When initiating communications with predecessor auditors, prospective auditors should expect the following:
-For taking responsibility for obtaining the client's consent for the predecessor to give information about prior audits.
-For conducting interviews with the partner and manager in charge of the predecessor in the public accounting firm's engagement.
-For obtaining copies of some or all of the audit documentation of predecessor auditors'
An auditor is a person who is authorized to review and verify the accuracy of financial records.
An auditor ensures that companies comply with tax laws. They protect businesses from fraud and point out discrepancies in accounting methods.
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Allen filed his 2021 tax return on May 15th, 2022, and underreported his gross income by 30 percent. Assuming Allen's underreporting is not due to fraud, the statute of limitations for IRS assessment on Allen's 2021 tax return should end:
E) None of the choices are correct.
Because Allen underreported his gross income by 30 percent, the statute of limitations (SOL) ends six years from the later of
(i) the date the tax return was filed or,
(ii) the tax return's original due date.
Why Is the Internal Revenue Service (IRS) Important?Tax collection and law enforcement are the responsibilities of the Internal Revenue Service (IRS), a branch of the American government (such as the wash sale rule). Abraham Lincoln, the country's sixteenth president, established the agency in 1862. It is governed by the U.S. Department of the Treasury and is primarily responsible for collecting employment and individual income taxes. Estate, gift, corporate, and excise taxes are all managed by the IRS.
How likely is it that the IRS will check my taxes?
The audit rate for individual tax returns in 2020 was 0.63 percent. However, if you earn a lot of money, your chances improve. For those earning $10 million or more in 2020, the rate was 9.8%. The IRS won't audit you based on a single factor, though.
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Correct question:
Allen filed his 2021 tax return on May 15th, 2022, and underreported his gross income by 30 percent. Assuming Allen's underreporting is not due to fraud, the statute of limitations for IRS assessment on Allen's 2021 tax return should end:
A)May 15th, 2023.
B)April 15th, 2023.
C)May 15th, 2024.
D)April 15th, 2024.
E)None of the choices are correct.
If you live in a city that can set property tax rates up to $2.50 per $100 valuation and may have the power to annex land adjacent to the city, then you live in a city governed by:_____
If you live in a city that can set property tax rates up to $2.50 per $100 valuation and may have the power to annex land adjacent to the city, then you live in a city governed by municipality.
Some limitations are applied on municipal tax rates which are as follows:
Municipal property tax rates are governed and limited by the Texas Constitution (Article XI, Sections 4 and 5) as well as the state law. Municipal tax rate ceilings are given below::
Cities having 5,000 in number or less in population can levy a maximum tax rate of $1.50 per assessed valuation of $100.
Cities having population over than 5,000 can levy up to $2.50 per $100 assessed valuation (for a home rule city, a rate lower than $2.50 per $100 may be prescribed under the charter of municipality).
Type B general law cities can only levy an amount maximum of $0.25 cents per $100 assessed valuation.
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_________ is defined as information about buyersthat is gathered over time andfrom very different sourcesthat helps the salespersondetermine consumer needs tobetter serve them.
Customer knowledge
Customer knowledge is described as data about customers that has been accumulated through time and from a variety of sources to help salespeople better understand their demands.
Customer knowledge (CK) - It is a term generally used to describe the collection of experience, value, and insight data that is required, generated, and ingested during interactions and exchanges between customers and businesses. A key element of managing and improving client relationships is a knowledge base for customer service. Sales will increase, employee retention rates will rise, and employee engagement will increase as a result of using it for your agents and consumers.
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A layout deficiency in a house results in a loss in value of $5,000. The layout deficiency could be corrected at a cost of $6,500. This depreciation is categorized as _______.\
This depreciation is categorized as Functional obsolescence, incurable.
What is Functional obsolescence incurable?The main causes of the unavoidable functional obsolescence are outside forces over which the property owner has no control. By doing adequate study on the most recent trends and designs in real estate before committing to the investment, investors can avoid the occurrence of such obsolescence.
Functional Obsolescence Examples
Another example of functional obsolescence in the technology sector is the parade of ever-evolving cellphones and smartphone technology. New smartphones have more capabilities and features than older models, rendering them functionally useless.
