality occurs as the production of the firm has a negative effect on wildlife and the people living in the area.
In this case, the externality results in market failure which is due to the inefficiency with regards to the distribution of the goods in the free market.
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