Answer:
Consumer protections sound like it should be a guarantee in Usa, but the government never intervened to protect citizens in the 1960s.
It began mostly with 1968 Consumer Credit Protection Act, when Congress stepped on from violence to defend consumers and their financial histories.
Many regulations expanded investor protections in the years that followed, detailing how the government can obtain records from bank clients, how banks manage lenders and how lenders manage deposit accounts.
During the Great Depression of 2008, it all reached a climax and with that, the financial stability oversight Bureau was created, a new federal department committed to defending customers.
Answer:
For this report I chose to use the Truth in Lending Act. The Truth in Lending Act protects you against inaccurate and unfair credit billing and credit card practices. It requires lenders to provide you with loan cost information so that you can comparison shop for certain types of loans. This protects you from loan overdraft and over billing. This allows the consumer ease to their day of anytime they run into finacial issues. As this makes better sense to consumers it helps others all over the world. People use it in hopes that this will help them in everyday.
Explanation:
A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: McKenzie Sales, Ltd. Comparative Income Statement This Year Last Year Sales $ 7,400,000 $ 5,624,000 Cost of goods sold 4,750,000 3,513,500 Gross margin 2,650,000 2,110,500 Selling and administrative expenses: Selling expenses 1,392,000 1,079,000 Administrative expenses 704,500 608,500 Total expenses 2,096,500 1,687,500 Net operating income 553,500 423,000 Interest expense 101,000 87,000 Net income before taxes $ 452,500 $ 336,000 Members of the company’s board of directors are surprised to see that net income increased by only $116,500 when sales increased by $1,776,000. Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (i.e., 0.1234 should be entered as 12.3).)
Answer:
Explanation:
In a common - size income statement , the percentages are calculated using the sales value as the base figure
This Year Last year
Sales 7,400,000 100 5,624,000 100
Cost of Goods 4,750,000 64.2 3,513,500 62.5
Gross Margin 2,650,000 35.8 2,110,500 37.5
Selling Exp. 1,392,000 18.8 1,079,000 19.2
Admin. Exp. 704,500 9,5 608,500 10.8
Total Exp. 2,096,500 28.3 1,687,500 30.0
Net Op. Inc. 553,500 7.5 423,000 7.5
Interest Exp. 101,000 1.4 87,000 1.6
NIBT 452,500 6.1 336,000 6.0
On March 1, 2017, Carla Vista Co. Acquired real estate, on which it planned to construct a small office building, by paying $79,000 in cash. An old warehouse on the property was demolished at a cost of $8,000; the salvaged materials were sold for $1,660. Additional expenditures before construction began included $1,160 attorney's fee for work concerning the land purchase, $4,400 real estate broker's fee, $8,660 architect's fee, and $13,800 to put in driveways and a parking lot. (a) Determine the amount to be reported as the cost of the land.
Answer:
The reported cost of the land = $99,560
Explanation:
In order to calculate the cost of the land, it is important to note that the amount recorded as cost of the land, includes the actual amount paid as the market price of the land, including all the necessary costs incurred to make the land ready for use. These include: attorney's fees, cost of demolition of old properties, broker's fees etc.
To calculate the net cost of the land, let us identify all the transactions done in the purchase of the land. This is done as follows:
market value of land = $ 79,000
cost of demolition = $ 8,000
additional expenses = $ 1,160
attorney's fee = $ 4,400
broker's fee = $ 8,660
salvaged materials = $ 1,660 (minus)
Total = $ 99,560
Note that the amount gotten from sale of salvaged materials is subtracted from the cost of land, because it is an income, not expenditure, while the architect's fee is not used in the calculation because, it doesn't meet the criteria for cost of land, instead it is part of the cost of building after the acquisition of the land.
Four years ago, Mr. B sold his personal property on contract for $200,000, which resulted in a capital gain of $100,000. Mr. B properly elected to use the installment method of reporting and through last year had collected $40,000 on the contract. At the start of this year, the buyer defaulted on the contract, and Mr. B repossessed the property. At the time of repossession, the property had a fair market value of $160,000. What is the gain or loss to be reported on the repossession?
This question is incomplete because it lacks the appropriate options.
Complete Question
Four years ago, Mr. B sold his personal property on contract for $200,000, which resulted in a capital gain of $100,000. Mr. B properly elected to use the installment method of reporting and through last year had collected $40,000 on the contract. At the start of this year, the buyer defaulted on the contract, and Mr. B repossessed the property. At the time of repossession, the property had a fair market value of $160,000. What is the gain or loss to be reported on the repossession?
A) $20,000 Capital gain
B) $45,000 Ordinary income
C) $60,000 Ordinary income
D) $80,000 Capital gain
E) $100,000 Capital gain
Answer:
D) $80,000 Capital gain
Explanation:
From the question, we are told that Mr B sold his property for $200,000 on contract with $100,000 Capital gain. A Capital gain can be defined as the higher profit that is obtained from selling a property due to the fact that the price at which the house is been sold is higher than the price at which the property was bought.
This means the purchase price of Mr B's property = $100,000
Last year, Mr B collected $40,000 on the contract
Mr B repossessed his property which had a fair market value of $160,000 due to the default in payment of the buyer.
This means : Mr B collected a capital gain on repossession and this is calculated by:
(Selling price + Amount collected on contract) - Fair market value
($200,000 + $40,000 ) - $160,000
$240,000 - $160,000
= $80,000
Therefore , the gain to be reported on the repossession is $80,000 capital gain.
If a firm belives tht some of its debtors may default and it should act on this by making sure tht all possible losses are recorded in the books this is an example of which concept
Answer: Conservatism
Explanation: The conservatism concept can be ncept may be explained as an accounting principle which ensures that an organization tends to be very careful in handling its finances, with the conservatism concept, financial management often lean towards an approach which tends to play down future gains and concentrate more on potential chances of losses in the future. With such approach the organization tends to be very prudent in its financial management. In other words, conservatism shifts toward a tendency to understate its asset or income rather than overstate its asset.
Who uses the factors of production?
Answer: entrepreneurs
Explanation: They use all of the factors of production to form a business and make sure they can maintain it.
I hope this helped!
the factors of production are resources that are the building blocks of the economy they are what people use to produce goods and services
i will give brainliest if correct
Which two sentences describe the characteristics of a corporation?
The company is treated as a separate tax entity by law.
The owners have to accept partial liability for debts.
It is possible to raise large amounts of capital by selling company stock.
The owners are known as corporators.
Answer:
I believe that it is A and C
Explanation:
Answer:
I believe that it is A and C
Explanation: on plato