There are two primary categories of functional obsolescence: curable and irreparable.
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Write the definition in your own words
Cash Basis of Accounting:
Accrual Basis of Accounting:
Matching Principle:
Time-Period Principle:
Accounting Period:
The definition in my own words are:
Cash Basis of Accounting: is type of accounting that that makes use of revenues and expenses at the time cash is received.Accrual Basis of Accounting: The accrual basis of accounting focus on recording revenues .Matching Principle: can be regarded as accounting concept that focus on companies report expenses .Time-Period Principle: is one that a business should report the states that financial results of its activities .Accounting Period: serves as the period of time that is used for accounting functions, this can be a fiscal year.What is accounting?Accounting serves as the process which involves the recording as well as summarizing business and financial transactions.
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The limits of trade are those initial _____________ positions that each nation has at self-sufficiency.
The limits of trade are those initial cost ratio positions that each nation has at self-sufficiency.
Limit of trade is the maximum price range limit that an security which is traded in the security exchange is allowed to fluctuate in one trading session.
A benefit–cost ratio is an indicator of the benefits as well as the cost which is used in cost–benefit analysis.
It is that ratio which attempts to summarize the overall value for money of a project or proposal.
Every nation will be considered as self sufficient if the cost ratio is zero and there is a fixed limit of trade.
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Which 2 are quickstart templates provided in the work area for proadvisors to use when setting up a new project?
Monthly Bookkeeping & Bi-weekly Payroll are quickstart templates provided in the work area for pro-advisors to use when setting up a new project
This is further explained below.
What is Monthly Bookkeeping?Generally, You may guarantee that their paycheck is always where you want and anticipate it to be by monitoring their books on a monthly basis. You may steer clear of problems in which workers are paid an inaccurate amount or in which you do not deduct an adequate amount of taxes from their paychecks. Ongoing checks of your payroll will ensure that you are compliant and will keep your staff satisfied.
In conclusion, Quickstart templates, such as Monthly Bookkeeping and Bi-weekly Payroll, are made available in the work area for pro-advisors to utilize while they are establishing a new project.
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The Jackson Company incorrectly omitted $100,000 of merchandise from its 20X1 ending inventory. In addition, a merchandise purchase of $40,000 was incorrectly recorded as a $4,000 debit to the purchases account. As a result of these errors, 20X1 before-tax income is:
$64,000
In error, $100,000 worth of goods were left out of The Jackson Company's 20X1 closing inventory. A $40,000 purchase of goods was also mistakenly recorded as a $4,000 debit to the purchasing account. These mistakes result in a $64,000 before-tax income for 20X1.
Due to the company leaving $100,000 out of the stock account, the cost of products sold will increase by $100,000 as well as Earn $100,000. A $4000 negative to the purchase account would result in a $36,000 profit reduction and a $4,000 drop in the cost of goods sold.
Total understate Tax income = $100,000 - $36,000
= $64,000
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An architrcture firm would stand to lose a lot of money in the event of death of its project manager. Which type of policy should the firm purchase on its project manager
Key person insurance is the policy should the firm purchases from its project manager.
What is key person insurance?
A company will insure its most valuable employee or employees with key person insurance. A disability coverage rider can be added to a policy to assist if a crucial employee becomes disabled. An important employee's death or disability might put a small business at risk; key person insurance can help.
Why would a business owner choose the use of key person insurance?
If the sudden loss of a certain person would have a significant negative impact on the business operations, key person insurance provides a financial safety net. The death benefit simply buys the company some time to locate a replacement or to pursue other business-saving (or business-closing) actions
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Which company owned the deepwater horizon oil platform?
The company which owned the Deepwater horizon oil platform was an offshore-oil-drilling company called Transocean.
The Deepwater horizon oil spill is recognized as the largest accidental ocean spill in history. This incident occurred on April 20th, 2010, when, the Deepwater Horizon Oil Rig exploded.
The rig was owned by oil-drilling company called Transocean, and was leased to BP oil company. The oil spill was caused by a surge of natural gas that blasted through the concrete core of the oil well.
