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3 years ago

What is something an escrow agent should never do?

Business

1 answer:

dmitriy555 [2]3 years ago

7 0

Answer: Obtain title insurance

Explanation:

An escrow agent is someone who is trusted and holds property for third parties in case there's a ongoing disagreement that's being settled or in case whereby a transaction is being finalized and this role is usually performed by an attorney

An escrow agent can:

• Receive money from lenders.

• Offer legal advice.

• Prepare closing documents.

Therefore, an escrow agent should not obtain title insurance.

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when an account holder uses a debit card to pay for a purchase at the point of sale, a. money is immediately taken out of the ch

larisa86 [58]

<span>c. money is deducted from the balance on the debit card.</span>

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2 years ago

It is has been estimated that there are ________ varieties of psychopathology.

jolli1 [7]

It has been estimated that there are over 300 varieties of psychopathology. These have been divided into eleven major classes.

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3 years ago

When the price of candy bars decreased from $0.55 to $0.45, the quantity demanded changed from 19,000 per day to 21,000 per day.

just olya [345]

Answer:

0.5

Explanation:

A screenshot is attached to get the full solution

Since the coefficient is < 1, it is inelastic

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3 years ago

E-Tech Initiatives Limited plans to issue $500,000, 10-year, 4 percent bonds. Interest is payable annually on December 31. All o

Blababa [14]

Answer:

E-Tech Initiatives Limited

Partial balance sheet

as on January 2, 2019

Liabilities

Long term Liabilities

Bond Payable ________________ $500,000

Add: Premium on Bond _________ <u>$10,000 </u>

_____________________________________ $510,000

Explanation:

First Calculate the issuance value

Issuance value = $500,000 x 102% = $510,000

The bond is issued on Premium, Now calculate the premium on bond value

Premium on bond = Issuance value - Premium on Bond

Premium on bond = $510,000 - $500,000

Premium on bond = $10,000

The bond payable value of $500,000 and Premium on the bond aer reported in the long term liability section of balance sheet.

7 0

2 years ago

Suppose Hoosiers, a specialty clothing store, rents space at a local mall for one year, paying $13,800 ($1,150/month) in advance

tigry1 [53]

Answer:

Dec 31 Rent expense $3450 Dr

Prepaid Rent $3450 Cr

Oct 1 Prepaid Rent $13800 Dr

Cash $13800 Cr

Year end balances at 31 December:

Rent Expense = $3450

Prepaid Rent = $10350

Explanation:

Assumption: The year end for the business in on 31 December.

The rent is paid in advance thus it is an asset. On 31 December the adjusting entry will be made under the accrual principle to match the current period's rent expense and record it in the period to which it belongs to. Thus we will credit the rent expense for 3 months i.e. October, November and December. We will credit the asset account that is Prepaid Rent.

The prepayment of rent is creating an asset account in the title of prepaid rent. The entry would be to record the asset prepaid rent by the full amount of the rent prepaid and credit the other asset account through which the payment is being made.

The adjusted year end balance for rent expense will be the rent expense paid for this period that is $1150 * 3 = 3450

The balance in the prepaid rent account after adjusting the rent expense will be,

Prepaid rent = 13800 - 3450 = $10350

8 0

3 years ago