comes 2007 Tax Season – Would I get 2 1099-As from the two banks or only from the 1st lender… Please help for the troubled mind.
Posts Tagged ‘quot’
I want to leave my husband of 26 years, should I ?
Wednesday, February 24th, 2010I have been corresponding with this marriage counselor online for the past few months. His last subject, "How do you know when to Quit?" I read it and here was my response to him: I’m sorry to say it’s time to quit. There’s been infidelity, definitely broken trust; emotional neglect/abuse; The "brink of divorce" came in 2007, when he secretly went to see an attorney for legal advice. I found out because his dad paid for the "retainer fee" when my husband brought the remainder of the check home to give back to his dad. I am totally bored with this man. He is very stubborn and is "always right." He hides savings/money from me; limits me with the amount of money I can use in our "joint checking account"; we go through days of silent treatment; the sex was great (not anymore, babe), but I think he uses that as an assurance that everything is OK between us. There is definitely a communication problem in this household. We have three young adult daughters living with us. Two in college in the early 20’s; one still in high school, 17. They all agree there is a communication problem in this household, and who by the way they always side with him about everything, and as far as he concerned, "they never do anything wrong"; he doesn’t appreciate me, and refuses to go to marriage counselling "because nothing’s wrong with our marriage, it’s me". Here lately, all we do is yell at each other, in front of the kids, of course. He can’t seem to discuss anything with me in private. I have been home for 20 years plus raising my three daughters. I think he is miserable, too, but he won’t go see a lawyer because he "doesn’t want to give up any of "his" money". Hey, come one, doesn’t he know that half of his income, property, etc., is mine? In earlier years, my husband would cut me down, I would run upstairs to our bedroom, shut the door and cry. He has done this our whole marriage. He keeps money hidden from me, won’t let me have access to our savings acccount, either by papers statements or online. I am not to know anything about money. He as a 401k that he won’t share information about with me. We have an equity line of credit on our home and he says "I have no access to it and can not use it for anything should I need something". He put the thing in his name and his name only, even though I signed the Deed of Trust with the bank. No one at the banks we use will even discuss anything with me about any of the accounts that exist because "my name’s not on the account". He bought a 2004 Pontiac Grand Prix a year and a half ago. He won’t let me drive, it. He won’t even give me a key to it. Again, what’s his is mine. Right? He tells me to "Just go out and get a job." I want to pursue a paralegal career. I am a legal secretary and want to get a "good" job. (I may need it). He won’t support or pay for me taking any classes online to pursue a better career. He says my going back to work as a paralegal won’t start for me with a "bang." I am 48. I don’t look my age and don’t feel my age. He didn’t support me when my mother was ill with Alzheimers in 2001. He wasn’t there for me when she passed. All this had (in the past, I’m OK now) put me in a deep depression. So bad that I had to be hospitalized for two weeks last year, (had gotten down to 115 pounds), wouldn’t eat etc., received electro-compulsive therapy and medications. I now doing fine now, all off medications. While I was depressed, he would make "fun" of me. I remember pacing outside in the front yard. He would stop his yardwork and pace with me. Why didn’t he pick up on the signals of my depression? Why didn’t he call someone for help for me? I remember even asking him to "help me." Nothing. I was on so much medication that I can not remember years (seriously) of my life. Seven to be exact. I am now so angry with him, I want out. He won’t change and won’t go to counselling because "It’s my fault things are this way." I don’t have any money or anywhere I can go. What do I do?
Can you figure out the logic behind this debt/equity question?
Tuesday, November 24th, 2009I was asked this question on a completed exam. I have the answer now, but I don’t really follow the logic behind it. Please give me your answer, and a description of WHY YOU CHOSE THAT ANSWER. I’m still not sold that the teacher shouldn’t throw this out. Thanks.
"In comparing debt to equity financing, debt financing will allow owner(s) to maintain more control of the business."
a) True
b) False
Foreclosure…bank seeking judgment on Home Equity Line of Credit?
Monday, November 23rd, 2009I was told by my real estate agent that if I did a short sale or foreclosure on my home in Arizona, that both the first mortgage and Home Equity Line of Credit (taken out 9 months after home purchase) would both be relinquished in a short sale or foreclosure. Because the house had dropped significantly in value and half the lots were vacant from owners doing the same thing, I decided to proceed with the short sale. It wasn’t approved and went into foreclosure. Now the bank is pursuing judgment against me to garnish my wages. Unfortunately, I can’t afford to retain an attorney. Is this a case I can win, even if I represent myself in a civil suit against this realtor? I also have email documentation asking him specifically how both loans would be treated. He responded with "Don’t worry, I have it!" I also have a witness to him telling me this verbally. According to the anti-deficiency laws, the second loan is not forgiven because it’s Non-Purchase Money, is this correct? Also, I’m wondering if I have a strong enough case to pursue this in civil court, representing myself.