Later, an underwater camera revealed that the oil well was leaking oil and natural gas onto the ocean floor which was 42 miles off the coast of Louisiana. By the time this news got out, an estimated 3.19 million barrels of oil had leaked into the Gulf of Mexico.
Hence, the answer was given and explained above.
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After a share exchange, one corporation (the _____ corporation) owns all the shares of the other corporation (the _____ corporation).
After a share exchange, one corporation (the parent corporation) owns all the shares of the other corporation (the subsidiary corporation).
A share exchange is where one or more shareholders exchange shares they hold in one company for shares in another company. So after a share exchange, one corporation suppose, the parent corporation owns all the shares of the other corporation, called the subsidiary corporation.
A parent corporation has subsidiaries, which are wholly or partially owned separate businesses controlled by the parent. On the other hand, a subsidiary corporation is a business that is owned by another corporation, either partially or entirely.
Hence, after a share exchange, one corporation owns all the shares of the other corporation.
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City center, resort, airport and freeway are all examples of hotels being classified by:_____.
a. locationb. pricec. serviced. amenities
City center, resort, airport and freeway are all examples of hotels being classified by location.
Different types of hotels classified as per location:
They are categorized by considering their location with respect to the city where they are located.
Airport Hotels − They are the hotels which are located near airport.
Boatels − They are generally built on the houseboats.
City Center − Located in the center of the city near commercial area.
Motel − They are generally small hotels which are located on highways. They are generally used by transit guests.
Suburb Hotels − They are located near urban areas. and are mostly used by high class families.
Floating Hotels − They are located on the cruise ships, large lakes, or rivers.
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Having something classified as industrial waste rather than municipal solid waste can be beneficial for a business because ____________.
Having something classified as industrial waste rather than municipal solid waste can be beneficial for a business because industrial waste is not regulated by the federal government and local governments may not be as strict in the safety requirements making disposal cheaper.
What is industrial waste?Industrial waste is the term that is used to refer to all forms of waste that may be gotten from the daily processes that go on in companies in the in production and service delivery.
There are laws that guides such types of waste disposals in the country. During the factory process of milling and all forms of processing they are those materials that may be regarded as useless which cannot be used in the final process.
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Financial organizations that accept no deposits but offer many of the same services as regular banks are called ______.
Financial organizations that accept no deposits but offer many of the same services as regular banks are called non-banks
A non-bank financial institution (NBFI) is a financial institution that does not have a full bank license and cannot accept deposits from the general public. However, NBFI enables alternative financial services such as Investment (collective and individual), risk pooling, financial advice, brokerage, remittance, and check to cash.
Examples of non-bank financial institutions include insurance companies, venture capitalists, currency exchange offices, microcredit organizations, and pawn shops. These non-bank financial institutions are not always suitable for banks, they compete with banks and offer sector- and group-specific services.
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A borrower is purchasing a three-family, owner-occupied rental property. Rental income will be $2,000 (verified only by leases). The PITIA on the property is $2,350. The borrower has a gross monthly income of $5,760 and monthly debt payments of $625. What are the ratios for this loan
LTV= principal amount/ market value of your property.
what is a Loan ratio - Financial institutions utilize the Loan-to-Value Ratio (LTV) to determine the lending risk before approving a mortgage for the purchase of real estate.
26:10
Rental income will be $2,000 (verified only by leases)
The PITIA on the property is $2,350
The borrower has a gross monthly income of $5,760
monthly debt payments of $625.
Pitia refers to the following items: principal, interest, taxes, insurance, including hazard and flood insurance, as well as homeowners' association or condominium dues, although it excludes mortgage insurance charges.
Debt payment is the action of returning money you have borrowed. m making debt payments is difficult and a lot of people struggle to make their debt payments.
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Emma deposited $500 in a savings account at her bank. Her account will earn an annual simple interest rate of 9%. If she makes no additional deposits or withdrawals, how much money will she have in her account in 11 years
$995.00 she will have in her account in 11 years
Future Value = Present Value + Present Value * Interest Rate * Time Period
Future Value = $500 + $500 * 0.09 * 11
Future Value = $995.00
Simple interest is a quick and easy way to calculate interest on a loan. Simple interest is calculated by multiplying the daily interest rate by the principal and multiplying by the number of days elapsed between payments.
