Answer:
A. No, Chapter 7 bankruptcy is for the selling off of all the assets of the firm and ceasing all business operations.
Explanation:
In the chapter of Bankruptcy, chapter 7, the firm Gigantic Furniture is going to have its annual " Going Out of Business Sale". Now if the Gigantic Furniture is filing under the Chapter 7, it will not be back for the next year for an another going out of the business sale because Gigantic Furniture is selling off all of its assets and ceasing all its business operations.
D. Strategic is the answer for this question
Answer:
Bad Debts Expense A/c Debit $6,700
To Allowance for Doubtful Debts $6,700
Explanation:
Total sales = $700,000
Total receivables balance at year end = $150,000
Estimate of allowance for doubtful debts = 5%
Therefore, balance of allowance for doubtful debts at year end shall be =
$150,000 5 % = $7,500
Existing balance of allowance for bad debts = $800 Cr.
Balance to be added = $7,500 - $800 = $6,700
For which entry will be
Bad Debts Expense A/c Debit $6,700
To Allowance for Doubtful Debts $6,700
Further Bad Debt Expense will be transferred to Income Statement and Allowance for Doubtful Debts will be shown as negative value from Accounts Receivables.
Answer:
c
Explanation:
The amount of money a company makes from it's sales
The complete question is as follows:
What percentage of your gross salary does the consumer financial bureau suggest?
The proportion of gross income suggested by the Consumer Financial Bureau is not more than 15% or 10% of the earned income.
<h3>What is a gross salary?</h3>
Gross salary is the amount received by an employee before any deductions and income taxes. It is given by the employer of the company in its respective bank account.
According to the Consumer Financial Bureau, the proportion of not exceeding 10% of gross income should be reserved for affording the student loan payments, or not greater than 15% be reserved for monthly debts except rental and mortgage reimbursements.
Therefore, the type of payments will decide the proportion of gross income being allocated in accordance with the Consumer Financial Bureau.
Learn more about the gross salary in the related link:
brainly.com/question/5715627
#SPJ1