BUSINESS COLLEGE

_____ occurs when a creditor obtains a court order that directs an employer to set aside a portion of an employee's wages to pay a debt owed to the creditor.

Answers

Answer 1
Answer:

Answer:

Garnishment

Explanation:

Garnishment refers to an order in which a person directs a third party with respect to seize assets  i.e salary earned from employment or money in a bank account so that the unpaid debt amount could be settled out

In the given case, the same situation occurs so this is a case of garnishment and the same is to be considered

Related Questions

Salisbury Company uses the perpetual inventory system and had the following inventory & sales activity for the month of May 2019: Date Activity Quantity Unit Price 5/1 Beginning Inventory 175 $11.50 5/5 Purchase 200 $10.50 5/10 Sales 300 $25 5/15 Purchase 200 $12.50 5/20 Sales 250 $28 5/25 Purchase 150 $12.50 Using the LIFO method, determine the dollar value for Ending Inventory at the end of month of May. Round to the nearest cent.
An Engel curve:________. A. slopes upward for normal goods and downward for inferior goods. B. slopes upward for inferior goods and downward for normal goods. C. slopes downward for both normal and inferior goods. D. slopes upward for both normal and inferior goods.
On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what's the unearned revenue as of December 31
Sue spent much of her time checking inventories, processing straight rebuys, setting up displays and making sure everything is going smoothly. Sue was primarily a(n):__________ A. business development specialist B. caretaker rep C. order getter D. order taker E. sale support personnel
You and a coworker, Nicola, disagree over how to address a problem your team has encountered. You often don’t understand Nicola’s arguments and have the opinion that she is not always well informed. However, this is an important decision, and you know the situation requires you to consider all options before proceeding. 1. What can you do to make sure you understand Nicola’s argument? Check all that apply. a. Challenge Nicola’s position. b. Keep an open mind. c. Separate facts from opinions.d. Assume Nicola is incorrect.

A customer recently wrote your bakery a letter complaining that the cherry scones were too crumbly and dry. Although the customer already ate all the scones, he is demanding a full refund. Your company does not honor refunds on food that has been consumed What could you include in the closing of your response to restore confidence? 1. A statement of company policy regarding refunds
2. A freebie or promotional discount
3. A defensive remark
4. An alternative product

Answers

Answer:

1. A statement of company policy regarding refunds

Explanation:

A statement of company policy regarding refunds would give clarity to the customer on the reason why the request for refund was denied.

On January 1, Year 1, Chaco Company sold $300,000 of 10% twenty-year bonds. Interest is payable semiannually on June 30 and December 31. The bonds were issued for $359,378, priced to yield 8%. What is the amount of effective interest expense that Chaco will record for the six months ended June 30, Year 1

Answers

Answer:

The amount of effective interest expense that chaco will record in the first six months is $14,375

Explanation:

interest payment that will be first made is on June 30, Year 1. Therefore, the outstanding balance used in the calculation is the issue price.

The interest expense is calculated by these formula

Interest expense = Effective semiannual interest rate × Outstanding balance

Interest expense = (8% ÷ 2) × $359,378 = $14,375

So the interest expense is gotten as %14,375

Final answer:

The Chaco Company will record an effective interest expense of $14,375.12 for the six months ended June 30, Year 1.

Explanation:

The effective interest method is a technique used for discounting bonds. This method is used to calculate the amount of interest expense for a specific time period. In this case, we are finding the effective interest for the six months ended June 30, Year 1 on a bond issued by the Chaco Company.

The formula for the effective interest method is: Book value of the bond at the beginning of the period X Yield rate/Number of periods per year.

The book value of the bond at the beginning of the time period (January 1, Year 1) was $359,378. The yield was 8% and there are two periods in the year because the interest is paid semiannually.

So, the effective interest for the six months ended June 30, Year 1 = $359,378 * 8%/2 = $14,375.12.

Therefore, the amount of effective interest expense that Chaco will record for the six months ended June 30, Year 1 is $14,375.12.

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Strong Metals Inc. purchased a new stamping machine at the beginning of the year at a cost of $1,567,500. The estimated residual value was $82,500. Assume that the estimated useful life was five years and the estimated productive life of the machine was 300,000 units. Actual annual production was as follows: Year Units 1 70,000 2 67,000 3 50,000 4 73,000 5 40,000 Required: 1. Complete a separate depreciation schedule for each of the alternative methods. a. Straight-line. b. Units-of-production. c. Double-declining-balance.

Answers

Final answer:

The question seeks the computed depreciation for a machine for 5 years under three methods: straight-line, units-of-production, and double-declining balance. The computations were conducted using the provided data.

