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2 years ago

In Chapter 7 bankruptcy a debtor

Business

1 answer:

nalin [4]2 years ago

3 0

Answer: A. is required to draw up a petition listing all assets and liabilities.

Explanation:

Bankruptcy simply refers to the legal whereby an economic entity is unable to repay their outstanding debts. In this case, the individual or business will need to sell its remaining assets in order to pay the liabilities.

Due to the above reason, then the debtor will be required by the government to list all of their assets and the liabilities that it owns and this will be used in determining whether the obligation has been fulfilled or not.

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Pool Corporation, Inc., is the world's largest wholesale distributor of swimming pool supplies and equipment.

Ad libitum [116K]

The journal entries are shown below:

Bad debt expense A/c Dr $3,378

To Allowance for doubtful debts A/c $3,378

(Being bad debt expense is recorded)

Allowance for doubtful debts A/c Dr $4,510

To Account receivable A/c $4,510

(Being written off amount is recorded)

2. The computation of the net sales is shown below:

= Gross sales - sales discount - sales return - credit card fees

= $140,756 - $1,344 - $996 - $2,129

= $136.287

A journal entry is the act of preserving or making facts of any transactions either monetary or non-monetary. Transactions are indexed in an accounting magazine that shows a organization's debit and credit score balances. The magazine entry can include numerous recordings, every of which is both a debit or a credit.

A journal entry is used to record a commercial enterprise transaction in the accounting information of a commercial enterprise. A magazine entry is commonly recorded in the trendy ledger; as a substitute, it can be recorded in a subsidiary ledger that is then summarized and rolled ahead into the general ledger.

Learn more about journal entries here brainly.com/question/14279491

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6 0

1 year ago

Prepare a marketing plan to market yourself. Visit a career website and locate three careers listed on the website and determine

enyata [817]

Answer:

kailangan meron ka companies

Explanation:

advance mag isip wag dto

8 0

2 years ago

Use the following information for exercises 15 to 18 LO P2 The following information applies to the questions displayed below] O

Mrrafil [7]

Answer:

Ernst Consulting

Balance Sheet

For the Month Ended October 31, 202x

Assets:

Cash $12,650

Accounts receivable $12,800

Office supplies $2,850

Office equipment $17,530

Land $45,940

Total assets $91,770

Liabilities and stockholders' equity:

Accounts payable $8,110

Common Stock $83,540

Retained earnings $120

Total liabilities and stockholders' equity $91,770

Explanation:

I ordered the accounts and included a couple that were missing:

Cash 12,650
Accounts receivable 12,800
Consulting revenue 12,800
office supplies 2,850
Land 45,940
office equipment 17,530
Accounts payable 8,110
Cash dividends 1,570
Common Stock 83,540
Rent expense 3,110
Salaries expense 6,490
Telephone expense 850
Miscellaneous expenses 660

First we need to determine net profit for the month:

Consulting revenue 12,800

Salaries expense -6,490

Rent expense -3,110

Telephone expense -850

Miscellaneous expenses -660

net profit = $1,690

retained earnings = net profit - dividends distributed = $1,690 - $1,570 = $120

7 0

3 years ago

What amount needs to be invested today at 6% simple interest in order to have $4000 in 2 years?

garri49 [273]

Data:
A (amount) = ?
P (Principal) = $ 4000
r (rate) = 6% → 0.06
t (time) = 2 years

Formula:
$A = P(1+r*t)$

Solving:
$A = P(1+r*t)$
$A = 4000(1+0.06*2)$
$A = 4000(1+0.12)$
$A = 4000*1.12$
$\boxed{\boxed{A = \$\:4480}}\end{array}}\qquad\quad\checkmark$

4 0

3 years ago

Beleaguered State Bank (BSB) holds $500 million in deposits and maintains a reserve ratio of 20 percent. Complete the following

leonid [27]

Answer:

1. See part 1 of the attached excel file for the T-account.

2. See part 2 of the attached excel file for the T-account.

3. Because BSB is cutting back on its loans, other banks will find they have <u>lower</u> reserves, causing them to <u>reduce</u> their loans. Which of the following ways represent an alternative for BSB to return to its original reserve ratio? Check all that apply.

4. The correct options are b. Borrow money from another bank and d. Attract additional deposits.

Explanation:

1. Beleaguered State Bank (BSB) holds $500 million in deposits and maintains a reserve ratio of 20 percent. Complete the following T-account for BSB.

Note: See part 1 of the attached excel file for the T-account.

In the attached excel, the following calculations are made:

Reserves = $500 million * 20% = $100 million

Loans = $500 - $100 = $400

2. Now suppose that BSB's largest depositor withdraws $25 million in cash from her account. BSB decides to restore its reserve ratio by reducing the amount of loans outstanding.

Note: See part 2 of the attached excel file for the T-account.

In the attached excel, the following calculations are made:

Deposits = $500 million - $25 million = $475 million

Reserves = $475 million * 20% = $95 million

Loans = $475 - $95 = $380

4. Which of the following ways represent an alternative for BSB to return to its original reserve ratio? Check all that apply.

The correct options are b. Borrow money from another bank and d. Attract additional deposits.

Download xlsx

4 0

2 years ago