All categories

3 years ago

7. What three categories of fees does the revised RESPA rule create?

Business

1 answer:

larisa86 [58]3 years ago

6 0

Answer:

a) zero tolerance, b) 10 percent cumulative tolerance, c) unlimited tolerance.

Explanation:

a) In zero tolerance the rates cannot increase from the loan estimate date to the date of the closing disclosure.

b) Fees for services are added, in case the total loan estimate does not increase more than 10 percent of the total disclosed.

c) It involves rates that are not subject to any tolerance limit. All rates may increase. However, they must still be disclosed in good faith using the best information available at the time of disclosure.

You might be interested in

1. Contrafic Corporation used the following data to evaluate its current operating system. The company sells items for $21 each

olga_2 [115]

Answer:

$470,000 F

Explanation:

The computation of the static budget variance of operating income is shown below:

Particulars Actual results Static budget Static budget variance Units sold 180,000 units 185,000 units

Revenues $3,780,000 $4,440,000 $660,000 U

Variable costs $1,080,000 $1,295,000 $215,000 F

Contribution margin $2,700,000 $3,145,000 $445,000 F

Fixed costs $800,000 $775,000 $25,000 U

Operating income $1,900,000 $2,370,000 $470,000 F

Note:

Multiply the selling per unit with unit sold to get the revenue amount

6 0

3 years ago

Pronghorn Corporation purchased machinery on January 1, 2022, at a cost of $276,000. The estimated useful life of the machinery

vfiekz [6]

Answer and Explanation:

The depreciation schedule is as follows:

For straight-line method

Year Depreciable Depreciation Depreciation Accumul Book value

cost rate Expense Depre

2022 $243,400 25% $60,850 $60,850 $215,150

($276,000 - $32,600) (1 ÷ 4) ($276,000 - $60,850)

2023 $243,400 25% $60,850 $121,700 $154,300

2024 $243,400 25% $60,850 $182,550 $93,450

2025 $243,400 25% $60,850 $243,400 $32,600

$243,400

For double declining method

Year Depreciable Depreciation Depreciation Accumul Book value

cost rate Expense Depre

2022 $276,000 50% $138,000 $138,000 $138,000

(1 ÷ 4 × 2)

2022 $138,000 50% $69,000 $207,000 $69,000

2023 $69,000 50% $34,500 $241,500 $34,500

2024 $34,500 $1,900 $243,400 $32,600

$243,400

3 0

2 years ago

Brian quit his job because he only wants to work on weekdays. Brian could be considered cyclically unemployed. frictionally unem

Elza [17]

Option B

Brian could be considered frictionally unemployed.

<h3>Explanation:</h3>

Workers dropping their jobs or fresh workers enrolling the workforce both append to frictional unemployment. Frictional unemployment usually transpires even in a developing, solid economy. The frictional unemployment rate is determined by dealing with the workers actively seeing jobs by the total labor force.

Frictional unemployment is advantageous to an economy since it's a sign that individuals are attempting more desirable states. Frictional unemployment can be conquered by suddenly rivaling proposed job seekers with job opportunities. Frictional unemployment isn't devastating to economics.

7 0

3 years ago

When recording transactions into the accounting equation, which of the following statements are correct? (Check all that apply.)

belka [17]

Answer:

The correct answers are the following options:

After recording the transaction, total assets will always equal total liabilities plus equity.

The accounting equation must always remain in balance

Explanation:

To begin with, the name of "Accounting Equation" is famously known in the business field due to the fact that it is a concept from the accountant of companies and in fact a very important one. The accounting equation represents the sum between the equity and the debts of the company that will always give the total assets of the company. It is considered to be the foundation of the double-entry accounting system, so that is why it is so important. Moreover, under its doctrine, it proves that the balance sheet must always remain balance.

4 0

3 years ago

The general ledger of Pop's Fireworks includes the following account balances in 2021:

zimovet [89]

Answer:

June 3

Account Receivable $7,000 (debit)

Service Revenue $7,000 (credit)

June 8

Cash $4,500 (debit)

Discount allowed $500 (debit)

Accounts Receivables $5,000 (credit)

November 15

Bad Debt $1,500 (debit)

Accounts Receivables $1,500 (credit)

Explanation

The above transactions must be adjusted as they affect our transactions at the reporting date. Remember to grant the cash discount on early settlement of the payment made on June 8. The policy of sales on account is on the terms of 2% cash discount on payments made within 10 days.

7 0

3 years ago