Explanation:

To answer this question, we first need to understand the terms constant that would be used throughout the computation: Machine cost, residual value, useful life, and productive life. In this scenario, the calculation would be as follows:

  1. Straight-line method: Depreciation per year = (Cost - Residual value) / Useful life. So, ($1,567,500 - $82,500) / 5 = $297,000. Your depreciation expense is $297,000 per year for 5 years.
  2. Units-of-production method: Depreciation per unit = (Cost - Residual value) / Productive life. Our depreciation per unit is ($1,567,500 - $82,500) / 300,000 = $4.95. To get yearly depreciation, this needs to be multiplied by the number of units produced each year.
  3. Double-declining-balance method: Depreciation = 2 * Straight-line rate * Remaining book value. The first year’s depreciation would be 2/5 * (Machine cost - accumulated depreciation), and for the following years, subtract the previous year's depreciation from the machine cost.

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Final answer:

Straight-line depreciation distributes the cost equally across the useful lifespan. The units-of-production method bases depreciation on the amount of production output. The double-declining balance method is an accelerated depreciation method that doubles the straight-line rate and uses the remaining book value for its calculations.

Explanation:

The cost of the machine is $1,567,500, and the residual value at the end of five years would be $82,500. Hence, the depreciable amount would be ($1,567,500 - $82,500) = $1,485,000.

For each of the desired methods, the depreciation schedules would be as follows:

  • Straight-line Method: This method would equally spread the depreciable amount over the useful life of the asset. Each year, the company would depreciate ($1,485,000/5) = $297,000.
  • Units-of-Production Method: This method bases the depreciation on the number of units produced. The depreciation rate per unit is calculated as ($1,485,000/300,000) = $4.95/unit. So, for each year, we need to multiply the rate by the units produced to obtain the annual depreciation.
  • Double-Declining-Balance Method: For this method, we first calculate the straight-line depreciation rate, which in this case is (1/5 = 20%). We double that rate to get the accelerated depreciation rate of 40%. Each year, we multiply this rate by the book value at the beginning of the year to get the annual depreciation. However, in the final year, this method ensures that the residual value is observed.

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After extrapolating the results of performing substantive tests on a sample of accounts from the accounts receivable subsidiary ledger, Allen CA concluded that the accounts receivable balance was materially misstated. In fact, the balance was materially correct. This situation illustrates the risk of:A.Incorrect rejection.B. Incorrect acceptance.C. Assessing control risk too low.D. Assessing control risk too high

Answers

Answer: A. Incorrect rejection

Explanation:

INCORRECT REJECTION, in accounting, is the risk the sample supports the conclusion that the recorded balance is materially misstated when it is not materially misstated.

A small office building produces NOI of $8,995 per year. We intend to buy the property, if the price is right, and hold it for four years. At that time (EOY 4) we believe we can sell the property for $197,000. If we require an 8% ROA, what is the most we should pay now for this investment?A. The NPV is negative, so reject the investment.
B. The NPV is positive, so invest.
C. The NPV is greater than the NOI, so invest.
D. The GPI is greater than the NOI, so invest.
E. The NPV is greater than the OPX, so invest.

Answers

Answer:

Option B is correct.

The NPV is positive, so invest.

Explanation:

Year Cash Flow

0          -160000

1            8995

2             8995

3             8995

4           205995

$13,512.46

________ are industrial products that aid in the buyer's production or operations, including installations and accessory equipment.A) Unsought products
B) Convenience products
C) Capital items
D) Specialty items
E) Repair items

Answers

Answer:

C) Capital items

Explanation:

Capital items are the goods that should have physical existence also it is to be used at the time of manufacturing the product and services. It involves various items like - building, equipment, tools, etc

These are not categorized into a finished goods but are used for making the finished goods

Therefore in the given situation, the option C is the most appropriate and hence the same is to be considered

Final answer:

Capital items are industrial products that aid in the buyer's production or operations, including installations and accessory equipment.

Explanation:

The correct answer is C) Capital items. Capital items are industrial products that are used in the production or operations of a buyer's business. These can include installations and accessory equipment that aid in the overall functioning of the business.

For example, if a manufacturing company needs machinery to produce its products, that machinery would be considered a capital item. It is a long-term investment that is essential for the company's operations.

Other examples of capital items include vehicles, computer systems, and specialized tools or equipment.

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Troy (single) purchased a home in Hopkinton, MA, on January 1,2007, for $300,000. He sold the home on January 1, 2016, for$320,000. How much gain must Troy recognize on his home sale ineach of the following alternative situations? d. Troy rented thehome from January 1, 2007, through December 31, 2011. He lived inthe home as his principal residence from January 1, 2012, throughDecember 31, 2012. He rented out the home from January 1, 2013,through December 31, 2013, and lived in the home as his principalresidence from January 1, 2014, through the date of the sale.Assume accumulated depreciation on the home at the time of sale was$0. Gain recognized? The answer is not $28,571 The answer is not$4,375
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