Answer:
C. The Cassies will win.
Explanation:
In the given case, the cassies would win as this was appraisal fraud that done by the company employee who is a Bank of america Subsidiary. Here the loan broker and the appraiser increase the fair market value of cassies home i.e. $620,000 but it would be lesser that is $250,000. So this inflate the value in order to make the payment of high rate with related to the mortgage
Answer:
A silent partner
Explanation:
A silent partner is a partner whose liability is limited to the amount invested in the project. Also, a limited partner hardly takes part in the day to day running of the business.
I hope my answer helps you
<h2>
True. The early detection of fraud avoids greater loss.</h2>
Explanation:
The early detection of fraud needs to be done for the following reason:
- Fraud will continue if not found earlier and thus leads to greater loss
- The fraud team is not widen before huge loss happens
- Easy to recover
- Possibility of finding the loop holes even if it is from external sources
- Detects weakness in the internal control and eradicate and make the system secure
- Avoid huge loss and threats
- To gain profits
- To keep up the name of the organization
- To bring business and to retain customers
Answer:
The answer is $243,000
Explanation:
The inventory on July 8 immediately prior to the fire is the CLOSING INVENTORY.
To find this closing inventory, we need to find the gross profit first and then cost of sales.
To find gross profit:
Gross profit margin=gross profit ÷sales.
Gross profit margin is 20% or 0.2
Sales is $690,000
Therefore, gross profit is:
0.2 x $690,000
=$138,000
To find cost of sales:
Gross profit = sales - cost of sales.
Gross profit is $138,000
Sales is $690,000
Therefore, cost of sales is
$690,000 - $138,000
=$552,000.
And finally to get closing inventory:
Cost of sales = opening inventory + purchases - closing inventory.
Cost of sales = $552,000
Opening inventory = $140,000
Purchases = $655,000
Closing inventory = $140,000+$655,000-$552,000
=$243,000.