Simple Interest (SI) is a method of calculating the amount of interest on a particular principal at a particular interest rate. For example, when a person takes out an Rs loan. At a rate of 5000, 10 p.a. for 2 years, the interest for a person for 2 years is SI. To the borrowed money.
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To allow whistleblowers to come forward with information organizations should ________
i. allow for complete
ii. anonymity
iii. create an open-door policy
iv. protect them from retaliation
To allow whistleblowers to come forward with information organizations should protect them from retaliation. A whistleblower is someone who comes out and divulges their knowledge of any wrongdoing they believe is taking place either throughout the entire organization or in a particular department.
A whistleblower is somebody who reports any illegal activity, whether they be an employee, contractor, or supplier. There are particular rules designed to shield whistleblowers from losing their jobs or receiving unfair treatment. The majority of organizations have a distinct policy that outlines exactly how to report such an incident. Whistleblowers might be either internal or external.
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What is developing the ability to produce goods or services previously purchased or actually buying a supplier or a distributor?.
Developing the ability to produce goods or services previously purchased or actually buying a supplier or a distributor is called Vertical Integration.
What is Vertical Integration?Vertical integration is a tactic that enables a business to streamline operations by directly controlling different stages of the production process instead of depending on outside suppliers or contractors.Instead of outsourcing these operations, a business might achieve vertical integration by acquiring or forming its own manufacturers, distributors, and retail outlets.A good illustration of vertical integration is Netflix, Inc. Before expanding into online streaming of films and films licensed from big studios, the company began as a DVD rental company. Then, Netflix executives recognized that by creating some of their own original content, like the popular series Grace & Frankie and Stranger Things, they might increase their profit margins. The Get Down, a 2016 movie that reportedly cost the corporation $120 million, is one of the disasters it also made.
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The degree of supplier integration may vary, from ________ to ________ at the extremes.
The degree of supplier integration may vary, from Collaborative forecasting supplier integrated manufacturing at the extremes.
This is further explained below.
What is Collaborative forecasting?Generally, Utilizing current information and technology, collaborative forecasting or forecast collaboration forces a move from independent, anticipated demand to dependent, predictable demand. This basically denotes the exchange of demand information in real-time amongst supply chain participants.
In conclusion, It is possible for there to be variations in the degree of supplier integration, with collaborative forecasting supplier integrated production at either end of the spectrum.
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Q-mart failed to include inventory that was kept in a separate warehouse in its end-of-the-period inventory count. Explain how this error will affect this year's balance sheet. (Check all that apply.)
Total assets and Total equity will be this year's understated.
In accounting, an understatement occurs when liabilities are devalued to less than their true cost or when firm assets are valued below their fair market worth. Either option leads to an erroneous assessment of a company's financial situation.On the other hand, understated inventory raises the cost of products sold. Lower inventory volume in the accounting records reduces the closing stock and effectively increases the COGS. A lower amount of inventory is on hand than what is really in stock, according to an understated inventory.What happens if equity is overstated?If the company overstates the value of its assets, it's going to show up on the other side of the equation as an increase in owner's equity. It won't have any effect on liabilities.Learn more about equity
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The __________ made unfair or deceptive acts or practices in commerce illegal under Section 5 of the Federal Trade Commission Act. Multiple Choice Noerr-Pennington amendment Robinson-Patman amendment Celler-Kefauver amendment Herfindahl-Hirschman amendment Wheeler-Lea amendment
The Wheeler-Lea amendment made unfair or deceptive acts or practices in commerce illegal under Section 5 of the Federal Trade Commission Act.
What was Federal Trade Commission Act?The Federal Trade Commission was founded by the Federal Trade Commission Act of 1914, federal legislation of the United States. The Act, which was passed by US President Woodrow Wilson in 1914, forbids unfair business practices and unfair techniques of competition.
Unfair or misleading acts or practices in or affecting commerce are prohibited by Section 5 of the Federal Trade Commission Act (FTC Act) (15 USC 45). All individuals engaged in business, including banks, are subject to the restriction.
