- tích of the following best describes Chapter 7 bankruptcy? 1. Chapter 7 bankruptcy invalves reorganizing debts to pay over time 2. Chapter 7 bankruptcy Is only for businesses. 3. Chapter 7 bankruptcy involves liquidating assets to pay creditors. 4. Chapter 7 bankruptcy forgives all types of debts, including student loan
- The cost of the purchase of a used automobile is 20,000 including HST. If the automobile is leased, the monthly lease payment is 500 including HST. The automobile is driven for a total of 26,000 km in 2024 and the operating expenses for the year are 4,000. LEASED VEHICLE Assume the automobile is purchased. It was used by an employee for the whole year. The employee drives it for personal purposes for a total of 9,000 kms. Calculate the minimal taxable benefit, including the standby charge and minimal operating charge. Show your work.
- 5 What is a recommended strategy belore taking on student dobb 1. Borrow money for any degree program without considering future jot prospouts 2. Talk to people and research the degree program's success before taking on student debt. 3. Assume all degrees will automatically lead to high-paying jobs 4. Ignore advice and choose a degree based solely on personal interest
- Which of the following is a sign of poor debt management? 1. Creating a budget to manage expenses and pay off debt. 2. Paying only the minimum amount on oredit cards while balances remain high 3. Seeking financial advice to manage debl effectively, 4. Consolidating loans to reduce interest rates.
- - Brepare an income statement. Prairie company is owned and operated by Nadasha woods. In alphabetical order below are the financial statement accounts for Praisic company using the appropriate accounts, prepare an income statement for the month ended october 31,2024. A ccounts payable 90,000 N.wood, capital, october 1,2024 36,000 A ccounts receivable 77,500 N. woods, drawing ( )^3 Advertising expense 3,600 Ret ecpense Cash 59,300 seovice revenue 2,600 23,00
