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Can your personal assets be taken when your business being sued?
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Are accrued expenses assets or liabilities?
Accrued expenses are those expenses the benefit of which has already taken by the business but the payment is not yet cleared that's why it is the liability of business.
What is amalgamation of companies?
merging of two or more companies, to carry a single business in which assets and liabilities of amalgameted company is taken over by amalgamatinng company.
Why the journal entry is debit when the owner withdraws money from the business account for personal use?
It is a debit because money is being taken from the account. You debit the owner's capital account and credit cash/bank.
What are Drawings of capital account on trade?
Drawing are the resources which are taken by the owner of the business for his personal use.we usually deduct the drawings from the capital.
What do you mean by assets fixed assets and current assets?
Assets:Assets are those items which are utilized by company to earn profit in business cycle.Fixed Assets:Fixed assets are those items the benefits of which have been taken by company for more than one fiscal year like land, building, machinery etc.Current Assets:Current assets are those assets the benefit of which is received or receivable by company in only one fiscal year to earn profit like, cash in hand, marketable securities, inventory, debtors etc.
Are accrued expenses assets or liabilities?
Accrued expenses are those expenses the benefit of which has already taken by the business but the payment is not yet cleared that's why it is the liability of business.
Can jointly owned personal property and assets be taken if the repo car was only under the spouse?
YES, they can be taken BUT NOT kept. ALL PP belongs to the debtor and the DEBTOR will have to redeem it.
What assets or money can be taken from us if a judgment has been made against us to collect unpaid rent for a business we had to close?
It depends on the details. If the business was incorporated and the judgment was against the corporation the creditor can only take business property and assets. If you owned the business as individuals then a judgment creditor can take any of your assets to satisfy the judgment: bank accounts, vehicles, boats, equipment, real property, etc.
What is the business bankruptcy law in New york?
According to law a business may go into voluntary bankruptcy, or it may be taken to court by creditors. This may result in the liquidation of the company assets.
In New Jersey what assets are protected from a judgment?
Generally, in NJ, almost any assets can be used to satisfy a judgment. Some states provide for a "homestead exemption" which prevents a home (if the debtor lives there) from being taken by creditors, or at least prevents the owners from being evicted by the creditors, even if other assets are insufficient to cover the judgment. However, New Jersey has no such exemption. There is, however, an order that creditors must follow in going after a debtor's assets. First, they have to go after cash, then personal property. If both of those are insufficient to cover the judgment, then they can go after real property. NJ does, however, provide for an exemption of up to $1,000 in personal property.
When is trademark be categorized in the balance sheet?
Trademarks are Fixed assets of company as the benifit for them are taken to business for morethen one year.Trademarks are shown as fixed assets of company when the payment for trademarks are made and then amortized them like any other fixed asset when the portion of benifit is taken from them from year to year.
What is amalgamation of companies?
merging of two or more companies, to carry a single business in which assets and liabilities of amalgameted company is taken over by amalgamatinng company.
What are fixed assets?
Fixed asset is a financial term, that is, in comparison to current assets (money, bank accounts), fixed, which means it can't be easily converted to liquid assets.
Why the journal entry is debit when the owner withdraws money from the business account for personal use?
It is a debit because money is being taken from the account. You debit the owner's capital account and credit cash/bank.
Where can one take a course in personal finance education?
There are a number of places one can take a course in personal finance education. Courses can be taken with 'London Business School', 'Personal Finance Education' and 'Ed2Go'.
If your mortgage payments are being taken automatically out of your bank account and then the bank goes out of business will the payments continue?
You will need to be more clear on what you mean by out of business. In most cases today all of your assets are protected by FDIC and the bank will be seized. In this case, normal operations will continue for the bank. It will be a good idea to verify that the payments are coming out ok.
What are Drawings of capital account on trade?
Drawing are the resources which are taken by the owner of the business for his personal use.we usually deduct the drawings from the capital.
