Indirectly affecting real estate and limiting how you may conduct business.
Industry regulations, such as RESPA, can affect your business by <u>Indirectly</u><u> </u><u>affecting real estate</u><u> and </u><u>limiting</u><u> how you may </u><u>conduct business</u>
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<h3>What is RESPA?</h3>
RESPA stands for Real Estate Settlement Procedures Act.
- homebuyers and sellers and forbidding abusive settlement tactics, RESPA aims to lower excessively high settlement costs.
- All Borrowers shall be informed of the potential of a transfer of mortgage servicing, real estate transactions, settlement services, and applicable consumer protection regulations.
- In addition to detailed representations of actual settlement costs, borrowers are entitled to initial and annual escrow account statements.
- RESPA prevents sellers from pressuring borrowers to buy title insurance from particular companies, outlaws kickbacks, referral fees, and unearned fees, and forbids loan servicers from requiring unreasonably large escrow accounts.
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Answer and explanation:
2)
Date Account title Debit credit
Jan 31
1 Depreciation expense 525
Accumulated
depreciation -equipment 525
2
Bad debt expense 11160
Allowance for uncollectible account 11160
3 interest expense 255
Interest payable (51000*.06*1/12] 255
4 Income tax expense 13100
Income tax payable 13100
5 Deferred revenue 3100
sales revenue 3100
**Depreciation on equipment =[cost-residual value]/useful life
[16000-4300]/2
= 5850
Depreciation for one month = 5850*1/12= 487.5
**Accounts receivable at end = 46400 beginning+136000-125500-4900+134000=186000
Estimated uncollectible account at end =[12000*30%]+[(186000-12000)*.04]
= 3600+ 6960
= 10560
Unadjusted balance in allowance account =4300-4900=-600 debit
Bad debt expense= estimated uncollectible account at end- unadjusted balance in allowance account
= 10560 - (-600)
= 10560+600
= 11160
Answer: $3.31
Explanation:
Dividends will increase by 2% so using a future value formula would show the amount of dividends in year 5.
= 3 * ( 1 + 2%)⁵
= 3 * 1.1040808032
= 3.3122424096
= $3.31
Answer: An increase in revenue will be an increase in equity.
Explanation:
Consulting Revenue is the total/gross revenue earned by a consulting company in an year. It should exclude the cost of material and sub-contracts.
Suppose we earned consulting revenue of $700. So it will increase the total revenue of the business.
Total equity is gross /total of the investment in the company plus subsequent profit of the company. Along with it we will exclude all subsequent paid out.
Rise in revenue will uplift the net profit. Increase in revenue will result in increase in equity.
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