They are in Installment Sales Contract.
<h3>
What is an Installment Sales contract?</h3>
Any contract or agreement, including a contract for deed, bond for deed, or any other sale or legal device whereby a seller agrees to sell and the buyer agrees to buy residential real estate, in which the consideration for the sale is payable in installments for a period of at least one year after the date of sale, and the seller retains an interest or security for the purchase price or otherwise in the property, is referred to as an "installment sales contract" or simply as "contract."
Revenue recognition using the installment sales technique is postponed until the sale's cash is received. Because revenue is not immediately recognized at the moment of sale, the installment sales method is a conservative way to recognize revenue.
Only when partial ownership is transferred at the time of sale is the installment sales technique used. The technique is also applied when there is some doubt regarding the amount that will be collected (therefore, it would be inappropriate to recognize all revenue at the time of sale).
Therefore, Carol and Leslie are in Installment Sales Contract.
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Answer:
Loss of $2,000
Explanation:
In this scenario, we have the following information:
• The adjusted cost basis: $8,000 (the amount paid by the donor)
• The fair market value: $5,000
• The sold amount: $6,000
Parrot’s basis in the land is $8,000, as same basis the donor had.
So when he sells it, he must report loss of $2,000 on the sale.
Answer:
Chronological
Explanation:
The pattern would be chronological because she has used a sequence which is according to the progression of time which in this case starts from early days and get through schools days to date. This is a chronological pattern is best used when history is told because random sequence doesn't makes sense in this case and also that the person who tells the history makes it more interesting when he make the flow of information in a chronological pattern. So the right answer here is Chronological patter.
Answer:
On or before April 15, year 2.
Explanation:
Answer:
$1000
Explanation:
Given the policy coverage = $30000
The amount of deductible = $1000
Total damage of the car when the accident occurred = $6200
Below is the calculation to find the amount that Frank has to pay:
The amount payable by Frank out of pocket = Deductible amount
The amount payable by Frank out of pocket = $1000
