Answer:
Cumulative cash flow - $420
Net cash flow
Jan = $100
Feb= $150
Mar= $90
Apri -$55
May = $25
June -0
Explanation:
Jan - Feb - Mar - Apr - May - June
sale receipt 300 350 300 350 400 300
Disbursement (200) (200) (210) (295) (375) (300)
Net cash flow 100 150 90 55 25 0
Cumulative balance = $420
Answer:
Homestead exemption of $25,000, which is a standard deduction
Explanation:
Homestead exemption is the regime which is legal in order to protect the home values of the residents from the creditors, property taxes and the situations arise from the death of the spouse.
In this case, Emma, is a widow and only has a fixed income of $11,000 per year, therefore, the exemption of the homestead allows a standard deduction of $25,000.
Answer:
d) Debit Expenses $50,000 and Claims payable $100,000; Credit Cash $150,000.
Explanation:
As for the information provided,
There was this law suit against the company from past several years. Where the lawyers already estimated that liability on the company will arise amounting $100,000.
Thus, on the provisional basis such claims of $100,000 would have been provided ideally.
Now, after final judgement the court had cleared about the claim which is $150,000.
Thus, entry to record such claim of $150,000 will be:
Expenses A/c Dr. $50,000
Claims Payable A/c Dr. $100,000
To Cash A/c $150,000
The document that is being used by a seller in which the
contents and description of the property is placed for the buyer to see is in
the transfer disclosure statement. The transfer disclosure statement will
provide the description of the property and if there are any damages in the property
of additional fixtures or cost made. It could provide contents such as things
having to be furnished or not.
