A tenant rented an apartment, signing a 15-month lease. After the lease expired, the tenant paid 1 month's rent and got a receipt. What kind of leasehold goes the tenant have holdover tenancy
A holdover tenant is a tenant who continues to occupy a rental after the lease has ended. The holdover tenant can continue to occupy the property legally if the landlord accepts rent payments; the length of the holdover renter's new rental term is determined by state legislation and court decisions. The tenant is seen to be trespassing if the landlord refuses to accept any additional rent payments, and if they do not leave right away, an eviction may be required.
- A holdover tenant is one who keeps making rent payments after the lease has ended. To avoid starting eviction procedures, the landlord must also concur.
- In a murky space between a full rental agreement and trespassing, holdover tenancy exists. All parties are better protected by even a one-sentence agreement, thus it should be taken into consideration.
- The month-to-month rental clause that is found in the majority of lease agreements frequently eliminates this problem.
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Journal entries
Dr Allowance for uncollectible account $41,000
Cr Account Receivable $41,000
Dr Account receivable $3,600
Cr Allowance for uncollectible account $3,600
Dr Cash $3,600
Cr Account receivable $3,600
<span>Fair market value should include as gross income in Lyles return for the receipt of these samples. It is the estimate of the market value of a property when the buyer and seller are knowledgeable and unpressured. Precedent or extrapolation helps in finding the Fair market value estimate.</span>
Answer:
b. the fair credit reporting act
Explanation:
"The Fair Credit Reporting Act (FCRA) is a federal law that helps to ensure the accuracy, fairness and privacy of the information in consumer credit bureau files. The law regulates the way credit reporting agencies can collect, access, use and share the data they collect in your consumer reports."
Exert from: https://www.experian.com/blogs/ask-experian/credit-education/report-basics/fair-credit-reporting-act-fcra/#:~:text=The%20Fair%20Credit%20Reporting%20Act%20(FCRA)%20is%20a%20federal%20law,collect%20in%20your%20consumer%20reports.
Answer:
3. retained earnings.
Explanation:
When a company earns profit, taxes are deducted to find the net profit or net earnings. From these, it pays dividends at a certain dividend payout ratio; which is usually dividends/ net profit. Whatever remains is reinvested back into the company for funding potential profitable projects and other expansions and are referred to as retained earnings. This gives the retention rate which is basically (1 - payout ratio).
