SWFT Comprehensive Volume 2019
42nd Edition
ISBN: 9780357233306
Author: Maloney
Publisher: Cengage
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Jesse has a good job and pays off his one credit card every month. He was surprised that when he applied for a loan to buy a car, he was rejected. What are the steps that he should take to check his credit report for errors?How can he resolve any errors that he discovers?
DeWayne has two credit cards, which he uses to pay for everything. DeWayne does not check his credit card statements regularly, so sometimes, such as when a machine at a store malfunctions, he is charged twice for the same purchase. DeWayne makes sure that he pays the minimum payment on each credit card, but most of the time he does not have enough money to pay more than the minimum payment. Recently, something has happened so that DeWayne cannot even pay the minimum payments on his credit cards. DeWayne has stopped making payments for his mortgage (a loan used to buy a house) because he does not have enough money. He is worried because he doesn't have any investments or large savings accounts. On a rainy Wednesday, DeWayne receives a phone call from the bank. He is in debt.
Use the list "How to get out of debt" to make five different suggestions to help DeWayne deal with his debt.
Jesse has a good job and pays off his one credit card every month. He was surprised that when he applied for a loan to buy a car, he was rejected. Explain the steps that he should take to check his credit report for errors. How can he resolve any errors that he discovers?
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- Your client is preparing financial statements to show the bank. You know that he has incurred a refrigeration repair expense during the month, but you see no such expense on the books. When you question the client, he tells you that he has not yet paid the 1,255 bill. Your client is on the accrual basis of accounting. He does not want the refrigeration repair expense on the books as of the end of the month because he wants his profits to look good for the bank. Is your client behaving ethically by suggesting that the refrigeration repair expense not be booked until the 1,255 is paid? Are you behaving ethically if you agree to the clients request? What principle is involved here?arrow_forwardOn Thursday, Justin flies from Baltimore (where his sole proprietorship office is located) to Cadiz (Spain). He conducts business on Friday and Tuesday; vacations on Saturday, Sunday, and Monday (a legal holiday in Spain); and returns to Baltimore on Thursday. Justin was scheduled to return home on Wednesday, but all flights were canceled due to bad weather. As a result, he spent Wednesday watching floor shows at a local casino. a. For tax purposes, what portion of Justins trip is regarded as being for business? b. Suppose Monday was not a legal holiday. Would this change your answer to part (a)? Explain. c. Under either part (a) or (b), how much of Justins airfare qualifies as a deductible business expense?arrow_forwardYou and your spouse have separate charge accounts at a local department store. When you tried to use your card last week, you were told that you were over your credit limit. This puzzled you because you had paid the entire account balance several weeks ago. When the monthly statements arrived yesterday, the error was clear. The store had credited your payment to your spouse's account. Your account was treated as over the limit, and the store charged you interest on the unpaid balance. You suspect that part of the problem is that you and your spouse use the same last name (Morales) and have similar first names (Carmen and Carmelo). Write a brief letter to the store requesting correction of your accounts and suggesting a way to identify your accounts so that this error does not happen again.arrow_forward
- Serena operates a gift shop. To reduce costs of credit card transactions, she offers customers a discount if they pay in cash. For the holiday rush, she hires some short-term workers but pays them cash and does not add them to the payroll. a. What are some of the tax problems Serena might have? b. Assess Serenas chances of audit by the IRS.arrow_forwardwhich of the followingtaxpayers has a deductible loss from identity thief? ashen he hasnt received rent from his tenant for several months because his tenant was a victim of identity theft and had $5000 stolen geraldine she fell victim to a phone scam shegave identitythieves her personal bank account information and$8000 was taken harris he is sole proprietor and was the target of a phishing attempt he does not have a business checking account but the login information for his personal checking account was stolen and thieves took $10000 from the account jessica she owns residential rental property identity thieves impersonated her and took out a $50000 second mortage on her rental property that jessica must now repayarrow_forwardJake’s grandmother paid for their lunch with a credit card. The waitperson brought him back the card, and he signed the receipt. Several charges appeared on his grandmother’s credit card bill that he had not made a month later. Identify the victim and the violator. What term describes what the waitperson did? What should Jake advise his grandmother? Please answer with more than 200 wordsarrow_forward
- Tom gave his daughter, Nicole, permission to access his business account online but not his principal account. Tom has just discovered that Nicole took P25,000 from the principal account (current account) hoping her father would not notice it. As Tom wrote to the manager of his local bank months ago, expressly forbidding the bank to allow his daughter to do this, he wants the bank to refund the P25,000. With respect to BDO Online Account Opening Service (“Service”) Terms and Conditions, what recommendation can you give him?arrow_forwardWhile she was travelling, Kadijah took advantage of the convenience of cash withdrawals on her credit card since her Canadian debit card wasn't accepted in the country she was in. According to her travel budget she withdrew $150 every day for food, activities and shopping for 21 days. When she got home, on the 21st day, she checked her credit card bill on-line and it showed that she had been charged interest already even though her payment wasn't past due. It turns out that interest is compounded daily on cash withdrawals, from the day the cash is withdrawn. If the interest rate on cash withdrawals is 28%, what was her total bill when she got home? What would be the total interest paid?arrow_forwardroger owns a bicycle shop. once a week he and a group of friends rent the gym of the local club to play basketball. roger collects cash from the group and writes a check to the club on his business account. he then deducts the payment as a business expense. comment on the ethics exhibited by roger and the possible consequences of his actions.arrow_forward
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