If I had a friend that would give me a loan, can I use my house as collateral?
Friday, October 30th, 2009I own my house (am mortgaging it), have 40k equity in it, but do not have the credit to get a home equity loan. If I knew someone (a friend) that would lend me a little bit of my equity, can i use my house as collateral to them? and how would I go about doing it if so?
what are the steps, and how would it go? if i dont have the title myself, the mortgage co. does, so how would it work, to give someone part of the equity?
is there anyway to do it without the 2nd mortgage? like maybe a contract saying that "if i dont pay him/her back they can take my house or something?" lol?
Return on common stockholders’ equity ratio is most closely related to what?
Saturday, October 24th, 20091The term "receivables" refers to
a.amounts due from individuals or companies.
b.merchandise to be collected from individuals or companies.
c.cash to be paid to creditors.
d.cash to be paid to debtors.
2Ratios are used as tools in financial analysis
a.instead of horizontal and vertical analyses.
b.because they can provide information that may not be apparent from inspection of the individual components of the financial statements.
c.because even single ratios by themselves are quite meaningful.
d.because they are prescribed by GAAP.
3The debt to total assets ratio measures the percentage of the total assets provided by creditors. True or False?
4Dividends may be declared and paid in cash or stock. True or False?
5A detailed stockholders equity section in the balance sheet will list the names of individuals who are eligible to receive dividends on the date of record. True or False?
6Which one of the following would not be considered an advantage of the corporate form of organization?
a.Limited liability of stockholders
b.Separate legal existence
c.Continuous life
d.Government regulation
7Which of the following factors does not affect the initial market price of a stock?
a.The companys anticipated future earnings
b.The par value of the stock
c.The current state of the economy
d.The expected dividend rate per share
8Specialty Packaging Corporation began business in 2007 by issuing 20,000 shares of par common stock for per share and 5,000 shares of
6%, par preferred stock for par. At year end, the common stock had a market value of . On its December 31, 2007 balance sheet,
Specialty Packaging would report
a.Common Stock of 0,000.
b.Common Stock of 0,000.
c.Common Stock of 0,000.
d.Paid-in Capital of 0,000.
9Current liabilities are due
a.but not receivable for more than one year.
b.but not payable for more than one year.
c.and receivable within one year.
d.and payable within one year.
10In a recent year Dillon Corporation had net income of 0,000, interest expense of ,000, and tax expense of ,000. What was Dillon Corporations times interest earned ratio for the year?
a.6.5
b.7.5
c.8
d.9
11The relationship between current assets and current liabilities is
a.useful in determining income.
b.useful in evaluating a company’s liquidity.
c.called the matching principle.
d.useful in determining the amount of a company’s long-term debt.
12A concentration of credit risk is a threat of nonpayment from a single customer or class of customers that could adversely affect the financial health of the company. True or False?
13A major advantage of national credit cards to retailers is that there is no charge to the retailer by the credit card companies for their services. True or False?
14When an account receivable that was previously written off is collected, it is first necessary to reverse the entry to reinstate the customers account before recording the collection. True or False?
15A dishonored note receivable
a.Is no longer negotiable.
b.Must be written off by the lender.
c.Creates a claim against the maker for the amount of principal only.
d.Is one that is not paid in full within 10 days of maturity.
16Which one of the following is not an accounting problem (issue) associated with ac-counts receivable?
a.Depreciating accounts receivable
b.Recognizing accounts receivable
c.Valuing accounts receivable
d.Accelerating cash receipts from accounts receivable
17An aging of a company’s accounts receivable indicates that ,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a ,200 credit balance,
the adjustment to record bad debts for the period will require a
a.debit to Bad Debts Expense for ,000.
b.debit to Allowance for Doubtful Accounts for ,800.
c.debit to Bad Debts Expense for ,800.
d.credit to Allowance for Doubtful Accounts for ,000.
18The extent of internal control features adopted by a company must be evaluated in terms of cost-benefit.
19Companies that fail to maintain an adequate system of internal control
a.may be subject to charges of fraud.
b.will be automatically dissolved.
c.may be subject to fines and officer imprisonment.
d.may be forced to sell their assets.
20An income statement would not include
a.other revenue and gains.
b.extraordinary items.
c.discontinued operations.
d.dividends paid.
21When a change in accounting principle occu
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