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antiseptic1488 [7]
2 years ago
10

Please help! How can easy access to credit lead to Financial Mistakes and Bankruptcy?

Business
1 answer:
zvonat [6]2 years ago
3 0

Answer: over-borrowing.

Explanation:

credit cards function like this: you can "buy" a lot of things with it, including very very expensive things. this is because instead of really buying that product, you borrow money from the bank to buy it. you then have to pay it off in slower amounts of money over time until youve paid off the original cost of the product and more because the bank will most likely charge interest.

sounds great, right?

it is, until you cant afford to pay those smaller amounts of money. then, it starts to build up and if you still cant afford to pay the bank, they will begin to liquidize your physical assets (they take your stuff as payment, really anything, even your house can be taken.)

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On September 1, the balance of the Accounts Receivable control account in the general ledger of Montgomery Company was $10,960.
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Answer:

The balances after recognizing all payments and sales to its customers is $9,500

Kindly review the attached document for detail analysis and solution.

7 0
3 years ago
Blaser Corporation had $1,075,000 in invested assets, sales of $1,243,000, income from operations amounting to $216,000 and a de
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Rate of return is 20%

Explanation:

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2 years ago
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3 years ago
Despite facing a struggling economy, abc company offers its employees yoga and healthy cooking classes at lunch and after work.
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