Answer:
Explanation:
Let's look at some facts:
1. Dawn Altieri has leased a car from GE Auto lease
2. Dawn Altieri had an accident where she caused an injury to Kenzie Godfrey
3. At the same time of an accident, Dawn Altieri owned the car although she had not completed the transfer of title formalities.
4. Kenzie Godfrey suffered brain damage and claimed damages from owner of the car
Under the UCC it is assumed that when the physical goods are handed by the seller to the buyer the title has passed. However, when the goods are leased the title remains with the lessor-owner.
Although Dawn Altieri has originally leased the vehicle, she had now purchased it. Therefore, even though final formalities have not completed, she was the tile-holder of the vehicle.
Therefore, Dawn Altieri was liable for the damages claimed by Kenzie Godfrey.
Answer:
See attached file
Explanation:
Revenues and Expenses arise from equity variations, which produce changes in stockholders' equity.
Capital contributions increase the stockholders' equity, but they are not revenues. Benefit distributions among owners are decreases but they are not expenses.
Revenues are caused by increases in assets or decreases in liabilities that are generated by operations or economic events over a period of time. The Expenses, are constituted by all the costs incurred in the activities of the company.
As a result we can get the expanded accounting equation:
ASSETS = LIABILITIES + STOCKHOLDERS´ EQUITY + REVENUES – EXPENSES
Also:
Net Income = Income − Expenses
Given :
account balances in Accounts Receivable = $314,000
Allowance for Uncollectible Accounts = $590
allowance for uncollectible accounts should be 4% of accounts receivable.
To Find :
Bad debt expense
Solution : A bad debt expense is recognized when a receivable is no longer collectible because a customer is unable to fulfill their obligation to pay an outstanding debt due to bankruptcy or other financial problems.
We first find the balance that should be in the allowance account as of December 31
$314,000 × 4% = $12,560
We subtract the current balance in the allowance account to find the bad debt expense for
$12560 - $590 = $11,970
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Option C, Conventional home loan
Explanation:
A traditional theory or a conventional loan is any kind of debt which the government agency such as the Federal housing administration (FHA), the United States, is not providing or obtaining.
The Veterans ' Administration (VA) or even the USDA Rural Housing Program is, however, accessible by private lenders (banks, credit unions, lending firms) or by government-sponsored businesses, either the Federal government mortgage organisation or the Lending Company Federal Home.
Potential lenders must fill up their official loan application, supply the documents required, credit history and present credit score. Conventional loan levels appear to surpass that of government-supported mortgages,
for example, FHA loans.