In 2005, bankruptcy reform laws:
A: made student loans dischargeable in bankruptcy
B: required debtors to pay more of their debts in bankruptcy
Answer:
B: required debtors to pay more of their debts in bankruptcy
Explanation:
The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) which was passed in 2005, reviewed the bankruptcy process in America.
This law was reviewed because it wanted to prevent abuse of the bankruptcy process.
Therefore, In 2005, bankruptcy reform laws required debtors to pay more of their debts in bankruptcy.
Answer:
investment after 6 years = $129.80
Explanation:
given data
invested = $110
simple interest = 3%
period = 6 years
to find out
How much will his investment be worth after 6 years
solution
first we get here interest that is express as
interest = invested amount × rate × time ..................1
interest = $110 × 3% × 6
interest = $19.8
and
investment after 6 years = invested amount + interest .................2
investment after 6 years = $110 + $19.8
investment after 6 years = $129.80
Answer:
The preparation is presented below:
Explanation:
The preparation of the retained earnings statement for the year ended July 31, 2018 is presented below:
Cali Communications'
Retained Earning statement
For the year ended July 31, 2018
Beginning balance of retained earning $0
Add: Net income $5,150
Less: Cash Dividend paid -$0
Ending balance of retained earning $5,150
Answer:
Dr Profit and loss account $454,000
Cr Retained earnings $454,000
Explanation:
Preparation of the Journal entry to close net income for Riverbed Corporation
Based on the information given we were told that the Corporation reports net income of the amount of $454,000 on December 31 this means the Journal entry to close the account will be recorded as:
Dr Profit and loss account $454,000
Cr Retained earnings $454,000
Answer:
The amount of cash received on January 24 is $3332
Explanation:
The amount of cash received will be for the net amount of receivable after adjusting for sales returns and the sales discount as the payment is received within the discount period of 10 days as stated by the term 2/10 which means a 2% discount if payment is received within 10 days of sale.
The accounts receivable at January 15 after sale were $4500. Out of this amount, $1100 of returns are made. Thus, the remaining balance of accounts receivables after return is $4500 - $1100 = $3400
The discount received will be = 3400 * 2% = $68
Thus, the cash received on January 24 will be 3400 - 68 = $3332
