The state of transas has set a maximum interest rate of 12 percent on loans. matt borrows $10,000 from tony to pay off a gambling debt. both are residents of transas.
they sign a contract, which states that matt would have to pay $1,500 as interest in one year to pay off the loan. later, matt gets to know about the state usury limit and sues tony. what is the nature of the contract between matt and tony?
a) it is illegal as it violates gambling statutes.
b) it is legal as both parties were competent when the contract was signed.
c) the contract is void as it violates usury laws.
d) the contract is void as it is a contract to commit a crime.

How can a poor housing market put home buyers in a financially unstable position? a. changing property values means it’s easier to find homes with low rental costs. b. when the home value decreases, property taxes and insurance costs increase. c. houses are valued lower than their purchase prices, so the home equity decreases. d. home buyers lose all tax benefits and tax incentives when the housing market goes down. e. mortgage payments can increase even though the home value decreases.

Harwood company uses a job-order costing system that applies overhead cost to jobs on the basis of machine-hours. the company's predetermined overhead rate of $2.50 per machine-hour was based on a cost formula that estimates $240,000 of total manufacturing overhead for an estimated activity level of 96,000 machine-hours. required: 1. assume that during the year the company works only 91,000 machine-hours and incurs the following costs in the manufacturing overhead and work in process accounts: compute the amount of overhead cost that would be applied to work in process for the year and make the entry in your t-accounts. 2a. compute the amount of underapplied or overapplied overhead for the year and show the balance in your manufacturing overhead t-account. 2b. prepare a journal entry to close the company's underapplied or overapplied overhead to cost of goods sold.

At the save the fish nonprofit organization, jenna is responsible for authorizing outgoing payments, rob takes care of recording the payments in the organization's computerized accounting system, and shannon reconciles the organization's bank statements each month. this internal accounting control is best known as a(n) a. distribution process. b. segregation of duties c. specialized budget d. annotated financial process