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
stiks02 [169]
3 years ago
13

The buyer notifies the seller in writing of a termination of the contract under the Loan Objection Deadline. What happens to the

earnest money?
Business
1 answer:
-BARSIC- [3]3 years ago
5 0

Answer:

The earnest money must be returned to the buyer.

Explanation:

The loan objection deadline sets a specific by which the buyer must present a written notification to the seller stating that he/she will not be able to purchase the property due to problems related to obtaining a mortgage loan (or really any other reason, since only the buyer knows about his/her loan status). After this date, if the buyer cannot secure the mortgage loan and finish the purchase, the earnest money will be lost and must be given to the seller.

You might be interested in
Joe Dumars Company has outstanding 40,000 shares of $5 par common stock which had been issued at $30 per share. Joe Dumars then
satela [25.4K]

Answer:

<u>Transaction 1</u>

Assets - Decrease by $225,000

Cash expended to acquire shares = 5,000 * 45 = $225,000

Liabilities - No effect

Stockholders' equity - Decrease by $225,000

Increase in Treasury shares leads to decrease in the amount stockholders hold.

Paid In Capital - No effect

Retained Earnings - No Effect

Net Income - No Effect

<u>Transaction 2</u>

Assets - Increase by $98,000

Cash increased because of sale of stock = 2,000 * 49 = $98,000

Liabilities - No effect

Stockholders' equity - Increase by $90,000

= 2,000 * 45 = $90,000

Cost method means that when debiting from Treasury account, use original cost.

Paid In Capital - Increase by $8,000

If stock is sold for amount different from what it was bought, it goes into this account. If it is larger than it was bought for then this account increases and vice versa.

Retained Earnings - No Effect

Net Income - No Effect

<u>Transaction 3</u>

Assets - Increase by $20,000

Cash from sale of stock = 500 * 40 = $20,000

Liabilities - No effect

Stockholders' equity - Increase by $22,500

= 500 * 45 = $22,500

Paid In Capital - Decrease by $2,500

If stock is sold for amount different from what it was bought, it goes into this account. If it is smaller than it was bought for then this account decreases and vice versa.

Retained Earnings - No Effect

Net Income - No Effect

4 0
3 years ago
Which of the following concepts requires that economic data be recorded in dollars in the United States?
s344n2d4d5 [400]

Answer:

Unit of measure concept  

Explanation:

The definition for a unit of measure refers to a common principle used throughout accounting, whereby all activities should be reported uniformly using the same currency. For instance, a business that holds its documents in just the U.S. will report its whole dealings in U.S. dollars, whereas a German company will report all its payments in euros.

If a transaction includes transactions or transfers in another currency, the sum is translated until being registered to the domestic currency utilized by an entity. Without a specific standard unit, financial reports will be impossible to generate.

4 0
3 years ago
Read 2 more answers
To increase the number of orders it receives from recipients of its direct-mail advertising, the maker of All-Natural Diet Produ
STALIN [3.7K]

Answer:

C. business reply

Explanation:

In the case when we have to increase the no of orders that could be received via direct mail adverstising and the customer could use the special kind of envelope for mailling the orders so this should be an example of business reply mail as it is concerned with the business and here the orders are to be an important factor that becomes very important for the company.

Therefore the option c is correct

8 0
2 years ago
Palding hires an asian company to produce a specified volume of sports equipment that still carries spalding's name. this is an
nadezda [96]
<span>Palding hires an asian company to produce a specified volume of sports equipment that still carries spalding's name. this is an example of contract manufacturing. Contract manufacturing </span>occurs when a company hires a foreign company to produce a specified volume of the firm's product to specification. However, the final <span> product carries the domestic firm's name. </span>
3 0
3 years ago
E14.3 (LO 1) (Entries for Bond Transactions) Presented below are two independent situations. 1. On January 1, 2020, Simon Compan
Savatey [412]

Answer:

1) January 1, 2020

Dr Cash 200,000

    Cr bonds payable 200,000

July 1, first coupon payment

Dr Interest expense 4,500

    Cr Cash 4,500

December 31, fourth coupon payment

Dr Interest expense 4,500

    Cr Interest payable 4,500

2) June 1, 2020

Dr Cash 104,000

     Cr Bonds payable 100,000

     Cr Bond interest payable 4,000

July 1, first coupon payment

Dr Interest expense 2,00

    Cr Cash 2,000

December 31, accrued interest expense

Dr Interest expense 6,000

    Cr Interest payable 6,000

 

8 0
3 years ago
Other questions:
  • Please help me please
    13·1 answer
  • Cassey wished to convey a 40-acre tract of land to his two children, George and Martha, so each would own the property equally a
    5·1 answer
  • there is agrowing demand of architects and engineers in devloping countries like nepal justify this statement​
    5·1 answer
  • Llona invested $100,000 in an 18-month certificate of deposit. She needed to cash in the CD to meet some unexpected expenses. Ll
    7·1 answer
  • "Which kind of marketing involves sending an offer, announcement, reminder, or other item to a person at a particular postal add
    10·1 answer
  • A federal tax is paid to?
    7·2 answers
  • Horton Stores exchanged land and cash of $5,300 for similar land. The book value and the fair value of the land were $88,400 and
    14·1 answer
  • I WILL GIVE BRAINLIEST!!!! How might a mixed economy guard against the risks and disadvantages associated with market and comman
    5·2 answers
  • A stock has an expected return of 12.9 percent and a beta of 1.30, and the expected return on the market is 11.80 percent. What
    8·1 answer
  • Differential costs ______. Multiple choice question. are always variable costs include all costs related to a decision can be fi
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!