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Which of the following is happening when a lending institution gains money from an individual's paycheck to cover outstanding de

lozanna [386]

When a lending institution receives an amount from the individual on his/her monthly paycheck for covering his/her due debts is called Garnishment.

Option B is the correct answer.

<h3 /><h3>What is a paycheck?</h3>

A paycheck is a check provided to the employee for the work done by him/her. It defines the amount of remuneration and other incentives earned by the employee on a monthly basis.

A legal technique that allows a third party to reduce a certain amount from the salary or wages of an individual against the payment of any dues, then this technique is called Garnishment. The third party can be the bank of the debtor and the receiver is the lending institution to whom an individual has to pay back the due amount.

Therefore, Garnishment is the process where the lender receives a certain amount from the salary of the debtor against his/her dues.

Learn more about the Garnishment on paycheck here:

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4 0

2 years ago

Mustang Corporation had 100,000 shares of $2 par value common stock outstanding. On December 31, 2015, the company's board of di

victus00 [196]

Answer:

The necessary journal entry to record the declaration of the stock dividend is as followed:

31st December 2015

Dr Retained Earnings 200,000

Cr Common Stock Dividend Distributable 40,000

Cr Additional Paid-in capital - Common stock 160,000

( to record 20% stock dividend declaration)

Explanation:

As stock dividend is declared to be at 20%, this is a small stock dividend.

As at Dec 31st 2015, 100,00 shares is outstanding, the number of stock to be distributed under the form of dividend is: 100,000 x 20% = 20,000 stocks;

Thus:

Retain Earnings account will be decreased ( Debited) by the amount equal to Market price per stock at declaration x the number of stock to be distributed = 10 x 20,000 = $200,000.

Common stock account will be increased ( Credited) by the amount equal to Par value per stock x the number of stock to be distributed = 2 x 20,000 = $40,000.

The differences between Debit Retained Earnings and Cr Common stock will go into Cr Additional Paid-in capital - Common stock $160,000 ( $200,00 - $40,000).

8 0

4 years ago

Compute the cost of cost of goods? sold, cost of ending merchandise? inventory, and gross profit using the FIFO inventory costin

Dmitriy789 [7]

Incomplete question;

Here's the options that complete the question;

Dec. 1 Beginning merchandise inventory

11 units $ 8 each

Dec. 8 Sale

6 units at 21 each

Dec. 14 Purchase

17 units at $15 each

Dec. 21 Sale

15 units at $21 each

Explanation:

<u>Cost of goods sold</u>

Dec. 8 Sale (6 units)

6 units from Dec. 1 Beginning Inventory

= 6 x $8 = $48

Dec. 21 Sale (15 units)

2 units from Dec. 1 Beginning Inventory leftover

= 2 x $8 = $16

13 units from Dec. 14 Purchase

13 x $15 = $195

<u>Inventory on hand</u>

4 units leftover from Dec. 14 Purchase

Cost of goods Purchased

Dec. 1

11*8=$88

Dec. 14

17*15=$255

Total= $343

4 0

4 years ago

Anyone knows how to get free chorus hero I need it for a worksheet that’s due today but u have to pay to use chorus hero I don’t

pantera1 [17]

Instead of paying money for that try Socratic. There is an app and a website. I have found it helps a lot without paying anything. You just have to try a little harder but not so much that you actually have to do the work

8 0

4 years ago

Mason Company has a weekly payroll of $5,000. Wages are paid every Friday for the work performed Monday through Friday of that w

ddd [48]

Answer:

$2,000

Explanation:

Given:

Weekly payroll = $5,000

Number of working days for which wages are paid from Monday to Friday = 5

Wages paid per day = $\frac{\textup{Weekly payroll}}{\textup{Number of days}}$

or

Wages paid per day = $\frac{\$\textup{5,000}}{\textup{5}}$

or

Wages paid per day = $1,000

Thus,

from Monday to Tuesday total wages paid

= Wages per day × Number of days

= $1,000 × 2

= $2,000

Hence, the amount of Wages Expense that should be recorded on that date is $2,000

7 0

3 years ago