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Get college assignment help at Smashing Essays Question Relevant costs are alwayssunk costs.variable costs. />avoidable costs.fixed costsb)In incremental analysis,only fixed costs are relevant.only variable costs are relevant.costs are not relevant if they change between alternatives.all costs are relevant if they change between alternatives.
ACG 4931—Fraud Examination George Chapman Embezzlement Case SCENARIO You receive
Question ACG 4931—Fraud Examination George Chapman Embezzlement Case SCENARIO You receive an anonymous tip that George Chapman just “stole” $60,000 from a trust fund he was administering for the Widow Amy Johnson and her three minor children. Chapman allegedly used the stolen money for a $25,000 down payment on a recently-purchased lake cottage and to purchase a large powerboat. George and his wife, Susan, live in Madison, Wisconsin. You don’t have any direct documentary evidence to prove your fraud theory. So you decide to determine if George Chapman has recently been spending large amounts of cash. Accordingly, you plan to do the following: 1. Interview George Chapman to see what you can find out.2. See what public records can tell you about George Chapman.PART 1 – GEORGE CHAPMAN INTERVIEW During your information-gathering interview with George Chapman, he admits that he just bought a Ski Master super powerboat and a lake cottage and provides copies of the purchase invoice for the boat (cost = $59,000) and the closing statement for the recentlypurchase lake cottage (down payment = $25,000). Chapman then tells you the $84,000 came from the sale of his old house and then ends the interview abruptly by shutting the door in your face. You leave with copies of the documents, notes of what he said, and a suspicion that he may not be telling you the whole story. Required question: 1. Does the information obtained from the interview support your fraud theory? Explain and defend your answer.~ 1 ~ PART 2 – SEARCH OF PUBLIC RECORDS You decide to search the real estate records at the county registrar of deeds office to see if George Chapman did obtain $84,000 from the sale of his old house. You explain your objective to one of the clerks working at the county registrar of deeds office. Being a helpful soul, the clerk shows you how to search the real estate records and tells you that on January 1, 2009, the real estate transfer fee rate increased from $2.00 per thousand to $6.00 per thousand. You will need the transfer fee rates to determine the transaction amounts for most of the real estate documents. Each of the real estate documents listed below are contained on pages 4-10. Each document tells a story about George Chapman’s real estate activities. For each document, you are to concisely summarize the relevant Information, including the total transaction amounts. As an example of a concise summary of the first document: The Warranty Deed indicates that George and Susan Chapman purchased a ‘homestead property’—which means that they purchased a developed piece of land with a house on it—from Harvard Builders, Inc. for $xx,xxx on xx/xx/xx date. The date is given but you will have to figure out the total purchase price using the real estate transfer fee rates. Once you’ve completed this part, you will have the information you need to proceed to Part 3J 1. Document #1528537 (page 4) 2. Document #1528538 (page 5) 3. Document #2057172 (page 6) 4. Document #2057173 (page 7) 5. Document #2057174 (page 8) 6. Document #2068393 (page 9) 7. Document #2071138 (page 10) ~ 2 ~ PART 3 – EVALUATE FINDINGS (you must show your work) STEP 1: Determine Net Proceeds from Sale of Old Residence (i.e. how much cash did George Chapman pocket from the sale) Note: You know that a 30-year mortgage, such as this, calls for mostly interest payments in the early years, and mostly principal payments in the later years. Your best estimate is that during the first 10 years of the 30, George Chapman probably paid about onefourth of the principal. STEP 2: Determine Cost of New Residence STEP 3: Determine Cash Invested in New Residence STEP 4: Required questions: 1. Does the information gleaned from the real estate records support your fraud theory? Explain and defend your answer. 2. Explain in detail the next step(s) you plan to take in this investigation. ~ 3 ~ WARRANTY DEEDDOCUMENT NO. 1528537 This Deed, made between Harvard Builders, Inc., a Wisconsin Corporation, Grantor and George R. Chapman and Susan M. Chapman, husband and wife, as joint tenants, Grantee. Witnesseth, That the said Grantor, for a valuable consideration, conveys to Grantee the following described real estate in Dare County, State of Wisconsin: Lot 2, West Martin Hills, city of Madison, Dare County, Wisconsin; subject to all Restrictions, Easements and zoning ordinances of record. Grantees acknowledge that the land to the southeast of the extension of Polk Road south and Perry Road east, is zoned R-3 or R-4 for future planned unit development; and, that the land south of Radford Road, north of Pioneer Road, and east