1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Black_prince [1.1K]
3 years ago
13

Mr. Brown has a real estate company and two branch offices. He goes to the main office on Mondays and Fridays, one branch office

on Tuesdays and Thursdays, and the other branch office on Wednesdays and Saturdays. He has no other managing brokers associated with him. Is this legal?
Business
1 answer:
Ymorist [56]3 years ago
7 0

Answer:

It is legal.

Explanation:

A broker is one who acts as an intermediary or agent of the principal and acts on his behalf. There is a tiny difference between real estate agent and a real estate broker even though both are agents. Real estate agents are licensed to seal

real estate transactions which they are paid

commissions(agent fees) for their sales and labour for

brokerages. Brokers are with more experience in the field and

qualified to work as independent agents or employ other agents who will work and be under their supervision. A person can work both as a principal and also as broker or agent depending on the individual's capability. Hence, the above description is legal.

You might be interested in
As a new investment adviser (IA) firm, your company wants to obtain more clients. In an attempt to do so, one of the employees s
IRISSAK [1]

Answer:

D) is not acceptable because such a guarantee would cause a conflict of interest pertaining to the IA's fiduciary duty to each client

Explanation:

The members of the North American Securities Administrators Association (NASAA) must follow their Model Rule which prohibits investment adviser firms from guaranteeing investment results, in other words they cannot guarantee a minimum profit.

In this case the employee suggested that if their clients didn't earn a minimum 12% profit, then they would refund any fees collected. But the IA firm is not allowed to guarantee the 12% value increase or profit.

8 0
3 years ago
The plaintiff in a product liability lawsuit has suffered $100,000 worth of damages from an automobile accident. A defect in man
OleMash [197]

Answer:

$60,000

Explanation:

Data provided in the question:

Damages suffered by Plaintiff from an automobile accident = $100,000

Responsibility of manufacturer in the accident = 60 percent

Responsibility of plaintiff in the accident = 40%

Now,

Under the doctrine of contributory negligence

The manufacturer will pay

= Damages suffered × Responsibility of manufacturer

= $100,000 × 60%

= $60,000

5 0
3 years ago
Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected tra
ivanzaharov [21]

Answer:

1. Bird Company (Buyer)

Apr-02 Dr Merchandise Inventory $20,335

Cr Accounts Payable $20,335

Apr-08 Dr Merchandise Inventory $25,000

Cr Accounts Payable $25,000

Apr-08 No entry

Apr-12 Dr Accounts Payable $20,335

Cr Cash $19,937

Cr Merchandise Inventory $ 398

Apr-18 Dr Cash $ 2,000

Cr Merchandise Inventory $ 2,000

Apr-23 Dr Accounts Payable $25,000

Cr Cash $24,750

Cr Merchandise Inventory $ 250

Apr-24 Dr Merchandise Inventory $11,200

Cr Accounts Payable $11,200

Apr-26 Dr Merchandise Inventory $280

Cr Cash $280

2.Swan Company (Seller)

Apr-02 Dr Accounts Receivable $20,335

Cr Sales Revenue $19,900

Cr Cash $435

Dr Cost of Goods Sold $12,500

Dr Merchandise Inventory $12,500

Apr-08 Dr Accounts Receivable $ 25,000

Cr Sales Revenue $ 25,000

Dr Cost of Goods Sold $15,000

Cr Merchandise Inventory $15,000

Apr-08 Dr Delivery Expense $650

Cr Cash $650

Apr-12 Dr Cash $19,937

Dr Sales Discounts $ 398

Cr Accounts Receivable $20,335

Apr-18 Dr Sales Returns and allowances $ 2,000

Cr Cash $ 2,000

Apr-23 Dr Cash $ 24,750

Dr Sales Discounts $ 250

Cr Accounts Receivable $25,000

Apr-24 Dr Accounts Receivable $11,200

Cr Sales Revenue $11,200

Dr Cost of Goods Sold $6,700

Cr Merchandise Inventory $6,700

Apr-26 No entry

Explanation:

1. Preparation of the journal entry for Bird Company (the buyer).

Bird Company (Buyer)

Apr-02 Dr Merchandise Inventory $20,335

Cr Accounts Payable $20,335

($19,900+$435)

Apr-08 Dr Merchandise Inventory $25,000

Cr Accounts Payable $25,000

Apr-08 No entry

Apr-12 Dr Accounts Payable $20,335

($19,900+$435)

