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Tanzania [10]
4 years ago
6

Property rights created from marriage have a clear implication for real estate transactions. Which of the following marital prop

erty rights gives a spouse a one-half claim on all property acquired "from the fruits of the marriage"?A. DowerB. CurtesyC. Elective shareD. Community property
Business
1 answer:
NeX [460]4 years ago
7 0

Option D

Community property marital property rights gives a spouse a one-half claim on all property acquired "from the fruits of the marriage"

Explanation:

Community property is a kind of shared possession of assets among married twosomes. Property obtained by either spouse while marriage is deemed community property, referring to both companions of the marriage.

The laws in community property states differ in their more precise details, but community property indicates that all assets acquired or obtained by a couple when their marriage is maintained fairly by both of them. When a couple separates in a community property state, each spouse is frequently empowered to a half part of their community property.

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Note Payable (due Nov 1, 20X2) $ 2,000 Retained Earnings (Jan. 1, 20X1) $ 3,900 Revenues 55,600 Supplies 700 Supplies Expense 6,
kolbaska11 [484]

Answer:

Total current liabilities      13,800

Explanation:

Current Liabilities:

Obligation to pay or do within a year.

We are on Dec 31th 20X2 so anything due on Dec 31th 20X3 or before this date, will be current.

Note payable                   2,000 (due nov 1, 20X2)

Discount on NP                  (500)

Note payable net              1, 500

Unearned Revenues         9,200

(80% of the 11,500 will be provided during the  year)

Account Payable                1,600

Total current liabilities      13,800

the allowance for doubtful account is a contra-asset account not a liability account.

The equity is not part of the current liabilities.

the dividends were declared and paid, so there is no dividend payable.

5 0
3 years ago
Brian Vargo, an auto repair mechanic who remains unemployed because he refuses to work for less than $1,000 an hour, is: a. not
malfutka [58]
<span>a. not counted as part of the labor force</span>
8 0
3 years ago
A bank offers 8.00% on savings accounts. What is the effective annual rate if interest is compounded semi-annually?Percentage Ro
Alex_Xolod [135]

Answer:

Effective Annual Rate  = 8.1600%

Explanation:

The effective annual rate the interest rate that is adjusted for compounding over a given period of time. It is given by the formula:

r = (1+\frac{i}{n})^n -1\\where:\\r = effective\ annual\ rate\\i = nominal\ interest\ rate\ = 8.00\% = 0.08 \\n = number\ of\ compounding\ periods\ per\ year\ = 2\ (semi-annually)

r = (1+\frac{0.08}{2})^2 -1\\r = (1\ +\ 0.04)^2 - 1\\r = (1.04)^2 - 1\\r = 1.0816 - 1\\r = 0.0816\\r = 8.1600 \%

8 0
3 years ago
Stockton Company Adjusted Trial Balance December 31 Cash 6,102 Accounts Receivable 2,938 Prepaid Expenses 703 Equipment 15,970 A
Svetlanka [38]

Answer:

Stockton Company

The retained earnings ending balance is:

= $12,114.

Explanation:

a) Data and Calculations:

Stockton Company

Adjusted Trial Balance December 31

Cash                                6,102

Accounts Receivable    2,938

Prepaid Expenses            703

Equipment                   15,970

Accumulated Depreciation      6,337

Accounts Payable                      1,719

Notes Payable                          4,543

Common Stock                        1,000

Retained Earnings                  10,872

Dividends                      916

Fees Earned                            6,176

Wages Expense        2,514

Rent Expense               761

Utilities Expense          459

Depreciation Expense 233

Miscellaneous Expense 51

Totals                      30,647 30,647

Income Statement for the year:

Fees Earned                          $6,176

Wages Expense        2,514

Rent Expense               761

Utilities Expense          459

Depreciation Expense 233

Miscellaneous Expense 51     4,018

Net Income                           $2,158

Statement of Retained Earnings for the year:

Net Income                           $2,158

Retained Earnings                10,872

Dividends                                 (916)

Retained Earnings, ending $12,114

5 0
3 years ago
Wesley, who is single, listed his personal residence with a real estate agent on March 3 of the current year at a price of $390,
Elenna [48]

Answer:

a. Wesley's recognized gain on the sale is $0.

b. Wesley's adjusted basis for the new residence is $325,000

c. Assume instead that the selling price is $800,000.

Wesley's recognized gain is $326,520, and his adjusted basis for the new residence is $325,000.

Explanation:

Wesley's actual gain = $363,000 - $21,780 - $600 - $300 - $800 - $200,000 = $139,520, but it can all be excluded using section 121.

If the selling price is $800,000;

Wesley's actual gain = $800,000 - $21,780 - $600 - $300 - $800 - $200,000 = $576,520, but he can exclude $250,000, so his recognized gain = $326,520

7 0
3 years ago
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