George lost his $155,000 sales job. It took him a year to find a new job and, during that time, his utilities were shut off, he foreclosed on his home, and he declared bankruptcy. Ten years from now, what information from this time will remain on his credit report?
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George lost his $155,000 sales job. It took him a year to find a new job and, during that time, his utilities were shut off, he foreclosed
on his home, and he declared bankruptcy. Ten years from now, what information from this time will remain on his credit report?
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- Aron Larson is a customer of Bank Enterprises. Mr. Larson took out a loan in the amount of $120,000 on August 1. On December 31, Bank Enterprises determines the loan to be uncollectible. Larson had not paid anything toward the balance due on account. What is the journal entry recording the bad debt write-off?LO.4 Vic, who was experiencing financial difficulties, was able to adjust his debts as follows: a. Vic is an attorney. Vic owed his uncle 25,000. The uncle told Vic that if he serves as the executor of the uncles estate, Vics debt will be canceled in the uncles will. b. Vic borrowed 80,000 from First Bank. The debt was secured by land that Vic purchased for 100,000. Vic was unable to pay, and the bank foreclosed when the liability was 80,000, which was also the fair market value of the property. c. The Land Company, which had sold land to Vic for 80,000, reduced the mortgage on the land by 12,000. Determine the tax consequences to Vic.What is Schedule D net income (Capital gains and losses)? Paul slipped on a wet spot in front of a computer store last July. He broke his ankle and was unable to work for two weeks. He incurred $1,300 in medical costs, all of which were paid by the owner of the store. The store also gave him $1,000 for pain and suffering resulting from the injury. ASCI did not pay his salary during the two weeks he missed because of the accident. However, ASCI's disability insurance plan paid him $1,500 in disability pay for the time he was unable to work. Under this plan, ASCI pays the premiums of $500 for the disability insurance as a taxable fringe benefit. The disability plan premiums and the disability benefit payments were not included in Paul’s W-2 wages reported in paragraph 3. Schedule D =
- Sid Berhad year end is 31 December 2020. The accountant of Sid Berhad has asked for your opinion on the accounting treatment of the following items: (iii) During the year, Sid Bhd received a claim for RM1 million from one of its workers, Daniel. Daniel is now paralysed with head injuries after metal scaffolding that was under construction collapsed at building site. The insurance company refused to meet the claim on the ground that Daniel was found not wearing a protective helmet at the time of accident. In the opinion of Sid’s legal advisor, the company would have to settle the claim between RM100,000 to RM400,000, depending on whether the paralysis is temporary or permanent. The medical opinion is that there is a 20% chance that the paralysis will be permanent. Required: Advise Sid Berhad’s accountant on the accounting treatments for all the above- mentioned items. Your answer shall make reference to relevant MFRS Standards.The net income of Cruz', a department store, decreased sharply during 20X5. Mark Cruz, owner of the store anticipates the need for a bank loan in 20X6. Late in 20X5 he instructed the accountant to record a P26,000 of furniture to the Cruz family, even though the goods will not be shipped from the manufacturer until January 20X6. Cruz also told the accountant not to make the following December 31, 20X5, adjusting entries: Salaries owed to employees 18,000 Prepaid insurance that has expired 5,300 1. Why did Cruz take this action? Is this action ethical? Give your reason, identifying the parties helped and the parties harmed by Cruz' action. 2. As a personal friend, what advice would you give the accountant?The net income of Cruz', a department store, decreased sharply during 20X5. Mark Cruz, owner of the store anticipates the need for a bank loan in 20X6. Late in 20X5 he instructed the accountant to record a P26,000 of furniture to the Cruz family, even though the goods will not be shipped from the manufacturer until January 20X6. Cruz also told the accountant not to make the following December 31, 20X5, adjusting entries: Salaries owed to employees 18,000 Prepaid insurance that has expired 5,300 Compute the overall effect of these transactions on the store's reported income for 20X5.
- i am doing chart of accounting general journal, question is 4/30 Reimbursed one of the employees for $25 gas used to run business errands. 4/30 Received $150 from a walk-in client for the preparation of their tax return. 4/30 Billed Mack Moving Company $3,800 for preparing their company tax return. 4/30 Received the company telephone bill for April $64, but will not pay it until May. 4/30 The owner withdrew $800 cash from the business so she could pay her personal rent. and not sure with puting categories into general journal as debit and credit sideSally is in the business of purchasing accounts receivable. Last year, Sally purchased an account receivable with a face value of $80,000 for $60,000. During the current year, Sally settled the account, receiving $65,000. Determine the maximum amount of the bad debt deduction for Sally for the current year. If an amount is zero, enter "0". Sally's basis in the account receivable is $fill in the blank 1 . Therefore, she has a bad debt deduction of $fill in the blank 2 and income of $fill in the blank 3 .Evander Holyfield (the champion boxer who had part of his ear bitten off by Mike Tyson) made $300 million during his boxing career but declared bankruptcy because of poor financial choices. His July interest at 18% was $155. What was Evander’s principal at the beginning of July
- Pass the Journal Entry for the Following:- Shane became insolvent and the business is unable to recover 500Services are provided and clients are expected to pay in advanced. One client has not paid in four months and you find out the client filed bankruptcy. Your company had already issued financial statements for the prevous year and included the $20,000 a monthy account receivable for the services provided lasst year. The companies average sales were $300,000 and there is a 3% allowances for sales. 1. Evaluate whether receipt of this information indicates you have a change in estimate of whether the customer's bankruptcy results in this event condsidered an error in previously issued financial statement. 2. Describe the accounting treatment support with journal entries.Black operates a business. Black is single. The following information is available concerning his business related expenses during 2021: 1. A customer who owed $6,200 on open account filed for bankruptcy during 2021. It was estimated during 2021 that only $1,700 would eventually be collected from the customer during 2022. The account receivable had a basis of $6,200. 2. He incurred costs of $2,500 to appear before the city council to lobby for proposed legislation that had a direct effect upon his business. 3. He paid political contributions of $250 to a candidate for the city council. 4. He traveled to Paris on business for 6 days. The cost of airfare was $1,500. The cost of a hotel room was $250 per day. The cost of meals was $60 per day. Business was conducted on 5 days. He stayed the extra 1 day for a vacation. 5. He incurred entertainment expenses qualified business meals in the amount of $4,500 and entertainment expenses for attending the theater in the amount of $3,500. 6. He…
