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
Sophie [7]
3 years ago
12

Morey purchased a house for $150,000, paying $15,000 in cash and giving a mortgage to BigBank for the balance. When Morey defaul

ted on the loan, BigBank foreclosed and sold the house for $25,000 less than Morey owed. Morey believed he no longer owed BigBank any money. Discuss the case.
Business
1 answer:
KengaRu [80]3 years ago
6 0

Morey is liable to pay the balance mortgage money to BigBank.,

Explanation:

Mortgage value = $150,000 - $15,000 ( advance paid by Morey)

                           = $135,000

Defaulted on the loan, BigBank foreclosed and sold the house for $25,000 less than Morey owed. so the amount received by the bank

150,000-125,000=125,000 (sales value of the house)

Balance on loan outstanding = $135,000 - $125,000 = $10,000

                                              = 135,000-125,000=10,000

So, Morey is liable to pay $10,000 for the balance mortgage money to BigBank.

You might be interested in
Bob, age 17, has entered into a contract to buy a car. The contract is: a. voidable. b. void. c. voidable only if Bob can return
AysviL [449]

Answer:

The correct answer is letter "A": voidable.

Explanation:

Voidable contracts are those that cannot be enforced because one or the two parties involved are not legally eligible to go on in such an agreement. Reasons to void a contract include but are not limited to failure to disclose material facts, legal incapacity to enter a contract or inconsistent contractual terms.

Thus, <em>Bob's contract to purchase a car is voidable since he is legally incapable of signing agreements due to his age (17 years old).</em>

4 0
3 years ago
Cadilengy, a nonprofit organization, is conducting a food fair in the month of October. The proceeds of this fair will go to cha
Viktor [21]

Answer: (A) Event marketing    

Explanation:

 The event marketing is one of the business promotional strategy in which the various types of brands, products and the services are get promoted in the market so that the customers or users are get aware about the specific brand and the new products.  

 According to the given question, the Event marketing is one of the type of strategy that best illustrating the given scenario about a non profit organization is conduct a food fair and the collected fair is basically contributed for the charity purpose.

On the other hand, along with charity the various types of restaurants distribute their pamphlets and promote their restaurants business in the event. Therefore, Option (A) is correct answer.    

8 0
3 years ago
"The price (P) of designer jeans is affected by the supply (S) and the demand (D).
katovenus [111]
The correct answer is <span>B. Demand for more pairs of jeans results in an increase in both price and quantity supplied.

You can see that demand is increasing since d2 is on the right of d1. You can also see that prices increase since p2 is greater than p1. You can also see that quantity supplied also increases since q2 is on the right of q1.</span>
3 0
3 years ago
Read 2 more answers
The Beach Shack Company produced 5,500 cakes that require 3 standard pounds per unit at $3. 00 standard price per pound. The com
prohojiy [21]

Answer:

Explanation:

Standard pounds per cake = 3 pounds

Standard unit price = $3

Standard pounds 5500 cakes = 16,500 pounds

Actual pounds per 5500 cakes = 16,650

Variance = (16,650 - 16,500)=150

Cost of actual materials used = actual materials * standard price

=16,650*3 =49,950

Cost of work in progress = Standard materials * standard price = 16,500*3= 49.500

Direct material quantity variance = Quantity variance * 3

150*3 = 450

Journal entry

Debit work in progress = 49,500

Debit material quantity variance = 450

Credit Material = 49,950

4 0
3 years ago
As Quentin checks out of a hotel, he recalls the expectations of quality and service he had upon arriving at the hotel and reali
Soloha48 [4]

Answer:

Experiential

Explanation:

Experiential is the term which is defined as something experiential and it comes from the real world or from experience. It is the procedure of learning through a experience, which is particularly stated as learning by reflection on doing.

So, in this case, the Quentin checks into a hotel, where on arriving he realizes that grounded on expectations, he is not thrilled with the experience. Therefore, this kind of purchase is defined as experiential.

3 0
3 years ago
Other questions:
  • Dan's plant will require two shifts of skilled workers, seven days a week. As he does his research, he will pay particular atten
    14·2 answers
  • The chess club has a goal of 36 new members. so far they have 30. what percent of the clubs goal have they achieved
    7·1 answer
  • One way to recruit companies to a state is to offer tax incentives; another is to assure them that the workforce is prepared. Wh
    11·2 answers
  • An overall measure of the combined efficiency and effectiveness of an organization
    11·1 answer
  • Executive interview have essentially the same advantages and disadvantages as _____. mall intercept interviews clt interviews ma
    14·1 answer
  • Able Company issued $600,000 of 9 percent first mortgage bonds on January 1, 20X1, at 103. The bonds mature in 20 years and pay
    9·1 answer
  • In the books of seller, ____ is deducted from the invoice price when the buyer pays earlier or on the date/term stipulated
    7·1 answer
  • Concord Company gathered the following reconciling information in preparing its August bank reconciliation: Cash balance per boo
    9·1 answer
  • List Five products not in the Market​
    14·1 answer
  • How does the amount of energy per second pollux is giving off compare with that of the other four stars you’ve observed? (hip 87
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!