The Federal Trade Commission Act's Section 5 was modified by the Wheeler-Lea Act of 1938, which made "unfair or misleading acts or practices" and "unfair methods of competition" illegal. Civil penalties were offered for breaking Section 5 orders.
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Raymond Ozzie, the software designer who developed Lotus Notes, was able to dictate the terms under which IBM acquired Lotus. This illustrates that he had ________ bargaining power based on the ________ cost required by the firm to replace him.
Raymond Ozzie, the software designer who developed Lotus Notes, was able to dictate the terms under which IBM acquired Lotus. This illustrates that he had high bargaining power based on the high cost required by the firm to replace him.
Software designers are responsible for solving problems and planning software solutions. After determining the purpose and specifications of the software, the software developer designs or hires a designer to create a blueprint for the solution.
Software design is all around a great career choice. It is a high-paying and growing sector, jobs are plentiful, and workers appreciate job satisfaction.
Software designers should have problem-solving skills, knowledge of various programming languages, good organizational skills, and more. Software designers need to learn and explore a variety of prototyping tools, programming skills, inspiration, good design skills, and more.
The question is incomplete. Please read below to find the missing content.
Question: Raymond Ozzie, the software designer who was critical in the development of Lotus Notes, was able to dictate the terms under which IBM acquired Lotus. This illustrates that he had ______ bargaining power based on the ________ cost required by the firm to replace him.
low; low
low; high
high; low
high; high
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Sheila owns a timeshare that gives her ownership of the property for a certain number of weeks per year in perpetuity. what type of timeshare is this?
It is timeshare estate. A timeshare is a type of vacation property where several buyers share ownership of certain usage rights to the same property. Numerous various types of properties, including vacation resorts, condos, apartments, and campgrounds, can use the timeshare model.
A buyer can purchase a timeshare for a fixed week, where they have a specific week each year, or a floating week, where they can only use property for a certain season. Ownership might occasionally demand control of a property, time-sharing is popular. Timeshare disadvantages include a lack of changeability, yearly maintenance expenses, and challenges in selling one.
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Some agencies used hidden or disguised print and visual messages that allegedly register in the subconscious and fool people into buying product. These are called:
Some agencies used hidden or disguised print and visual messages that allegedly register in the subconscious and fool people into buying products. These are called Subliminal Advertising.
What is Subliminal Advertising?Subliminal messages are frequently incorporated into other media, such as TV advertising or songs, and are visual or audible stimuli that the conscious mind cannot see. This type of messaging can be utilized to enhance or heighten the persuasiveness of commercials or to send a whole other message.Even when you actively search for them, true subliminal messages are invisible to the conscious mind and cannot be seen or detected there. This is due to the fact that daily stimuli, such as what we see and hear around us, are above the threshold of conscious perception, in contrast to subliminal messages, which are below it.
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. The kind of unemployment that exists when there is a mismatch between a worker's skills and the jobs or the location of jobs available is _______ unemployment.
The answer is structural unemployment.
Long-term unemployment brought on by changes in the economy is referred to as structural unemployment.
Even while there are open positions, there is a mismatch between what employers require and what the current workforce can provide.
Long-term structural unemployment typically requires significant reform to reverse.
Technology has a tendency to make structural unemployment worse by marginalizing some employees and making some jobs, like manufacturing, obsolete.
Additional to the business cycle, other factors contribute to structural unemployment. This implies that structural unemployment can persist for decades and that drastic change may be required to address the issue.
Hence, The kind of unemployment that exists when there is a mismatch between a worker's skills and the jobs or the location of jobs available is structural unemployment.
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Answer:
This is structural unemployment.
Explanation:
All city realty, inc. issued shares of stated value common stock for per share. the journal entry to record this transaction includes a credit to?
When shares are issued like All City Realty Inc did, the journal entry to record it will include a credit to Paid-In Capital in Excess of Stated-Common for $49,000.
How will All City Realty record the transaction?The entire amount that was earned from the share issuance is:
= 7,000 x 11
= $77,000
This entire amount will go to the cash account as a debit to show that the cash account is increasing in value.
