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mafiozo [28]
3 years ago
11

Property ownership madison owned a tract of land, but he was not sure that he had full title to the property. when rafael expres

sed an interest in buying the land, madison sold it to rafael and executed a quitclaim deed. rafael properly recorded the deed immediately. several months later, madison learned that he had had full title to the tract of land. he then sold the land to linda by warranty deed. linda knew of the earlier purchase by rafael but took the deed anyway and later sued to have rafael evicted from will linda succeed in claiming title to the land? explain.
Business
1 answer:
Hoochie [10]3 years ago
8 0
For me, Linda will not be able to win her suit against Rafael in claiming the land. 

In the event of Warranty deed vs Quitclaim deed, warranty deed wins over quitclaim deed. But, there are instances that quitclaim deed wins over warranty deed. And I think that the above circumstance is an exception to the general rule.

It all boils down to good faith. Because the transaction between Rafael and Madison are clear and in good faith, their transaction is legal. Because the transaction between Linda and Madison is done in bad faith to the detriment of Rafael, their transaction is void despite it being secured with a warranty deed.  
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Setler [38]

Answer:

1. In 2021, Capitalized interest = $205,000

2. In 2022, Capitalized interest = $3,870,000

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Explanation:

See the attached file for the  calculation

3 0
3 years ago
On October 1, 20X6, Susan Thompson opened Thompson Decorating Services, a sole proprietorship. Susan began operations with $50,0
galben [10]

Answer: income statement: Net income $5,100, Statement of owners Equity :Total $35,100, Balance sheet : Total Liabilities $53,200, Total Asset $53,200

Explanation:

Thompson Decoration Services

Income Statement for the month ended 31 st October 20X6

$

Revenue. 18,300

Less Expenses

Salaries. 8,700

Advertising 2,500

Less: outstanding 700

-------

1,800

Taxes. 150

Postage. 1,800

Utilities. 100

Interest. 450

Miscellaneous. 200

------------

13,200

--------------

Net income. 5,100

-----------------

Statement of owners Equity for the month ended 31st October 20X6

Common Stock. Paid in capital. Retained Earnings Treasury stock Total

Balance Oct 1. 30,000. 30,000

Issued share for cash. - - - - -

Purchase of treasury stock - - - - -

Net income. - - 5,100. 5,100

Cash dividend. - - - - -

Stock dividend. - - - - -

------ ------ --------- ---------- -------------

Balance on Oct 31. - - 5,100 - 35,100

---------- -------- -------- ---------- --------------

Thompson Decoration Service

Balance sheet for the month ended 31st October 20X6

$

Current Asset

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Account Receivable 14,200

-----------

Total Current Asset. 18,300

Fixed Asset

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Office Equipment. 4,000

Furnishing. 14,900

-----------

Total Fixed Asset. 34,900

--------------

Total Asset. 53,200

---------------

Long term Liabilities

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Add: Net income 5,100

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35,100

Less: Drawing. 5,500

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29,600

Loan. 20,000

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Total Long term Liabilities 49,600

Current Liabilities

Outstanding 2,800

Interest. 450

Taxes. 150

Miscellaneous 200

--------------

Total Current Liabilities 3,600

--------------

Total Liabilities. 53,200

----------------

4 0
3 years ago
Read 2 more answers
Under the Securities Act of 1933, if damages were incurred and there was a material misstatement or omission in the financial st
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Answer:

The CPA rebuts the allegations

Explanation:

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2 years ago
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Answer:

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Order quantity, Q and

Reorder point, R

Additional steps are attached as files

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3 years ago
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