Security interest in the car in exchange

Assignment Help Financial Accounting
Reference no: EM13792272

Steve owns a car. He decides that he needs a loan in order to improve his house, so he goes to Liv. He agrees to give Liv a security interest in the car in exchange for $4,000. Two weeks later he decides that he needs more money.

He goes to Dane. He gives Dane a security interest in the car in exchange for $10,000. Dane files a financing statement to perfect the interest. A week after that Liv does the same. Eventually, Steve defaults in his payments. The car is reposed, and it is sold for $3,000. How much money will Dane receive? How much money will Liv receive?

Reference no: EM13792272

Questions Cloud

Deduction for organizational expenditures : Emerald Corporation, a calendar year C corporation, was formed and began operations on July 1, 2010. The following expenses were incurred during the first tax year (July 1 through December 31, 2010) of operations: what is the Emerald's deduction for ..
Current yield-capital gains yield and yield to maturity : Hooper Printing Inc. has bonds outstanding with 10 years left to maturity. The bonds have an 9% annual coupon rate and were issued 1 year ago at their par value of $1,000. However, due to changes in interest rates, the bond's market price has fallen ..
What is the yield to call and yield to maturity : It is now January 1, 2014, and you are considering the purchase of an outstanding bond that was issued on January 1, 2012. It has a 9.5% annual coupon and had a 30-year original maturity. What is the yield to maturity? What is the yield to call?
What will the value of the bond : An investor has two bonds in his portfolio that both have a face value of $1,000 and pay a 6% annual coupon. Bond L matures in 18 years, while Bond S matures in 1 year. What will the value of the Bond L be if the going interest rate is 8%? What will ..
Security interest in the car in exchange : He goes to Dane. He gives Dane a security interest in the car in exchange for $10,000. Dane files a financing statement to perfect the interest. A week after that Liv does the same. Eventually, Steve defaults in his payments. The car is reposed, and ..
What is the amount of simons casualty loss deduction : Simon Samson runs a catering business, Simple Simons, out of his home. He uses the same kitchen for his business and for personal purposes. The business use of the kitchen is 60% and the personal use is 40%. On July 4, Simple Simons had an explosion ..
Consolidated net income attributable : On December 31, 2015, Neville reports revenues of $491,000 and expenses of $338,000 and Chamberlain reports revenues of $792,000 and expenses of $422,000. The parent figures contain no income from the subsidiary. What is consolidated net income attri..
Break even point in dollars-contribution margin per unit : George Company has a unit selling price of $250, variable costs per unit of $170, and fixed costs of $140,000. Contribution Margin per Unit. Contribution Margin per Unit
About the purchases budget : Crosser Company budgets on a quarterly basis. The following beginning and ending inventory levels (in units) are planned for the first and second quarters of 2012: If Crosser Company were to manufacture 400,000 finished units (in total) during the fi..

Reviews

Write a Review

 

Financial Accounting Questions & Answers

  Review again the current and historical financials

Review again the current and historical financials. Consider that one of the company's key goals in its strategic plan is to exceed revenue of $25 million dollars by the year 2015.

  What is the incremental profit

To get a rough idea of the project's profitability, what is the project's expected rate of return for the next year (defined as the incremental profit divided by the investment)? Round your answer to two decimal places.

  Discuss reasons a consulting firm might use a normal cost

Discuss the reasons a consulting firm might use a normal costing system rather than an actual costing system. What might be some reasons for the firm to change from a one-pool to a multiple-pool allocation concept?

  How can avon have a larger balance of treasury stock

How can Avon have a larger balance of treasury stock than the sum of Common Stock and Paid-in Capital in Excess of Par

  Using a computerized accounting system

Where do you see Excel being useful for anyone in the area of business when dealing with accounting, bookkeeping, and financial transactions? In your post, be sure to discuss accountants who are already using a computerized accounting system

  Determine the total interest expense

On July 1, 2014, Bryant Ind issued $100,000,000 of 20 year, 9% bonds at a market interest rate of 10%, receiving cash of 91,420,905. Interest on bonds is payable semiannually on Dec 31 and June 30. The fiscal year is the calendar year. Determine the ..

  Prepare an overhead budget for the expected activity level

Prepare an overhead budget for the expected activity level for the coming year and Prepare an overhead budget that reflects production that is 25 percent lower than expected.

  Maximize its gross margin

Ajax Division desires to maximize its gross margin, should Ajax take on the new customer and drop its sales to Bradley for 2005, and why?

  Journalize the adjusting entry required

Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment. The balance in the prepaid insurance account, before adjustment at the end of the year, is $10,730.

  Explain how much cost would the firm anticipate

On the basis of this information, explain how much cost would the firm anticipate at an activity level of 205,000 units?

  Record the ending balances from the april

Record the ending balances from the April 30 post closing trial balance into the ledger sheets or alternatively, you may create T-accounts on an Excel spreadsheet.

  How should declared but unpaid dividends be recorded the

how should declared but unpaid dividends be recorded? the problem states that the company has a yearend date of dec

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd