Answer:
C) The friend may sell the land only after formally foreclosing on the property.
Explanation:
The friend is not the current owner of the land, but he will be if he forecloses the property. The friend received the deed for security purposes, but the ownership was not transferred. This deed can be treated as a mortgage and the friend (creditor) needs to foreclose it thorough a judicial actions before being able to sell it to a third party.
The friend may sell the land, but only after formally foreclosing
Answer:
The accounts receivable balance at the beginning of the third quarter is $3,550
Explanation:
For computing the account receivable balance, first, we have to compute the credit sale per day, and then multiply with the number of days
In mathematically,
Credit sale per day = (Estimated second Quarter Sales) ÷ (accounts receivable period up to second quarter)
= $7,100 ÷ 90 days
= 78.89
Now the account receivable balance equals to
= Credit sales per day × accounts receivable period
= 78.89 days × 45 days
= $3550
Since the question is asking about the beginning of the third quarter so we considered second quarter sales
The answer business. This is made up of association of
people where they share a common purpose or interest in having to focus the
talents that they have and to be able to organize these skills and offer this
for their own benefit.
