Amelia executes a separate written instrument to amend her prior will. This separate document is
A. a codicil.
B. a holographic will.
C. a living will.
D. a nuncupative will.
Answer: A
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If a prior-period error only affects the balance sheet, the company should
A) discuss the error in the notes to the financial statements only. B) restate the balance sheet from the prior year if it shows comparative financial statements. C) make a correcting journal entry and restate the balance sheet for the prior year. D) discuss the error in the notes to the financial statements and restate the balance sheet from the prior year.
You want to buy a house, but you still need to pay your car loan of $15,000 over the next 3 years. Your annual income is $50,000 and the bank estimates that your monthly mortgage payments should not represent more than 28% of your monthly income. You have decided to use that percentage of your current income to repay your car loan and to save for the down payment on the house. In this way you will adjust your current monthly expenses to be ready to make the same monthly payments for 30 years. You estimate that you can get a fixed interest rate of 6.5% on a 15-year mortgage. Closing costs are estimated to be 3% of the loan value and you can invest at an average rate of 5%. If the interest on the auto loan is 8%, determine the following:
a) What is the monthly payment on the car loan? How much can you invest each month? b) If you decide to repay your car loan and invest the rest for the down payment at the same time, how much money will the bank loan you in five years? How much can you offer for the house? c) Is there any change in your answers for part (a) if you decide to pay off the car before you begin to investment for the down payment?
Helen was in a car accident. She hired attorney Flick Jones to represent her in the matter. Helen has been informed by Flick that her case is very good and he will accept it on a contingency basis. What does this mean?
An express warranty applies even if defects are actually known to the buyer, or defects are so apparent that no special skill or ability is required to detect them
Indicate whether the statement is true or false