Jamal, Morton, and Herb are joint tenants in a parcel of land. Herb conveys his interest to his long-time friend Walid. After the conveyance, Jamal and Morton
A) become tenants in common.
B) continue to be joint tenants with Herb.
C) become joint tenants with Walid.
D) remain joint tenants owning a two-thirds interest.
Answer: D) remain joint tenants owning a two-thirds interest.
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Statutory law is:
A. written and available online B. federal law only C. known as common law
Using the information provided, what is the accounts payable cycle for the firm?
Perfect Purchase Electronics Selected Income Statement Items, 2014 Cash Sales $1,500,000 Credit Sales $7,500,000 Total Sales $9,000,000 COGS $6,000,000 Perfect Purchase Electronics Selected Balance Sheet Accounts 12/31/2014 12/31/2013 Change Accounts Receivable $270,000 $240,000 $30,000 Inventory $125,000 $100,000 $25,000 Accounts Payable $110,000 $90,000 $20,000 A) 4.06 days B) 4.87 days C) 6.08 days D) 24.33 days