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Molodets [167]
3 years ago
12

In Chapter 7 bankruptcy, liquidation, A. all the debtors' debts are discharged. B. the debtor keeps their assets. C. the trustee

sells off the debtor's assets and pays creditors. D. the debtor pays the creditors directly.
Business
1 answer:
qaws [65]3 years ago
4 0
<span>In Chapter 7 bankruptcy, liquidation, the trustee sells off the debtor's assets and pays creditors. A Chapter 7 bankruptcy often turns into a Chapter 13 which is based around selling debt off to pay creditors. Selling off the assets and liquidating them gives them cash on hand to pay off what needs to be paid. </span>
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Derrick invested $70,000 cash in the business. Paid $10,000 in cash for equipment. Performed services for cash amounting to $7,0
bulgar [2K]

Answer:

Explanation:

The effect of each transactions are shown below:

The journal entries are shown below:

1. Cash A/c Dr $70,000

        To Derrick's capital A/c $70,000

(Being the invested cash is recorded)

So as we can see that the cash is debited and derrick capital is credited

2. Equipment A/c Dr $10,000

        To Cash A/c $10,000

(Being the equipment is paid for cash)

So as we can see that the equipment is debited and cash is credited

3. Cash A/c Dr $7,000

        To Service revenue A/c $7,000

(Being the cash is received)

So as we can see that the cash is debited and service revenue is credited

4. Advertising expense A/c Dr $1,800

               To Cash A/c $1,800

(Being the advertising expense is paid for cash)

So as we can see that the advertising expense is debited and cash is credited

5. Supplies A/c Dr $1,000

       To Cash A/c $1,000

(Being the supplies are paid in cash)

So as we can see that the supplies are debited and cash is credited

4 0
3 years ago
There is an 80/20 rule in sales that ___ eighty percent of a company’s sales come from twenty percent of their customers. Theref
Mnenie [13.5K]

Answer:

The correct word for the blank space is: states.

Explanation:

Italian economist Vilfredo Pareto (<em>1848-1923</em>) proposed the 80/20 rule in which he explains 80% of the effects of anything are the result of 20% of the causes of something. When applied to the sales world, it implies 80% of an individual sales come from only 20% of the individual's customers.

5 0
3 years ago
_________ payments are known as lump sums. We can solve for the future value or the present value of a lump sum as we discuss be
geniusboy [140]

Answer:

a. Single

b. Compounding

Explanation:

Lump sums refers to a single payment that is made to a person or an organisation at a specified time. This is different from installment payment that is made as a number of smaller payments over a specified period of time.

Compounding refers to a method of reinvesting earnings or profits from assets or investment with aim of generating extra earnings over time.

Compounding is the foundation of Future Value  (FV) as it considers the present value (PV) of an asset, the total number of years, how frequent the compounding takes place in a year, and the annual interest rate as given in the formula in the question which represented as follows:

FV = PV(1 + I)^N

Where;

FV = Future Value

PV = Present Value

I = annual interest rate

N = number of years

Therefore, single payments are known as lump sums. We can solve for the future value or the present value of a lump sum as we discuss below.

Finding the future value (FV), or compounding, is the process of going from today's values to future amounts.

8 0
3 years ago
In accounting for uncollectible receivables, the balance in Allowance for Doubtful Accounts will directly impact the amount of t
andriy [413]

Answer:

c. the analysis of receivables method.

Explanation:

In accounting for uncollectible receivables, the balance in Allowance for Doubtful Accounts will directly impact the amount of the adjustment when applying the analysis of receivables method.

The uncollectible account for receivables includes loans, credit sales or other debts that the business isn't expecting payment for and they are recorded as bad debt expense on the balance sheet.

The allowance for doubtful account method is used to account for the bad debt expense, and recorded before the bad debt occurs.

Basically, there are two (2) main methods of determining uncollectible accounts for receivables under the allowance method, these are;

1. The analysis of receivables method.

2. The percentage of sales method.

In this scenario, we are more concerned with this;

The analysis of receivables method is used to determine uncollectible account for receivables based on the age of respective accounts receivable.

4 0
2 years ago
Two major concepts in Operations Management are Efficiency and Effectiveness. Post a two paragraph discussion of each of these c
Ganezh [65]

Answer:

I hope you understand please give brainliest

Explanation:

Operations management involves planning, organizing, and supervising processes, and make necessary improvements for higher profitability. The adjustments in the everyday operations have to support the company's strategic goals, so they are preceded by deep analysis and measurement of the current processes

5 0
3 years ago
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