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3 years ago

Charged off as bad debt canceled by credit grantor. True or False

Business

1 answer:

guajiro [1.7K]3 years ago

7 0

Answer:

"Charge off" means that the credit grantor wrote your account off of their receivables as a loss, and it is closed to future charges. When an account displays a status of "charge off," it means the account is closed to future use, although the debt is still owed.

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On December 31, 2019, Irey Co. has $3,000,000 of short-term notes payable due on February 14, 2020. On February 8, 2020, Irey bo

svet-max [94.6K]

Answer:

$1,800,000

Explanation:

Given short term notes payable = $3,000,000

Total amount used to liquidate short term notes = $2,200,000

Balance = $3,000,000 - $2,200,000 = $800,000

The additional $1,200,000 which is borrowed from Country Bank will not increase the short term notes payable because it's a long term credit

The additional $1,000,000 cash used will now be added to the balance amount

Amount to be reported as current liabilities = $1,000,000 + $800,000

= $1,800,000

Therefore the amount of the short-term notes payable that should be reported as current liabilities on the December 31, 2019 balance sheet which is issued on March 5, 2020 is $1,800,000

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3 years ago

Jill invests $1,000.00 to buy ten shares of Good Corporation. The corporation goes bankrupt having no assets and $1 million in l

likoan [24]

Answer:

A. Limited liability.

Explanation:

The limited Liabilities company's protects their members and managers.

It protects their personal assets from the business liabilities.

The laiblities of the business will be settle with the busieness assets. IF there are no more assets, then debts defaults and become uncollectible.

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2 years ago

Allied Paper Products, Inc., offers a restricted stock award plan to its vice presidents. On January 1, 2021, the company grante

vitfil [10]

Answer:

1. $80,000,000

2. (The Journal entries can be found below)

Explanation

1. Fair value per share x shares granted = million fair value of award

=$5×$16,000,000 = $80,000,0000

The total compensation cost pertaining to the restricted shares is $80,000,000

2. Journal entries as at December 31, 2021. ($ in millions)

Dr Compensation expense ($80 million ÷ 2 years) 40

Cr Paid-in capital—restricted stock 40

Journal entries as at December 31, 2022. ($ in millions)

Dr Compensation expense ($80 million ÷ 2 years) 40

Cr Paid-in capital—restricted stock 40

Dr Paid-in capital—restricted stock 80

CrCommon stock (16 million shares x $1 par) 16

Cr Paid-in capital—excess of par (remainder) 64

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3 years ago

A company buys a fixed asset on January 1, 2012 for $20,000. The accumulated depreciation for three years is $12,000. What will

Leto [7]

Answer:

Blank 1-

12,000

Blank 2-

loss of $2,000

Explanation:

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2 years ago

Beth's computer keeps locking up, and she is not sure why. she was told by the intern at her company's help desk that she should

Anna [14]

She can try updating her browser to see if that is the problem. She can also make sure that she doesn't have anything running in the background.

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3 years ago