What additional disclosures must be made in credit transactions in which the debtor's home will serve as security for the loan?
Under the amendments to TILA covering home mortgages, the loan documents must make clear the fact that default could lead to foreclosure and loss of the home.
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Soledad and Winston are partners who share income in the ratio of 1:3 and have capital balances of $100,000 and $140,000 at the time they decide to terminate the partnership. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $130,000 . What amount of loss on realization should be allocated to Soledad?
a. $60,000 b. $27,500 c. $92,500 d. $32,500
Thurston Company started its business on January 1, Year 1 by issuing $15,000 of common stock. On January 1, the company purchased equipment for $10,500. The equipment is estimated to have a three-year useful life and a $1,500 salvage value. Customers paid Thurston $54,000 for services performed in Year 1. The company paid $33,000 for operating expenses, and paid a $900 dividend to the stockholders. At year-end, Thurston recognized depreciation expense on the equipment.Required:a) What is the book (carrying) value of the equipment at the end of Year 1?b) What is the net income for Year 1?
What will be an ideal response?
What important managerial function is impaired by not having access to timely and accurate information? What is the effect of this lack of data?
What will be an ideal response?
fixed-price contracts
What will be an ideal response?