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Mademuasel [1]
1 year ago
11

Max owns a townhouse in Sacramento. He is in the process of leasing it to Hannah. The contractual lease states Hannah Scott will

be leasing Max Thomas' townhouse for two years beginning July 1. She will be paying $1,000 per month due by the first of each month. The lease clearly states Max will be the landlord of the townhouse and Hannah the tenant. Is there a minimum requirement for a California lease missing
Business
1 answer:
Digiron [165]1 year ago
7 0

The minimum requirement for a California lease that is missing in the contractual lease between Max and Hannah Scott is the<u> absence of a sufficient description of the property</u>.

<h3>What are the minimum requirements for a California lease?</h3>

A California lease requires a <u>sufficient description of the property</u>, for example, an address, which gives it a legal description.

Other requirements for a California lease include:

  • Rental amount
  • Duration of the rental period
  • Payment due dates
  • Deposits or fees
  • Condition of the property at the beginning of the lease
  • Maintenance expectations.

<h3>Question Completion with Answer Options:</h3>

a. No, the lease has met all of the minimum lease requirements of the state of California.

b. Yes, the missing minimum requirement is the absence of the issue of a security deposit.

c. Yes, the missing minimum requirement is the absence of any assignment and subleasing options.

d. Yes, the missing minimum requirement is the absence of a sufficient description of the property, such as an address and/or a legal description.

Thus, the minimum requirement for a California lease that is missing in the contractual lease between Max and Hannah Scott is the<u> absence of a sufficient description of the property</u>.

Learn more about California lease requirements at brainly.com/question/14299105

#SPJ12

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Answer:

a. The preparation of partial amortization is shown below:-

b. $2,892

Explanation:

a. Date Lease  Effective        Decrease in  Outstanding              

             payment     interest           balance          balance

July 1                                                                           $150,000

July 1     $5,376                                  $5,376             $144,624

                                                                                ($150,000 - $5,376)

Oct 1      $5,376       $2,892              $2,484              $142,140

                                                       ( $5,376 - $2,892) ($144,624 - $2,484)

b. Interest expense on October 1 = $2,892

Working Note:-

Take the outstanding balance times 2% (8% annual = 2% quarterly)

So, the Effective interest = $144,624 × 0.02

= $2,892.48

4 0
3 years ago
A monopolistically competitive market has characteristics that are similar to:a. a monopoly only.b. a competitive firm only.c. b
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Answer:

c. both a monopoly and a competitive firm

Explanation:

A monpolistically competitive firm is a firm that has the features of both a monopoly and a competitive firm

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2. Firms are price setters.

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Answer:

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This step comes after the problem identification stage of problem solving.

Therefore as stated in the scenario ''When Glenn analyzes the underlying causes of the paper-jam problem, he is performing the function of problem analysis

5 0
3 years ago
The total assets on the balance sheet was $128,800 before journalizing and posting the adjusting entries for $800 of expired ins
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<u>Given:</u>

Total assets before journalizing and posting the adjusting = $128,800

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<u>To find:</u>

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To determine the value of the total assets after journalizing and posting the adjustment, we have to subtract all the given values i.e, the expired rent, expired insurance and the depreciation values from the total assets before journalizing and posting the adjusting.

The calculation is as follows,

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