As soon as an agent or a broker accepts an earnest money deposit on behalf of a seller, they become an escrow agent, and the money is placed in an escrow account.
So whenever a licensed real estate firm or an agent holds any earnest money, it must be deposited in a trust or escrow account until the closing. The earnest money deposit is said to be mandatory as the deposit gives buyers the time required to sort out their finances, conduct inspections, and evaluate investment, before a deal is closed.
However, if the buyer does not deposit the earnest money with the escrow agent within a reasonable time after contract execution, the buyer thus would be in default.
Hence, an escrow account is one which you fund each month.
To learn more about escrow account here:
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Answer:
$373.4
Explanation:
The cost of goods sold are the costs associated with the carrying value of the goods that were sold. In other words, it refers to the costs of the merchandise, the direct labor, the direct materials, and any other type of allocated overhead to the good.
When the cost of goods sold is substracted for sales revenue, we obtained the gross profits. Therefore, to find the answer, we simply write the following equation and solve:
Sales Revenue - Cost of Goods Sold = Gross Profits
500.3 - X = 126.9
500.3 - X - 500.3 = 126.9 - 500.3
-X = -373.4
Dividing each side by -1 we finally obtain:
X = 373.4
Answer:
Variable overhead rate variance $1,050 unfavorable
Explanation:
<em>Variable overhead rate variance is the difference between the standard variable overhead cost allowed for the actual hours worked and the actual variable overhead incurred for the period</em>
$
470 hours should have cost (470× $ 5.00) 2,350
but did cost <u> 3,400 </u>
Variable overhead rate variance <u> 1050 un</u>favorable
Variable overhead rate variance $1,050 unfavorable
The Plain Meaning Rule.
The plain meaning rule states that when the language is unambiguous and clear, you must use the actual language of the contract and not any outside evidence when determining how the dispute is resolved.
Answer: $13,692,683.93
Explanation:
Present value = Amount / (1 + rate) ^ number of periods
= 19,046,180 / (1 + 8.6%)⁴
= $13,692,683.93
<em>Options are most probably for a variant of this question. </em>
