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makkiz [27]
1 year ago
11

Gus has applied for a home equity line of credit from his federally insured bank so that he can make some renovations to his kit

chen. The same bank is his lender for his home mortgage. Will this loan be subject to Real Estate Settlement Procedures Act requirements
Business
1 answer:
horsena [70]1 year ago
3 0

This is true that the given loan will be subjected to Real Estate Settlement Procedures Act requirements as RESPA applies to any residential loan transaction from a federally insured financial institution, including equity lines of credit.

<h3 /><h3>What is Real Estate Settlement Procedures Act?</h3>

RESPA is an act that prohibits certain practices such as bribes, referrals, and unearned fees.

RESPA also regulates the use of escrow accounts, for instance, it prohibits credit managers from asking for excessive large escrow accounts and prevents sellers from hiring title insurance companies.

Therefore, This is true that the given loan will be subjected to Real Estate Settlement Procedures Act requirements as RESPA applies to any residential loan transaction from a federally insured financial institution, including equity lines of credit.

learn more about RESPA:

brainly.com/question/14102102

#SPJ1

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The systems that are used to interact with customers and run a business in real time are called ________. A) tactical systems B)
IceJOKER [234]

Answer:

C) operational systems.

Explanation:

This is been said to explain the the transactions that are been carried out in an organisation strictly on a daily basis. In many cases, it is seen to be tagged or called data warehousing. As seen in data warehousing where data cleaning, its integration and also its consolidation which is seen to be done by the means of integrating data and also by several heterogeneous sources that aid or enhances the analytical reporting and also decision making. All these courses are been applied to assist or in formation for a resourceful or productive business intelligence.

4 0
3 years ago
Cala Manufacturing purchases land for $390,000 as part of its plans to build a new plant. The company pays $33,500 to tear down
Svetlanka [38]

Answer:

Explanation:

The journal entry is shown below:

Land A/c Dr $470,500

Land Improvement A/c Dr $87,800

Building A/c Dr $1,452,200

 To Cash A/c                               $2,010,500

(Being these costs are recorded)

The computation of the land is shown below:

= Purchase cost of new plant + tear down cost + fill and level the lot cost

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7 0
2 years ago
On December 31, the end of the accounting period, $10,600 in service fees had been earned but not billed or received. The Watson
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Answer:

The question is without a requirement,find below complete question

On December 31, the end of the accounting period, $10,600 in service fees had been earned but not billed or received. The Watson Company uses the account Fees Receivable to reflect amounts due but not yet billed.

The proper adjusting entry would be:

The correct adjusting entry to reflect the transaction in the account is a s follows:

Dr  Account fees receivable          $10,6000

Cr Fees income account                                  $10,600

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According to international accounting best practice such as U.S GAAP and International Financial Reporting Standards, revenue is recognized when it is earned not when cash has been received.

As a result, since the $10,600 is already earned, it should be recognized in revenue by  a way of adjusting entry, with a credit posted to fees income to show increase in revenue and  debit in account fees income to show an increase customers' indebtedness to Watson company.

It must be reflected in the two accounts owing to duality concept of accounting

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