Octavia should tell the customer that she doesn’t know the answer right now, but she will try to figure it out as soon as possible, and it may take a few days.
Another great option is for Octavia to ask a coworker right away who may know the answer to the question.
Answer: The correct answer is "b. Ace has done nothing to change its CERCLA liability."
Explanation: CERCLA is the Comprehensive Environmental Response, Compensation and Responsibility Act and was designed to promote cleaning, maintenance and protection of the environment against hazardous waste.
Those responsible for releasing dangerous substances are identified to take care of their cleaning through the superfunds, therefore by creating the new corporation and transferring the assets: Ace has done nothing to change its CERCLA liability.
C. Title Fee
The company will perform a title search to ensure that there is a clear path of ownership so there can be a legal sale contract.
Explanation:
I = Prt
I = (10000)(.11)(4) = $4400
Total Cost = Down Payment + Principal Borrowed + Interest
Total Cost = 2000 + 8000 + 4400
= $14,400
Monthly Payment = (Principal Borrowed + Total interest) / Total number of payments
Monthly Payment = (10,000 + 4400) / 48
= $300
APR= (2 × n × I) / [P × (N + 1)]
APR = (2 × 12 × 4400) / [10,000 × (48+1)]
= 21.55%
Answer:
a. Profit(loss) = Total revenue - Total expenses
= 131,000 - 90,500
= $41,000
The company did in fact generate<u> profit of $41,000 </u>and this can be shown from the Income Statement which is where profit or loss is calculated.
b. A company uses its assets to pay off its liabilities so if the liabilities are less than the assets then the company is capable of paying off its liabilities:
Assets = Cash + Accounts Receivable + Supplies
= 30,800 + 25,300 + 40,700
= $96,800
Liabilities are just the Accounts Payable of $25,700.
<em>Liabilities are less than Assets so Miami Music does indeed have sufficient resources to pay its liabilities. </em>
This information comes from the <u>Balance Sheet</u> which is where assets and liabilities are shown.