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3 years ago

What effects are Mary and Todd likely to face if they declare bankruptcy? Check all that apply.

Business

2 answers:

ahrayia [7]3 years ago

8 0

1, 4, and 5 just done the assignment and got it correct

Mandarinka [93]3 years ago

8 0

The correct answer is 1, 4, 5.

1. They will find it hard to get new loans.

4. They will have to pay higher interest rates on any new credit cards they obtain.

5. They will have poor credit reports.

Bankruptcy is termed as legal status of a person who is not able to pay creditors their debts. It is imposed by a court order.

Someone can declare bankruptcy if the value of assets he has less the debt amount he is being owed.

Filing for a bankruptcy damages your credit where debts are discharged without being paid.

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Adjusting Entries for Accrued SalariesGarcia Realty Co. pays weekly salaries of $26,500 on Friday for a five-day workweek ending

Tems11 [23]

Answer:

Debit Credit

Salary expense $5,300

($26,500/5)

Salary payable $5,300

b. Debit Credit

Salary expense $21,200

($26,500/5*4)

Salary payable $21,200

Explanation:

a. The journal entry that should be made in the books of the Garcia Realty Co. if the accounting period ends on the monday is given below:

Debit Credit

Salary expense $5,300

($26,500/5)

Salary payable $5,300

b. The journal entry that should be made in the books of the Garcia Realty Co. if the accounting period ends on the thursday is given below:

Debit Credit

Salary expense $21,200

($26,500/5*4)

Salary payable $21,200

5 0

4 years ago

The efficient frontier of risky assets is

Ivenika [448]

Answer:

A. the portion of the investment opportunity set that lies above the global minimum variance portfolio.

Explanation:

The Efficient frontier refers to the portfolios set that involves that expected return whose return is high at the level of minimum risk so the asset that contains the high risk profile that investment opportunity set portion should be above the variance portfolio i.e. minimum globally

Therefore the correct option is a.

8 0

3 years ago

Purchase Company recently acquired several businesses and recognized goodwill in each acquisition. Purchase has allocated the re

netineya [11]

Answer:

Purchase Company

RU-1 RU-2 RU-3

Goodwill Impairment loss (gain) $8,300 $44,600 ($383,250)

Explanation:

a) Data and Calculations:

Carrying Amounts

RU-1 RU-2 RU-3

Tangible assets $215,500 $261,000 $158,250

Trademark 257,000

Customer list 154,500

Unpatented technology 232,500

Licenses 100,000

Copyrights 65,500

Goodwill 190,250 187,550 136,500

Liabilities (35,000)

Book values $782,250 $781,050 $360,250

Fair values $773,950 $736,450 $743,500

Goodwill Impairment

loss (gain) $8,300 $44,600 ($383,250)

b) Purchase Company will recognize Goodwill impairment expense for RU-1 and RU-2. It will recognize a Goodwill impairment gain for RU-3. A goodwill impairment gain results when the fair value is higher than the book value of the net realizable assets.

6 0

3 years ago

Hiram is a debtor to Central Credit Union, a secured party. If Hiram fails to maintain insurance on the collateral, he has likel

valentina_108 [34]

Answer:

D). defaulted on the security agreement.

Explanation:

From the question we are informed about Hiram who is a debtor to Central Credit Union, a secured party. If Hiram fails to maintain insurance on the collateral, he has likely defaulted on the security agreement.

A security agreement as regards to the law of the United States, can be defined as contract which governs the relationship that exist between the parties that are involved in a kind of financial transaction that is been known as a secured transaction. It gives lender kind of security interest as regards to a specified asset/property which is has been pledged as collateral. Security agreements do compose of

covenants which states provisions for the advancement of funds as well as

repayment schedule and insurance requirements.

6 0

3 years ago

During the year, Bramble Corp. made an entry to write off a $31400 uncollectible account. Before this entry was made, the balanc

victus00 [196]

Answer:

The accounts receivable amount expected to be collected after the write-off entry is $378,500

Explanation:

Allowance for bad debt = $34,500

Bad debt written off = $31,400

Credit balance in allowance for bad debts = Allowance for bad debt - Bad debt written off

= $34,500 - $31,400

= $3,100

The balance in receivables account = ($413,000 - $31,400) - ($34,500 - $31,400)

= $381,600 - $3,100

= $378,500

8 0

3 years ago