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Can i file bankruptcy on state taxes On my statement from them it states that my balance my not reflect adjustments such as those resulting from a prior or pending bankruptcy?
Wiki User
∙ 15y ago
They would have to be. You do not go Bankrupt on certain things though. In BK you do not pick and chose what is included. All are given priorites and some are exempt fom being used and some exempt from being discharged. Secured debts get first call from the money from the sale of the asset securing them. ALL your assets and all your debts are included. Your assets are used to pay your debts, the extra that can't be paid may be discharged. Taxes get a fairly high priority and will be paid in full before most other unsecured debts.
Wiki User
∙ 15y ago
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Are closing adjustments needed for the balance sheet?
Yes, closing adjustments are needed for the balance sheet because they increase retained earnings (in stockholders' equity) by the amount of net income or decrease it by the amount of net loss. They also decrease retained earnings by the amount of any dividends declared. Closing adjustments affect the income statement by reducing all income statement accounts to zero.
How does an 8-column worksheet differ from a 10-column worksheet?
An 8-column worksheet is standard for the following: Unadjusted Trial Balance, Adjustments, Adjusted Trial Balance, Income Statement, and Balance Sheet. The 10-column worksheet has an extra two columns for the Post-Closing Trial Balance.
What is Post trial balance?
Its full name is Post-closing Trial Balance. It is the trial balance that is listed after all entries have been made, the trial balance being a list of all the balances on the accounts.After the trial balance, it may be necessary to make adjustments before finalising the accounts. In this case the adjustments are called 'post trial balance adjustments', the word 'post' meaning after.
What is statement balance on your credit card?
the statement balance is nothing more than the balance of your card at the time the statement was printed.
What is the difference between finance and accounts?
Account is a record or statement of recent transactions and resulting balance. Finance is the management of money and credit and banking and investments
On what statement does owner's drawing account go?
After adjustments has been made, the drawing account is carried to the balance sheet. And it is deducted from profit or revenue in Statement of Changes in Equity to determine the Owner's capital ending for the month end or year end. - mpa
Does the worksheet contain a trial balance?
Yes, a typical worksheet will contain trial balances. In fact, worksheets often have two trial balances:A trial balance, which has all your accounts with unadjusted figures, straight from their balances.You would then go through and adjust some accounts, such as prepaid (prepaid advertising, prepaid insurance), payables (superannuation payable, wages payable), bad debts expense...An adjusted trial balance, which you would use after you have gone through your ledger accounts and made any adjustments (end of the month processes, like balance day adjustments..The headings in the Worksheet will often include:Acct. No. | Account | Trial Balance | Adjustments | Adjusted Trial Balance | Income Statement | Balance Sheet |Happy accounting!
What is an 8 column worksheet?
A work sheet is an informal business form prepared in pencil on columnar book-keeping paper, used to organize and plan the information for the financial statements. An 8 column worksheet includes the trial balance, adjustments (new two columns) the income statement and the balance sheet. The adjustments column includes late invoices and adjusting/closing entries.
Why are extended trial balance is used to make adjustments to accounts?
i do not have a clue
Is goodwill balance or income statement?
balance
Do you have to list credit cards with a zero balance in a bankruptcy?
no
Why may the financial information in a trial balance not be up-to-date and complete?
Adjustments still have to be made on the trial balance.
