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RoseWind [281]
3 years ago
14

Please select the word from the list that best fits the definition

Business
1 answer:
meriva3 years ago
8 0

The truth in the loan policy requires that a creditor to notify the borrowers of what money is going to cost them before using it.

<u>Explanation: </u>

The Truth in Loaning Act (TILA) is a national law enacted in 1968 that guarantees consumer protection and informs consumers of the true cost of borrowing. To order to ensure that customers can easily equate shop interest rates and terms, TILA allows loan requirements to be reported in a readily understandable manner.

The TILA proposes laws related for closed accounts (for example, home and car loans) or open accounts (for example, credit cards). It does not limit the amount of interest that banks can pay or offer a loan to banks.

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A company: purchased 100 units for $20 each on January 31, purchased 100 units for $30 on February 28, and sold 150 units for $4
igomit [66]

Answer:

Ending inventory as at 31 December = $1500

Explanation:

First-In-First-Out is a method of inventory valuation whereby the stock that comes in first, is used first. This is common for inventory consisting of perishables, such as vegetables where if not used/sold soon, it would be wasted.

Jan 31: Purchases = $20 x 100 units = $2000

<em><u>Remaining inventory:</u></em>

$20 x 100 units = $2000

Feb 28: Purchases = $30 x 100 units = $3000

<em><u>Remaining inventory:</u></em>

$20 x 100 units = $2000

$30 x 100 units = $3000

<em><u>Sales = 150 units x $45:</u></em>

$20 x 100 units = $2000

$30 x 50 units = $1500

<em><u>Remaining inventory</u></em>

200 - 150 = 50 units x $30 = $1500

<em>Thus,</em>

Cost of Goods Sold = $3500 ($2000 + $1500)

Ending inventory as at 31 December = $1500

3 0
3 years ago
The UCC requires that HDCs take instruments in good faith. This means that: a.the holders must have performed a special oath bef
guapka [62]

Answer: d.the holders must have acted honestly and observed all reasonable commercial standards of fair dealing.

Explanation:

For an instrument to be negotiable, it should be noted that the UCC requires that such instrument have to be signed by the maker or the drawer.

The UCC requires that HDCs take instruments in good faith. This means that the holders must have acted honestly and observed all reasonable commercial standards of fair dealing.

6 0
3 years ago
Harding, Jones, and Sandy, a partnership, is in the process of liquidating. The partners have the following capital account bala
Radda [10]

Answer: <em><u>Cash to be distributed to  Harding = $ 17000,  Jones = $ 3000 </u></em>

Explanation:

It has been indicated that the ($9,000) deficit will be covered with a forthcoming contribution

∴ The Remaining Capital Balance is = (24000 + 24000) = $48000

∵Total cash Available = $20000

Loss = 48000 - 20000 =  $ 28000

Loss will be shared between Harding & Jones in ratio = 16:48

∴  Harding Capital balance = \frac{(24000 - 28000)\times16}{16+48} = $ 17000

∴ Jones Capital balance =  \frac{(24000 - 28000)\times48}{16+48} = $ 3000

Cash will be Distributed in their capital balance ratio

Therefore,

<u><em>Cash to be distributed to  Harding = $ 17000,  Jones = $ 3000 </em></u>

7 0
3 years ago
Complete each sentence by selecting the correct term using the drop-down list.
Tomtit [17]

Answer:

FOB destination means "Free on Board Destination.

1. Goods transit shipped to Abbey (purchaser) FOB Destination

Answer: Exclude from inventory

2. Goods in transit shipped to Abbey (purchaser) FOB Shipping Point

Answer: Include in inventory count

3. Goods transit shipped by Abbey (seller) FOB Destination

Answer: Include in inventory

4. Goods in transit shipped by Abbey (seller) FOB Shipping Point

Answer: Exclude from inventory

6 0
3 years ago
The difference between total assets of a firm and its total liabilities is called?
Lena [83]

The difference between the total value of assets and the total value of liabilities is equity. Also known as common equity and owners equity.

Assets represent valuable resources that your company manages. Liabilities represent the company's obligations, while both debt and equity represent how the company's assets are financed.

The sum of the difference between assets and liabilities is equity, which is the remaining net ownership of the company by the owners.

In its simplest form, a balance sheet can be divided into two categories: assets and liabilities. assets are items owned by a company that can provide future economic benefits. A liability is something you owe to another party.

Learn more about Liabilities here brainly.com/question/14921529

#SPJ4

4 0
1 year ago
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