A loan is usually gotten from a financial institution to solve a financial emergency which was unplanned for.
<h3>What is a Loan?</h3>
This refers to the obtaining of money from a financial institution and a formal agreement is made for the repayment of the money after a given period of time and with interest.
With this in mind, we can see that loan proceeds can be used to:
- Buy a house
- Go on a trip, etc
Please note that your question is incomplete so I gave you a general overview to help you get better understanding of the concept.
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Answer:
a. increased by $56,000
Explanation:
General accounting equation ;
Assets = Liabilities + Owners equity
Owners equity = Assets - Liabilities.
Therefore,
Increase in stockholder's equity
= $87,000 - $31,000
= $56,000
Answer: finance charge
Explanation: The True in Lending Act (TILA) of 1968 is a Untied States federal law that was created to promote informed customers credit, certain written disclosure be made known before a transaction be consummate.
The fee john is requested to pay by the TILA disclosure statement is the "finance charge ". Standard bank is give John loan and the transaction will be govern by the TILA.