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3 years ago

Tenants in common vs joint tenants with rights of survivorship

Business

1 answer:

kakasveta [241]3 years ago

8 0

Answer:

When two or more people own community property like a home, either as joint tenants or tenants in common, each individual owns a share (or interest) of the entire property

Explanation:

SIMILARITY

When two or more people own community property like a home, either as joint tenants or tenants in common, each individual owns a share (or interest) of the entire property. This means that specific areas of the property are not owned by one individual, but rather shared as a whole.

DIFFERENCE

1. Ownership Interest : Tenants in common may be created at different times; so an individual may obtain an interest in the property years after the other individuals have entered into a tenancy in common ownership BUT Joint tenants, on the other hand, must obtain equal shares of the property with the same deed at the same time.

2. Right of Survivorship : One of the main differences between the two types of shared ownership is that Joint tenants have right of survivorship and tenants in common do not.

One of the main differences between the two types of shared ownership is what happens to the property when one of the owners dies.

In Joint Tenants the interest of a deceased owner automatically gets transferred to the remaining surviving owners but not the case in tenants in common.

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Elly &Frank Valdez are thinking about buying a new house and financing it

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Answer: A.) Installment Credit

Explanation: Subject to approval, the loan afforded to Elly and Frank Valdez by their bank will most likely be an installment credit. The installment credit is a type of loan which requires the loanee to repay a fixed amount which has been borrowed at a regular scheduled amount over an agreed period of time. The loan period may vary depending on the agreement and amount of initial loan, and the repayment schedule also needs to be stated as maybe monthly, bimonthly, quartely and so on.

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3 years ago

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Presented below is information related to Coronado Company at December 31, 2017, the end of its first year of operations. Sales

vovangra [49]

Answer:

The answer will be below

Explanation:

a. Income from operations=$322,990-$143,460-$49,300=$130,230

b. Net Income=$322,990-$143,460-$49,300+$27,900-$5,590-$12,730=$139,810

c. Comprehensive Income=$9,390

d. Retained Earnings=$139,810-$4,750=$135,060

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3 years ago

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You can spend $100 on either a new economics textbook or a new CD player. If you choose to buy the new economics textbook, the o

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Answer: Option (B) is correct.

Explanation:

Given that,

Cost of new economics textbook = $100

Cost of new CD player = $100

Opportunity cost is the benefit that is foregone for an individual by choosing one alternative over other alternatives available to him.

If the opportunity cost is lower for an individual then this will benefit him whereas if the opportunity cost is higher then this will not benefit the individuals.

As the cost of both the products are identical, so the opportunity cost of buying new economics textbook is the enjoyment of the new CD player.

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3 years ago

Allocative efficiency means that ___________.

frutty [35]

Answer:

D. society’s scarce resources are used to produce products that align with consumer preferences

Explanation:

Allocation efficiency is a point in the economy when the goods and services being produced are exactly what the customers or people of the economy want and this is a point of production when marginal social benefit of producing the good is equal to the producers marginal cost.

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2 years ago

Jones Company incurred the following costs while producing 100 chairs: Units produced 100 chairs Direct materials $10 per unit D

Vikentia [17]

Answer:

The answer is: The ending balance in Finished Goods Inventory is $1,200

Explanation:

First we have to calculate the cost per chair produced, to do this we will find the total cost and divide by the number of chairs produced:

Units produced 100 chairs

Direct materials $10 per unit x 100 = $1,000
Direct labor 15 per unit x 100 = $1,500
Variable manufacturing overhead 3 per unit x 100 = $300
Total fixed manufacturing overhead $2,000

Total costs are $4,800 / 100 chairs = $48 per chair produced

There are 25 chairs left in finished goods inventory (FGI) = 100 - 75 = 25

The ending balance in FGI is = 25 chairs x $48 per chair = $1,200

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3 years ago