Cr Cash $19,937

($20,334-$398)

Cr Merchandise Inventory $ 398

($19,900*2%)

Apr-18 Dr Cash $ 2,000

Cr Merchandise Inventory $ 2,000

Apr-23 Dr Accounts Payable $25,000

Cr Cash $24,750

($25,000-$250)

Cr Merchandise Inventory $ 250

(1%*$25,000)

Apr-24 Dr Merchandise Inventory $11,200

Cr Accounts Payable $11,200

Apr-26 Dr Merchandise Inventory $280

Cr Cash $280

2. Preparation of the journal entry for Bird Company the (Seller).

Swan Company (Seller)

Apr-02 Dr Accounts Receivable $20,335

($19,900+$435)

Cr Sales Revenue $19,900

Cr Cash $435

Dr Cost of Goods Sold $12,500

Dr Merchandise Inventory $12,500

Apr-08 Dr Accounts Receivable $ 25,000

Cr Sales Revenue $ 25,000

Dr Cost of Goods Sold $15,000

Cr Merchandise Inventory $15,000

Apr-08 Dr Delivery Expense $650

Cr Cash $650

Apr-12 Dr Cash $19,937

($20,335-$398)

Dr Sales Discounts $ 398

(2%*$19,900)

Cr Accounts Receivable $20,335

(19,900+435)

Apr-18 Dr Sales Returns and allowances $ 2,000

Cr Cash $ 2,000

Apr-23 Dr Cash $ 24,750

Dr Sales Discounts $ 250

(1%*25,000)

Cr Accounts Receivable $25,000

Apr-24 Dr Accounts Receivable $11,200

Cr Sales Revenue $11,200

Dr Cost of Goods Sold $6,700

Cr Merchandise Inventory $6,700

Apr-26 No entry

4 0
3 years ago
Van Frank Telecommunications has a patent on a cellular transmission process.
Sonbull [250]

Answer:

Van Frank Telecommunications

December 31, 2016:

Debit Amortization Expense - Patent $4,400,000

Credit Accumulated Amortization-Patent $4,400,000

To record the revised amortization expense for the year.

Explanation:

Data and Calculations:

Patent's value on January 1, 2012 = $19,800,000

Patent's assessed lifespan = 9 years

Amortization expense for each year on straight-line = $2,200,000 ($19,800,000/9)

Accumulated Amortization for Patent = $6,600,000 (for 3 years)

Net book value of patent = $13,200,000 ($19,800,000 - $6,600,000)

Revised lifespan = 6 years

Revised amortization expense per year = $4,400,000 ($13,200,000/3)

8 0
3 years ago
Natasha, nelson, and nikolai are all looking to buy flashlights for a camping trip. natasha is willing to pay $4, nelson is will
d1i1m1o1n [39]

Consumer surplus is the difference between the total amount a consumer is willing to pay for an item and what they actually pay. The total amount that Natasha, Nelson and Nikolai are willing to pay for the flashlight is $34, the amount they do pay is $20. So, the total consumer surplus for them is $14.

4 0
3 years ago
Other questions:
  • The city of Brittainville’s Special Revenue Fund levied $350,000 in taxes, of which 1% was expected to be uncollectible during t
    8·1 answer
  • A fire destroyed a warehouse of the Goren Group, Inc., on May 4, 2021. Accounting records on that date indicated the following:
    13·1 answer
  • On March 31, 2021, Canseco Plumbing Fixtures purchased equipment for $56,000. Residual value at the end of an estimated four-yea
    6·1 answer
  • Differentiation refers to:
    15·1 answer
  • Alfred, the director of a large company producing construction materials, is linked through a professional network to several ma
    8·1 answer
  • Accounts payable is​ a: A. current liability. B. current asset. C. longminusterm liability. D. longminusterm asset.
    10·1 answer
  • Economic goals for sustainable development can be formulated ________. Group of answer choices by disentangling them from social
    11·1 answer
  • Consider an asset with a beta of 1.2, a risk-free rate of 4.4%, and a market return of 12.4%. What is the reward to risk ratio?
    8·1 answer
  • The risk-free rate is 3%. MCD currently prices at $25. The Delta of a 1-year at-the-money European call on MCD is 0.5. John has
    7·1 answer
  • It is enough to describe the proposed business as a sole proprietorship in the business description
    14·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!