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Zepler [3.9K]
3 years ago
9

The __________________, passed in 1968, requires the clear explanation of consumer credit costs and garnishment procedures (taki

ng wages or property by legal means) and prohibits overly high-priced credit transactions.
A) Consumer Credit Expansion Act
B) Credit Growth Act
C) Consumer Credit Protection Act
D) Consumer Safety Act
Business
1 answer:
Bas_tet [7]3 years ago
6 0

Answer:

The correct answer is letter "C": Consumer Credit Protection Act.

Explanation:

Consumer Credit Protection Act of 1968 is federal legislation that covers consumers from credit agreements from banks or financial institutions in the form of loans, overdrafts or cards. The Act determines how the credit should be marketed protecting consumers' overpriced purchases.

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Following are selected transactions Danica Company for 2014:
Mamont248 [21]

Answer:

Explanation:

Answer:

On Dec 31, 2012 Lee's liability would be $9,500 (principal amount) and $38 (accrued interest)

Explanation:

Lees notes:

Dec. 13 Accepted a $9,500, 45-day, 8% note dated December 13 in granting Miranda Lee a time extension on her past-due account receivable.

First interest due = $9,500 x 8% x 45/360 = $95

On the 31st 18 days would have accrued of the 45days = 18/45 x $95 = $38

On Dec 31, 2012 Lee's liability would be $9,500 (principal amount) and $38 (accrued interest)

Debit Miranda Lee with $9,538

Credit interest on Receivables $38

Credit Account receivables account with $9,500

When the full interest became due we will pass an additional entry:

Dr. Lee with $58

Cr. Interest on receivables with $58

(Being the balance interest on receivables due )

On Jan 27 when Lee paid her interest and principal amount, we will:

Debit Account receivables with $9,500

Debit interest on receivables Account with $95

Credit Tomas account with $9,595

( being liquidation of Lee's indebtedness)

Tomas notes:

Mar 3, Accepted a $5,000, 10%, 90-day note dated March 3 in granting a time extension on the past-due account receivable of Tomas Company.

Let's recognize the full interest due first:

$5,000 x 10% x 90/360 = $125

At this time we will:

Debit Tomas with $5,125

Credit interest on receivables with $125

Credit Account Receivables account with $5,000

On June 1 when Tomas paid his interest and principal amount, we will:

Debit Accounts receivable with $5,000

Debit interest on receivables with $125

Credit Tomas account with $5,125

( being liquidation of Tomas indebtedness)

Hiroshi Cheng notes:

Accepted a $2,000, 30-day, 9% note dated March 17 in granting Hiroshi Cheng a time extension on his past-due account receivable.

Interest = $2,000 x 9% x 30/360 = $15

The entries recognizing this liability will be to :

Debit Cheng Account with $2,015

Credit interest on receivables with $15

Credit Accounts receivable with $2,000

(Being receivables payable balance and interest on balance owed by Cheng)

However Cheng failed in paying up. It was decided to write off the debt.

The entries would be:

Dr. Accounts receivables $2,000

Dr. Interest on Accounts receivables with $15

Cr. Cheng's Account with $2,015

(Being debt owed by Cheng written off)

8 0
3 years ago
Choose all that apply. Select all the responsibilities of consumers. Gather information about products and services before makin
jolli1 [7]

Answer:

Stay informed about products that you buy to be aware of product recalls.

Gather information about products and services before making a purchase to be aware of price, quality, and the product specifications.

Read instructions on products and use them as intended.

Take action and report faulty products, fraudulent activity, and any other violation of consumer rights.

Consider the impact of your purchases on others and choose products that do not harm the environment.

Insist on compensation if you are not satisfied with your purchase.

8 0
3 years ago
Warner Corp. sells goods on account for $10,000 on April 2. On April 20, the customer returns $3,000 of the merchandise. The cus
Studentka2010 [4]

Explanation:

The journal entry are as follows

On April 20

Sales returns A/c Dr $3,000

       To Account receivable A/c $3,000

(Being the sales returned of goods is recorded)

While recording this given transaction, we debited the sales return account and credited the account receivable account so that the proper posting could be done

6 0
3 years ago
If the marginal benefit of an activity is greater than marginal cost of an activety, then you are better off___
zloy xaker [14]

As long as the marginal benefits are higher than the marginal costs you are better off continuing the activity.

Consider the example of eating pizza. Each slice of pizza gives you happiness and helps fill you up (marginal benefit), but each slice also has lots of calories and fat (marginal cost). As long as you are still hungry and getting enjoyment from eating, you should keep eating. But once you reach the point where you are too full then you should stop, because the costs now outweigh the benefits.

3 0
3 years ago
Talk about why you think it is sometimes important to represent a procedure mathematically.
7nadin3 [17]
It is important, because you have to explain how to do a procedure in order for the former person to understand what you believe is correct in math.
7 0
3 years ago
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