A After years of working in a hardware store, James takes his savings and invests in opening his own storo, James' Tools. After a year in business, James' Tools is not profiting and is in debt. In fact, the store
owes money to his supplier, Hammers and Nails, a firm owned by shareholders. Because James has been unable to pay his supplier, Hammers and Nails is also in debt
Which of the following statements is correch
Both Hammers and Nails and James' Tools have unlimited liability and are personally responsible to pay off the debt.
Both Hammers and Nails and James' Tools have limited liability and are not personally responsible to pay off the debt.
James is personally responsible to pay the debts of the company, whereas the stakeholders of the Hammers and Nails are not
The stakeholders of Hammers and Nails may have to liquidate personal assets to pay off the debt, whereas James' personal assets aren't at risk
B
С
D

What happens when a bank is required to hold more money in reserve?

Swathmore clothing corporation grants its customers 30 days' credit. the company uses the allowance method for its uncollectible accounts receivable. during the year, a monthly bad debt accrual is made by multiplying 3% times the amount of credit sales for the month. at the fiscal year-end of december 31, an aging of accounts receivable schedule is prepared and the allowance for uncollectible accounts is adjusted accordingly. at the end of 2012, accounts receivable were dollar 586.000 and the allowance account had a credit balance of dollar 50,000. accounts receivable activity for 2013 was as follows: the company's controller prepared the following aging summary of year-end accounts receivable: prepare a summary journal entry to record the monthly bad debt accrual and the write-offs during the year. (if no entry is required for a particular event, select "no journal entry required" in the first account field.) prepare the necessary year-end adjusting entry for bad debt expense. (if no entry is required for an event, select "no journal entry required" in the first account field.) what is total bad debt expense for 2013? calculate the amount of accounts receivable that would appear in the 2013 balance sheet?

Clooney corp. establishes a petty cash fund for $225 and issues a credit card to its office manager. by the end of the month, employees made one expenditure from the petty cash fund (entertainment, $20) and three expenditures with the credit card (postage, $59; delivery, $84; supplies expense, $49).record all employee expenditures, and record the entry to replenish the petty cash fund. the credit card balance will be paid later. (if no entry is required for a transaction/event, select "no journal entry required" in the first account record expenditures from credit card and the petty cash fund.