The law requires lenders to inform borrowers of the APR and the monthly interest rate
Indicate whether the statement is true or false
TRUE
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Cleary, Wasser, and Nolan formed a partnership on January 1, 2017, and made capital contributions of $100,000 (Cleary), $150,000 (Wasser), and $200,000 (Nolan), respectively. With respect to the division of income, they agreed to the following: (1) interest of an amount equal to 10% of the that partner's beginning capital balance for the year; (2) annual compensation of $10,000 to Wasser; and (3) the remainder of the income or loss to be split among the partners in the following percentages: (a) 20% for Cleary; (b) 40% for Wasser; and (c) 40% for Nolan. Net income was $150,000 in 2017 and $180,000 in 2018. Each partner withdrew $1,000 for personal use every month during 2017 and 2018.What was Cleary's total share of net income for 2017?
A. $58,000. B. $63,000. C. $29,000. D. $53,000. E. $51,000.
Discounting is the conversion of future cash flow amounts to their present value
Indicate whether the statement is true or false
In the United States, the advertising industry itself encourages honesty in advertising
Indicate whether the statement is true or false
An increase in an expense may be accompanied by a decrease in a liability.
Answer the following statement true (T) or false (F)