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3 years ago

The lender usually has the right to collect the principal, but is NOT allowed to collect the interest if the loan is:

Business

1 answer:

Elena-2011 [213]3 years ago

3 0

Answer:

This question is incomplete, the options are missing. The options are the following:

a) For consumer purposes

b) For commercial purposes

c) Usurious

d) An online contract

And the correct answer is the option C: Usurious.

Explanation:

To begin with, in the area of law, the term known as <em>"Usury" </em>is refer to the practice that focuses on making the lender richer in unethical ways so therefore that this practice is considered to be the one that makes inmoral monetary loans that try to affect the borrower in order to benefit the lender. One example of the use of this term could be the case in where the lender charges or try to charges a higher interest rate to the borrower than the one that is prohibited by law as a maximun rate.

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Timothy's gross pay for this month is $8,950. His gross year-to-date pay, prior to this month, totaled $110,500. What is th

const2013 [10]

Answer:

The amount of FICA tax withheld is $532.78

Explanation:

Earnings subject to tax = $117,000

Earnings for current month = $110,500

Therefore, the money subject to tax = Earnings subject to tax - Earnings for current month = $117,000 - $110,500 = $6500

Gross pay for current month = $8,950

Tax rate OASDI = OASDI rate × money subject to tax = 6.2% × $6500 = 0.062 × $6500 = $403

Tax rate Medicare = Gross pay for current month × Medicare rate = $8950 × 1.45% = $8950 × 0.0145 = $129.775

The amount of FICA tax withheld = Tax rate OASDI + Tax rate Medicare = $403 + $129.775 = $532.78

The amount of FICA tax withheld is $532.78

5 0

3 years ago

Who is responsible for following label instructions for using animal care products, or medications in the food supply continuum?

Nikitich [7]

The answer is D I hope this help

7 0

3 years ago

You purchase another company for $50m. The company you purchase has assets with a fair value of $75m and liabilities with a fair

Crazy boy [7]

Answer:

b. $5m

Explanation:

If we purchase another company for $50m and the company you purchase has assets with a fair value of $75m and liabilities with a fair value of $30m. The amount of goodwill we should record in this transaction is: $5m

Goodwill upon acquisition of companies is derived by subtracting the fair value of NET ASSETS from the TOTAL CONSIDERATION (i.e the price paid to acquire the company)

In the scenario, the value of Net Assets is the value of the fairvalue of the assets less the fair value of the liabilities which is $75 - $30 = $45

While the Total Consideration = $50

Therefore Goodwill = $50m - $45m = $5m

5 0

3 years ago

An example of an inventory accounting policy that should be disclosed in Summary of Significant Accounting Policies is the:_____

ludmilkaskok [199]

Answer:

Option C

Explanation:

The overview of important accounting rules is a portion of the end notes that accompanies the financial statements of an company, outlining the key policies that the finance department is following. The policy overview is prescribed by the accounting system in force (like the GAAP or IFRS).

The approach a corporation uses to assess the inventory expense (inventory valuation) affects the financial reports explicitly. Thus, it should be depicted in summary of accounting policies.

8 0

3 years ago

Olinto Corp., an accrual-basis calendar-year C corporation, had no corporate shareholders when it liquidated in year 12. In canc

Tcecarenko [31]

Answer:

The correct answer is $16,000.

Explanation:

According to the scenario, the given data are as follows:

Cash received = $12,000

Fair market value of the property = $20,500

Tax basis of stock = $16,500

So, we can calculate the amount of gain by using the following formula:

Amount of gain = Cash received + Fair market value of the property - Tax basis of stock

By putting the value in the formula, we get:

Amount of gain = $12,000 + $20,500 - $16,500

= $16,000.

7 0

3 years ago