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Sliva [168]
3 years ago
8

Jerry lives in New Mexico and makes $52,000 a year. If the median annual income in New Mexico is $53,731 and the median annual i

ncome in the United States as a whole is $50,233, is Jerry likely to qualify for Chapter 7 bankruptcy?
Business
2 answers:
Tom [10]3 years ago
7 0

Answer:

Yes, Jerry is likely to qualify for Chapter 7 bankruptcy

Explanation:

A requirement to qualify for Chapter 7 bankruptcy is to have an income that is below the median level in the state that the person lives. So, considering that the median annual income in New Mexico is $53,731 and Jerry makes $52,000, he is likely to qualify for Chapter 7 bankruptcy.

daser333 [38]3 years ago
4 0
Yes, Jerry is likely to qualify, since his yearly income is below the median annual income of New Mexico.
You might be interested in
The following budget information is available for the Arch Company for January Year 2: Sales $ 860,000 Cost of goods sold 540,00
igomit [66]

Answer and Explanation:

The computation of the total budgeted selling and administrative expenses is shown below;

Utilities expense $2,800

Administrative salaries $100,000

Sales commissions 5 % of sales i.e. 5% of $860,000  $43,000

Advertising $20,000

Depreciation on store equipment $50,000

Rent on administration building $60,000

Miscellaneous administrative expenses $10,000

total budgeted selling and administrative expenses $285,800

3 0
3 years ago
Graham, Inc.'s April bank statement shows an April 30 balance of $5,120. Prior to reconciliation, its books show a cash balance
Mars2501 [29]

Answer:

$5,570

Explanation:

The purpose of a bank reconciliation statement is to reconcile the difference between Cash Book balance and Bank Statement balance. Also it is used to check accuracy of Cash Book and the accuracy of Bank Statement.

Graham, Inc.'s April bank reconciliation statement is prepared as :

Graham, Inc.

Bank reconciliation statement as at April 30

Balance as per Bank Statement                 $5,120

Add outstanding lodgments                         $800

Add back error at the bank                            $115

Less unpresented checks                           ($465)

Balance as per Cash Book                        $5,570

therefore,

The reconciled cash balance at April 30 on the bank reconciliation should be $5,570.

4 0
2 years ago
At the beginning of 2020, Concord Company acquired a mine for $3,251,600. Of this amount, $124,000 was ascribed to the land valu
Sav [38]

Answer:

A. $737,520

B. $530,320

Explanation:

a. Computation for the total amount of depletion for 2020.

First step is to calculate the Depletion Rate

Depletion Rate = ($3,251,600 - $124,000 + $49,600 + $210,800)/12,100,000

Depletion Rate= $3,388,000/ 12,100,000

Depletion Rate= 0.28

Now let calculate the total amount of depletion for 2020.

2020 Total amount of depletion= 0.28 × $2,634,000

2020 Total amount of depletion= $737,520

Therefore the total amount of depletion for 2020 is $737,520

B. Computation for the amount that is charged as an expense for 2014 for the cost of the minerals sold during 2020.

Expense amount charged= ($737,520/$2,634,000)* 1,894,000

Expense amount charged=0.28 *1,894,000

Expense amount charged=$530,320

Therefore the amount that is charged as an expense for 2014 for the cost of the minerals sold during 2020 is $530,320

7 0
2 years ago
Fiduciary activities are reported only in the fiduciary fund financial statements; they have no effect on the governmental or bu
LuckyWell [14K]

Answer:

The correct answer is True.

Explanation:

Fiduciary assignments that have as their object the realization of investments, the administration of goods or the execution of activities related to the granting of guarantees by third parties to ensure the fulfillment of obligations, the administration or surveillance of the goods on which the guarantees fall and the carrying them out, subject to the restrictions established by law; act as transfer agent and register of securities; act as a representative of bondholders; act as trustee, curator of property or as depositary of sums recorded in any court, by order of judicial authority or by determination of persons who have legal power to designate them for such purpose.

Fiduciary companies may carry out investment trust operations through commercial fiduciary contracts, concluded in accordance with legal formalities, or through fiduciary orders.

Fiduciary activities are not reported in the government-wide financial statements

They may form ordinary common investment funds integrated with monies received from various constituents or adherents for this purpose.

4 0
3 years ago
Tri-coat Paints has a current market value of $50 per share with earnings of $5.97. What is the present value of its growth oppo
Gnesinka [82]

Answer: $0.25

Explanation:

Fron the question, we are informed that Tri-coat Paints has a current market value of $50 per share with earnings of $5.97. We are further told that the required return is 12%.

The present value of its growth opportunities (PVGO) will be:

= $50 - ($5.97/12%)

= $50 - ($5.97/0.12)

= $50 - $49.75

= $0.25

Therefore, the present value of its growth opportunities (PVGO) if the required return is 12% is $0.25.

6 0
3 years ago
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