Answer: B. Once Bobby-Lee dies, Judy will own the "fee simple" title to the property.
Explanation:
In the Life Estate arrangement, a person is granted use and ownership of a property for as long as they are alive. When they die however, if a Remainder also known as <em>Remainder- man</em> is named, then the property rights transfer to the Remainder- man.
The Remainder-man then gets access to the property and owns in to the highest extent of the law which in common law countries such as the United States, is the Fee Simple title ownership. This gives them the right to basically do what they want with the property.
Bobby-Lee therefore gets the rights to the property but once he dies, his sister Judy will own a <em>fee simple</em> title to the property.
Answer:
b.Experience-rating plan
Explanation:
Experience rating is a method of evaluating used by insurance providers to adjust premiums up or down. The rating reflects your previous loss experience. It is based on the presumption that your historical loss experience predicts your future loss experience. In other words, your future losses are likely to be similar to those you incurred in the past. The Experience Rating Plan is mandatory for all eligible insureds. Any action taken in any form to evade the application of an experience modification determined in accordance with this Plan is prohibited. The object of the Experience Rating Plan is to recognize the differences between individual insureds through the use of the individual insured's own loss experience. The experience rating process serves as a means of using a history of past losses to predict the future losses of an insured.
This is done by comparing the experience of an individual insured to the average insured in the same classification. Therefore, using the insured's past experience, the experience modification is determined by comparing the actual losses to expected losses. An insured with better than average experience will produce a credit experience modification factor, while an insured with worse than average experience will produce a debit experience modification factor. A credit experience modification factor, less than 1.00, results in a premium reduction. A debit experience modification factor, greater than 1.00, results in a premium increase. An experience modification factor of 1.00, or unity, does not change premium.
Answer:
the exchange rate and the trade deficit to decrease.
Explanation:
A deficit can be defined as an amount by which money, falls short of its expected or required value.
Generally, deficit in financial accounting is usually as a result of expense exceeding revenue or revenue falling below expenses at a specific period of time.
For instance, when liabilities exceeds assets or import exceeds export there would be a deficit in the financial account.
Generally, a deficit on the current account ultimately implies that the value of goods and services exported is lower than the value of goods and services being imported in a particular country.
In 2013, government began with a budget deficit and a trade deficit. During the year, the government changed its policy and is now running a budget surplus.
Hence, this change in policy will cause the exchange rate and the trade deficit to decrease if all other factors hold constant
Answer:
Bad debt expense (Dr.) $68,930
Allowance for Doubtful Debt (Cr.) $68,930
Explanation:
Accounts Receivable :
Balance $948,000
Add: Sales $3,609,930
Less: Sales returns $51,000
Less: Collections $2,756,000
Less: Write offs $97,000
Add: Recovery of old Bad debts $28,000
Adjusted Balance $1,653,930
Bad Debts :
Balance $78,000
Less: Allowance for doubtful debts $97,000
Less: Recovery $28,000
Adjusted Balance $9,000
A recession is when the inflation rate is low.. prices are falling dramatically in the market
