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The claims of creditors against the assets are?
Liabilites
Are assets claims of creditors?
No, assets are not claims of creditors; rather, assets are resources owned by an individual or entity that have economic value. Creditors hold claims against those assets in the form of debts or obligations owed to them. When a debtor defaults, creditors may seek to recover their claims by accessing the debtor's assets, but the assets themselves belong to the debtor until such actions are taken.
Describe the stockholders liability to creditors of a corporation?
A corporation's creditors usually do not be past the assets of the corporation to satisfy their claims. The most a stockholder can lose financially is the amount he or she invested.
Why the accounting equation must always balance?
The accounting equation used in business must always be kept in balance - the assets on one side of the equation must equal the claims against the assets on the other side:Assets = Liabilities + Owners' equityThese claims arise from credit extended to the business (liabilities) and capital invested by owners in the business (owners' equity). The claims of liabilities are significantly different than the claims of owners; liabilities have seniority and priority for payment over the claims of owners.Suppose a business has $10 million total assets. The money for the assets came from somewhere. The business's creditors (to whom it owes its liabilities) may have supplied, say, $4 million of its total assets. Therefore, the owners' equity sources provided the other $6 million.Business accounting is based on the two-sided nature of the accounting equation. Both assets and sources of assets are accounted for, which leads, quite naturally, to double entry accounting. Double entry, in essence, means two-sided. It's based on the general economic exchange model.In economic transactions, something is given and something is received in exchange. A common example involves a business that borrows money from its bank. The business gives the bank a legal instrument called a note, promising to return the money at a future date and to pay interest over the time the money is borrowed. In exchange for the note, the business receives the money.
What are the current liabilities in accounts?
these are short term claims against business.
The claims of creditors against the assets are?
Liabilites
Are assets claims of creditors?
No, assets are not claims of creditors; rather, assets are resources owned by an individual or entity that have economic value. Creditors hold claims against those assets in the form of debts or obligations owed to them. When a debtor defaults, creditors may seek to recover their claims by accessing the debtor's assets, but the assets themselves belong to the debtor until such actions are taken.
In the event of firm dissolution the first claims on its assets belongs to?
In the event of firm dissolution, the first claims on its assets belong to secured creditors. These are lenders or creditors who hold collateral against their loans, ensuring they are paid first. Following secured creditors, the order of claims typically proceeds to unsecured creditors, and finally, any remaining assets are distributed to the owners or shareholders of the firm.
Can the deceased be billed?
The decedent's estate must be probated if they owned any property. Creditors can make claims against the estate. The creditors must be paid before any of the assets can be distributed.
Can stockholders' equity be described as claims of creditors on total assets?
yes
What are assets liabilities and equity?
It is the basic accounting equation which shows the relationship of business assets toward liability and equity and it tells that all assets must generate enough money to pay all liabilities and owner's capital to be successful business.
What happens to the administrator of an estate with creditors?
The Administrator must file the proper notices that the estate has been filed to give the creditors the opportunity to file claims against the estate. The estate is responsible for the debts of the deceased. Claims by creditors must be paid before any assets can be distributed to the heirs-at-law. There is a statutory schedule by which creditors must be paid. If there are not enough assets to pay the creditors the estate is declared insolvent. The adminstration of an estate is a legal process that must be done according to the law. If the appointed Administrator doesn't know how to carry out their duties according to the law they should hire an attorney to supervise the probate process. Distribution of assets before creditors are paid can leave the Administrator exposed to personal liability.
Describe the stockholders liability to creditors of a corporation?
A corporation's creditors usually do not be past the assets of the corporation to satisfy their claims. The most a stockholder can lose financially is the amount he or she invested.
What happens if you have judgments against you after you die?
Your creditors can make claims against your estate if you own any property at the time of your death.
How can I ensure my assets are safeguarded and protected from creditors?
To safeguard your assets from creditors, you can consider strategies such as setting up a trust, creating a limited liability company (LLC), purchasing insurance, and consulting with a financial advisor or attorney for personalized advice. These methods can help protect your assets in case of legal claims or financial difficulties.
Why the accounting equation must always balance?
The accounting equation used in business must always be kept in balance - the assets on one side of the equation must equal the claims against the assets on the other side:Assets = Liabilities + Owners' equityThese claims arise from credit extended to the business (liabilities) and capital invested by owners in the business (owners' equity). The claims of liabilities are significantly different than the claims of owners; liabilities have seniority and priority for payment over the claims of owners.Suppose a business has $10 million total assets. The money for the assets came from somewhere. The business's creditors (to whom it owes its liabilities) may have supplied, say, $4 million of its total assets. Therefore, the owners' equity sources provided the other $6 million.Business accounting is based on the two-sided nature of the accounting equation. Both assets and sources of assets are accounted for, which leads, quite naturally, to double entry accounting. Double entry, in essence, means two-sided. It's based on the general economic exchange model.In economic transactions, something is given and something is received in exchange. A common example involves a business that borrows money from its bank. The business gives the bank a legal instrument called a note, promising to return the money at a future date and to pay interest over the time the money is borrowed. In exchange for the note, the business receives the money.
Who is liable for your mothers hospital bills if there is no will?
Your mother's estate is responsible for her debts. If she owned any assets then her estate must be probated to give her creditors the opportunity to make claims. If she had no assets then you should notify her creditors of her death by sending a copy of the death certificate with the bill to the billing office.