The amount to the common stock is:
= Stated value x number of shares
= 4 x 7,000
= $28,000
This amount will be credited to the Common Stock account to show that it is increasing.
The difference is:
= 77,000 - 28,000
= $49,000
This amount will be credited to the Paid-In Capital in Excess of Stated-Common.
In conclusion, option A Paid-In Capital in Excess of Stated-Common for $49,000 is correct.
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A monopolistic competitor wishing to maximize profit will select a quantity where:.
The primary objective of a monopolistically competitive firm is to maximize profits by increasing revenues and minimizing the total costs of production. The profit maximizing level of output occurs where marginal revenue is equal to the marginal cost of production.
What is Profit Maximization?Monopolistic competition is a market structure characterized by many firms selling differentiated products with some barriers to entry into the market.
The primary objective of a monopolistically competitive firm is to maximize profits by increasing revenues and minimizing the total costs of production. The profit maximizing level of output occurs where marginal revenue is equal to the marginal cost of production.
In Other Term, Profit maximization is a process business firms undergo to ensure the best output and price levels are achieved in order to maximize its returns.
Therefore, we can conclude that the correct option is A.
Your question is incomplete, but most probably your full question was:
A monopolistic competitor wishing to maximize profit will select a quantity where:
a) Marginal revenue equals marginal cost
b) Marginal cost equals demand
c) Marginal cost equals average cost
d) Marginal revenue equals average cost
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If you were going to get a loan to purchase a new car, which financial intermediary would you use?
a. an investment bank.
b. a credit union
c. a commercial ban
If you were going to get a loan to purchase a new car, financial intermediary you would use is a commercial bank.
Financial intermediary is that entity that acts as an intermediary or the middlemen between the two parties during any financial transaction.
Financial intermediaries can be a commercial bank, an investment bank, pension fund or the mutual funds.
Commercial bank is that financial institution which offers different financial functions such as accepting deposits, offers various loans, offering checking account facilities, and also offers some basic facilities such as saving accounts to the customers.
It provides personal loans, mortgages, commercial loans to the customers.
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A bond issued on June 1, Year 1, has interest payment dates of April 1 and October 1. Bond interest expense for the year ended December 31, Year 1, is for a period of
The Bond is issued for a period of seven months.
What are bonds?
A bond is a type of security used in finance where the issuer (debtor) owes the holder (creditor) a debt and is required, depending on the terms, to repay the bond's principal (i.e., the amount borrowed) at the bond's maturity date as well as interest (referred to as the coupon) over a predetermined period of time. Interest is often paid at predetermined times (semiannual, annual, and less frequently at other periods)Solution:
Given,
A bond issue on June 1, year 1
Interest payment dates of April 1 and October 1
We need to calculate:
Bond interest expense for the year ended December 31, 2016
Since we know that interest expense is for a given time period, the bonds were outstanding during the reporting period.
Therefore,
Bonds issued on June-1, year 1
Months Total = June to December = seven months
Since, Interest payment date is October 1, year 1.
This means interest will be paid on this date.
Also, for the year will be included in the interest expense along with the accrued interest for the remaining 4 months (October 1, year 1 to December 31, year 1).
Hence, the Bond interest expense for the year ended December 31, year 1, is for a period of seven months.
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The seller finds their own buyer, and they have listed that person in the listing agreement as a potential buyer. they do not owe the broker any commission.
a. True
b. False
The seller finds their own buyer, and they have listed that person in the listing agreement as a potential buyer. they do not owe the broker any commission.
A listing agreement is an employment contract between a broker and a seller; it is a contract for the real estate professional services of the broker, not for the transfer of real estate.
It allows the broker to act as a listing agent and find real estate buyers on seller terms. Essentially, the listing agreement allows your realtor to find a buyer for your home. An exclusive right to sell is the most widely used listing agreement.
Under this agreement, the broker has the exclusive right to market the property for a specified period of time. The listing stimulates liquidity, giving shareholders the opportunity to realize the value of their investments. It allows shareholders to trade a company's stock, sharing the risks and benefiting from any increase in institutional value.
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