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Do the kids have to pay their mother's outstanding Visa balance when she dies if she has no assets and no husband?
No, in this type of situation only the account holder is responsible for the debt. If there is no estate the debt will be voided. Please be advised this does not necessarily mean an unethical collector/creditor would attempt to convince family members they are obligated for repayment.
What else can I help you with?
What is the difference between outstanding assets and outstanding liabilities?
Outstanding assets are assets that are owed to an individual or business. Outstanding liabilities are debts that ill be incurred in the future.
What is outstanding assest?
outstanding assets
Will you be responsible for your mothers outstanding dept if she died without any assets?
No. Unless you agreed in writing to be responsible for your mother's debts, her estate will be responsible. If there is no estate the creditors are out of luck.
How do you calculate Book value per share?
Look in the Company's Balance Sheet. Total Assets -Total Liabilities ______________________ = Book Value per share Outstanding Shares
Is premises debit or cedit?
Premises are business assets so same like all other assets premises balance is debit balance as normal balance.
Is a debit balance favourable?
A debit balance is generally not considered favorable in accounting, as it typically indicates that liabilities exceed assets or that expenses surpass revenues. In personal finance, a debit balance on a credit account can imply that the account holder has outstanding debt. However, in certain contexts, such as a company's asset accounts, a debit balance can be favorable if it reflects valuable assets. Overall, the interpretation depends on the specific financial context.
What can be amortized on the balance sheet?
Intangible assets are amortized on balance sheet same as tangible assets are depreciated.
Are current assets debit or credit items?
Current assets are debit as all assets has default balance debit so current assets as well and these are shown under current assets section of balance sheet.
Intangible assets on the balance sheet?
Below Fixed Assets
What if your husband is having an affair and is hiding all his assets?
It would be wise to get a lawyer before your husband manages to hide most of his assets.
Where to put deferred tax assets in the balance sheet?
Defferred tax asset is shown in assets side of balance sheet under head of other assets.
Is intangible assets a debit or credit?
Intangible assets are also assets like any other assets so if all other assets have debit as a default balance then intangible assets also have debit as default balance. Like Goodwill etc.
