Answer:
1. Protection against default, evictions, foreclosures, and repossessions
2. Terminate residential and automobile leases due to PCS
Written and oral disclosure of terms
3. Reduce interest to 6% on certain loans and lines of credit obtained prior to entering active duty
Explanation:
The Servicemembers Civil Relief Act (SCRA) provides financial and legal protections for active-duty service members, as well as National Guard and reserve members, and their families. This protections are:
- creditors reduction of interest rate on debts to 6% for liabilities obtained prior to entering active duty
- Protection against default, evictions, foreclosures, and repossessions, preservice mortgage debt is valid if made during or within nine months after your service on active duty, unless carrying out a valid court order
- Deferment of income tax before or during military service.
- Protection against eviction
- Protection against default judgments
- Postponement of court proceedings if on duty
- Termination of automobile, residential lease and phone service by delivering a written notice of termination.
- Voting rights
- Life insurance coverage
Answer: 1. $218750 ; 2. $231, 250 ; 3. $11562.50
Explanation:
1. The bonds with a par value of $250,000 and implied selling price of 87 ½.
Cash proceed = 250,000 × 87.5%
= $218,750
2. Since it's semiannual interest payments, the total amount of bond interest expense that will be recognized over the life of these bonds will be:
[20 × (250,000 × 8% × 6/12)]+ $250,000 - $218,750
= $200,000 + $250,000 - $218,750
= $231, 250
3. The amount of bond interest expense recorded on the first interest payment date will be:
= Total bond interest expense/number of payments
= $231,250/20
= $11562.50
Answer:
$16,800
Explanation:
Calculation to determine what Lincoln Company's work opportunity credit is
Work opportunity credit= $6,000 * .40 *7
Work opportunity credit = $16,800
Therefore Lincoln Company's work opportunity credit is $16,800
Answer:
1. $54,000
2. $50,000
3. $50,000
Explanation:
1. The computation of transaction price if the expected value is used is shown below:
= Flat fee + (Cost savings × given percentage)
= $50,000 + ($20,000 × 20%)
= $50,000 + $4,000
= $54,000
2. The computation of transaction price if the estimate of variable consideration is used. So, only a flat fee should be considered and the cost saving is ignored. Hence, the amount is $50,000
3. The computation of transaction price if the estimate of variable consideration is used. So, only a flat fee should be considered and the cost saving is ignored. Hence, the amount is $50,000 as there is very uncertainty due to lack of experience
