Answer:
The business cease to exists unless sold or taken over by Joe's heirs.
Explanation:
Sole proprietorship is a term that describes the business enterprise which is owned or run by just one person known as the sole trader. In other words, sole proprietorship is a one man's business.
One of the major drawbacks of this kind of business is the fact that when a sole proprietor is sick or incapacitated, his/her business would suffer or cease to exist unless he/she sells it or allows family members (heirs) to take over its management or ownership.
Answer: $10,000
Explanation:
I know this question looks like a lot but it isn't. It is simply asking how much gain was made in the cash that was exchanged.
Now we see that the company acquired the building for $50,000 but acquired the mortgage on it of $40,000 and hence paid off the balance of $10,000 to Al.
So the gain was,
Cash in the amount transferred = (fair market value - mortgage)
= $50,000) - $40,000
= $10,000
$10,000 is the gain that Al should recognize as a result of this transaction.
That’s very long sorry I don’t know the answer
Answer:
The proportion of people in your sample whose response is yes=40 people
Explanation:
<em>Step 1: Determine the statistical proportion that will say yes</em>
Proportion=40%=40/100=0.4
<em>Step 2: Determine the proportion in the sample that will say yes</em>
The proportion in the sample can be expressed as;
P=S×Z
where;
P=proportion in the sample
S=statistical proportion
Z=sample size
In our case;
P=unknown to be determined
S=40%=40/100=0.4
Z=100
replacing;
Proportion in the sample=0.4×100=40
The proportion of people in your sample whose response is yes=40 people
Answer:
At least the 110,000
The deficiency will be based on jurisdictions and the state at which the bankruptcy occur.
Explanation:
Baily will receive the 110,000 as the mortgage collateral was the real state. Once it was sold, Baley received the 110,000.
Sparkman offer is for unsecured claims, the mortage is secured, as the mortage is secured through mortgage origination.
Once Sparkman filed bankruptcy, the lender which is Bailey executed foreclosure to take ownership of the property and sell it to pay off the loan.
After foreclosure, Mailey has little to no resources for the remaining debt.
It will depend heavily on jurisdictions if Baily can force Sparkman to pay the 40,000 remaining.