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Is Georgia a non recourse debt state?
Yes, Georgia is a non-recourse debt state. This means that in the case of a foreclosure, the lender cannot pursue the borrower for any deficiency balance remaining after the sale of the property.
When is Bad debt expense removed from the balance sheet?
Bad Debt Expense does not appear on the balance sheet. It is only on the income statement. Allowance for Uncollectible Accounts does appear on the balance sheet.
Is long term debt on a balance sheet or income statement?
Long term debt is the liability of business payable in future so it is part of balance sheet of business.
Is a car loan considered recourse or non-recourse debt?
I think is non recourse debt
Bad debt on a balance sheet?
No, bad debt is an expense and is reflected on the P&L Statement.
Is provision for doubtful debt subtracted from debtors in the balance sheet?
Yes it is.
How is debt expressed on a balance sheet?
Debt is shown in liability side of balance sheet as per the payment time duration if within one year then current liability otherwise long term liability.
Is Massachusetts a non recourse debt state?
Massachusetts is a non recourse debt state. Other non recourse debt states are Kentucky, Louisiana, Maine, Maryland, Michigan, Montana, and Mississippi.
What is a long term bebt considered on a balance sheet?
If you meant long term debt, then its a non-current liability, and it goes under the Equity and Liabilities section of the balance sheet.
What types of questions are answered by the income statement and balance sheet?
The income and balance sheet shows the amount of debt a company has. To investors, this is a way to determine if they are capable of meeting their obligations.
Is credit card debt considered recourse or non-recourse debt?
It is considered a Recourse loan as the account holder are still responsible for any outstanding balance when the account is closed which has not been challenged for unauthorized use and such. However, the account holder is only liable for the balance as long as the Statute of Limitations (Which varies by region (In the US, from 3-15 years by state from last non-institutional transaction)) remains in effect.
What do you do if your vehicle was repossessed if you were the co-borrower and the other borrower has filed Chapter 7?
You either pay or dont pay or file B/K also. If a co-borrower has debt discharged through bankruptcy, the other signatory is 100% liable for the balance of the loan.
