Bank Capital = ___________ - _________

If an agent did not do the required visual inspection of a property, and the buyers given a defective transfer disclosure statement which contains obvious omissions about the condition of the property, the bar can bring legal action against the seller and real estate licensee within.

a. One year. b. Two years. c. Three years. d. Four years.

Brandon Corporation generated $98,000 in credit sales during 20X2. In February 20X3, Brandon realized that $13,500 of the accounts receivable generated from the 20X2 credit sales were uncollectible

Brandon seldom experiences bad debts losses; therefore, it used the specific write-off method. Using the matching principle, what is the effect on 20X3 and 20X2 net income as a result of the write-off? A) 20X3 net income is understated by $13,500, while 20X2 net income is overstated by $13,500. B) 20X3 net income is overstated by $13,500, while 20X2 net income is understated by $13,500. C) 20X3 net income is neither overstated nor understated, but 20X2 net income is understated by $13,500. D) 20X3 net income is overstated by $13,500, but 20X2 net income is neither overstated nor understated. E) There is no effect on either year's net income as revenues and expenses are properly matched.