and west of McKenry Boulevard extended to Radford Road is zoned C-1, R-3 or R-4 for commercial use, duplexes or apartments, and that Grantees or their successors will not object to such use. TRANSFER $176.00 FEE This______is_______homestead property (is) (is not) Dated this ____18th_____________________________day of _____July___________________________________________,2006___________. David Wm. Crowder (SEAL) Iris Rockland (SEAL) David Wm. Crowder, President__ Iris J. Rockland, Secretary_______ AUTHENTICATION ACKNOWLEDGEMENT STATE OF WISCONSIN Signature(s)_______Stan Brown____________ ______Dare________Country, ____________________________________ Personally came before me this __18th__ day of __July__ __________________________authenticated ____, 20_06____the above named______________ This___18th__day of ______July___,2006__ David Wm. Crowder, President________________ ____________________________________ Iris J. Rockland, Secretary____________________ Atty. Stan Brown______________________ of the above named corporation._______________ TITLE: MEMBER STATE BAR OF WISCONSIN _________________________________________ (If not,______________________________) DOCUMENT NO. 1528538 D-MORTGAGE REGISTER’S OFFICE DARE COUNTY, WI. SS RECORDED ON July 19 l 53 PM 106 Vol 10882 PAGE 26 MORTGAGE THIS MORTGAGE (“Security Instrument”) is given on July 18th 2006. The mortgagor is George R. Chapman and Susan M. Chapman, his wife and in her own right (“Borrower”). This Security Instrument is given to Department of Veterans Affairs______________which is organized and existing under the laws of _ and whose address is 77 North Bremer Street, Madison, Wisconsin 53901 (“Lender”). Borrower owes Lender the principal sum of Eighty two thousand two hundred—————- Dollars (U.S. $ 82,200——————————– ). This debt is evidenced by Borrower’s note dated the same date as this Security Instrument (“Note”) which provides for monthly payments, with the full debt, if not paid earlier, due and payable August 1, 2036 . This Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the Note, with interest, and all renewals, extensions and modifications; (b) the payment of all other sums, with interest, advanced under paragraph 7 to protect the security of this Security Instrument; and (c) the performance of Borrower’s covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage grant and convey to Lender, with power of sale, the following described property located in Dare County, Wisconsin: Lot 2, West Martin Hills, city of Madison, Dare County, Wisconsin Which has the address of 2300 Warren Road; Madison, Wisconsin 53713 TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, rights, appurtenances, rents, royalties, mineral, oil and gas rights and profits, water rights and stock and all fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the “Property.” BORROWER COVENANTS that Borrower is lawfully seized of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property.~ 5 ~ WARRANTY DEED DOCUMENT NO. 2057172 REGISTER’S OFFICE ) Dare COUNTY, WI, ) ss RECORDED AT Madison, WI. ) RETURN TO: December 1 .2016 DOCUMENT NO 2057172 TAX PARCEL NO: __________________ ) ) SS This Deed, made between _ ____Jackson Custom Homes and Construction, Inc._____________________ __A Wisconsin Corporation____________________________________ Grantor and __________________________________________________________ ___________George R. Chapman and Susan M. Chapman___________________________ ___________husband and wife, Grantees. ___ Witnesseth, That the said Grantor, for a valuable consideration conveys to Grantees the following described real estate in Dare County, State of Wisconsin: Lot 10, (10) Park Ridge Heights, in the city of Madison, Dare County, Wisconsin TRANSFER $372.00 FEE This______is not_______homestead property (is) (is not) Dated this ____1st ____________________________day of _____December__________________________________________,2016___________. (SEAL) Jackson Custom Homes and Construction (SEAL) Mary Lou Kay_____________________ ___________________________________(SEAL) ____Thomas W. Weber, President___ ____(SEAL) ___________________________________ _____ Thomas W. Weber_____________ AUTHENTICATION ACKNOWLEDGEMENT Signature(s)__Phil Blaine___________ ______Dare________Country, ____________________________________ Personally came before me this __1st __ day of_December __________________________authenticated ____, 20_16____the above named______________ This___1st __day of __December___,2016__ Thomas W. Weber and Mary Lou Kay__________ ____________________________________ _________________________________________ Attorney Phil Blaine_______________ _________________________________________ TITLE: MEMBER STATE BAR OF WISCONSIN _________________________________________ (If not,______________________________) DOCUMENT NO. 2057173 D-MORTGAGE REGISTER’S OFFICE DARE COUNTY, WI. SS RECORDED ON Dec 3 l 53 PM 1116 Vol 10882 PAGE 26MORTGAGE THIS MORTGAGE (“Security Instrument”) is given on December 1 2016. The mortgagor is George R. Chapman and Susan M. Chapman, _______________________________________ ________ (“Borrower”). This Security Instrument is given to First Federal Savings and Loan Association_________which is organized and existing under the laws of United States of America ___________and whose address is 202 Major Street, Madison, WI 53703_________ (“Lender”). Borrower owes Lender the principal sum of Two hundred F o r t y F o u r T h o u s a n d a n d n o / 1 0 0 Dollars (U.S. $ 244,000——————–).This debt is evidenced by Borrower’s note dated the same date as this Security Instrument (“Note”) which provides for monthly payments, with the full debt, if not paid earlier, due and payable according to its terms. This Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the Note, with interest, and all renewals, extensions and modifications; (b) the payment of all other sums, with interest, advanced under paragraph 7 to protect the security of this Security Instrument; and (c) the performance of Borrower’s covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage grant and convey to Lender, with power of sale, the following described property located in Dare County, Wisconsin: Parcel A: Lot ten (10), Park Ridge Heights, in the city of Madison. Parcel B: Lot two (2), West Martin Hills, in the city of Madison Which has the address of (Lot 2) 2300 Warren Road and 2000 Jay’s Place, Madison, Wisconsin 53713 TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, rights, appurtenances, rents, royalties, mineral, oil and gas rights and profits, water rights and stock and all fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the “Property.” BORROWER COVENANTS that Borrower is lawfully seized of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property.~ 7 ~ Document No. 2057174 Proposal Page No. of Pages BARTON, INC. 30 S. Martin St. Madison, WI 53703 PROPOSAL SUBMITTED TO: Phone: 834-4211 Date: 8/20/16 Name:George and Susan Chapman Job Name: Street: 2300 Warren Road Street: Jay’s Place LOT # 10 Park Ridge Heights City: Madison City: Madison State: WI State: WI Architect: Jim Vernon Date of Plans: 8/3/16 We hereby submit specifications and cost for building construction as follows: SPECIFICATIONS INCLUDED THIS CONTRACT IS CONTINGENT ON SALE OF 2300 WARREN RESIDENCE Office of Register of Deeds Dare County, Wisconsin Received for recording July 19, 2006 at 1:53 o’clock p.m. and recorded in Vol. 10882 of records on page 26 Harold K. Hill, Register We hereby propose to furnish labor and materials complete in accordance with the above specifications for the sum of: Two hundred ninety-eight thousand—————-dollars (298,000.00————–)____________________ with payment to be made as follows: 1/3 on acceptance, 1/3 on completion of dry wall, 1/3 on completion All material is guaranteed to be as specified. All work to be completed in a workmanlike manner according to standard practices. My alteration or deviation from above specifications involving extra costs, will be executed only upon written orders, and will become an extra charge over and above the estimate. All agreements contingent upon strikes, accidents or delays beyond our control. Owner to carry fire, tornado and other necessary insurance. Our workers are fully covered by Workman’s Compensation Insurance. Authorized Signature J. P. Vernon Note: This proposal may be withdrawn by us if not accepted within 60 days. Acceptance of Proposal The above prices, specifications and conditions are satisfactory and are hereby accepted. You are authorized to do the work as specified. Payment will be made as outlined above. Accepted: Signature: George Chapman Date: 12/1/16 Signature: Susan M. Chapman WARRANTY DEED DOCUMENT NO. 2068393 This Deed, made between George R. Chapman and Susan M. Chapman, husband and wife, Grantor and James P. Keene and Jenny Lee Keene, husband and wife, survivorship marital property, Grantees. Witnesseth, That the said Grantor, for a valuable consideration, conveys to Grantees the following described real estate in Dare County, State of Wisconsin: Lot Two (2), West Martin Hills, in the city of Madison, Dare County, Wisconsin. TRANSFER $876.00 FEE This______is _______homestead property (is) (is not) Together with all and singular hereditaments and appurtenances thereunto belonging: And________________________________________________________________________________________________w arrants that the title is good, indefeasible in fee simple and free and clear of encumbrances except_____________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________ ____________________________________________________________________________and will warrant and defend the same. Dated this ____26th___________________________day of____February______________________________________,2017___________. George R. Chapman _____ (SEAL) Susan M. Chapman (SEAL) George R. Chapman _ Susan M. Chapman ______________________ ________(SEAL) ______________________________(SEAL) ___________________________________ ____________________________________ AUTHENTICATION ACKNOWLEDGEMENT Signature(s)__Harold Langston ________ _______________________Country, ) ________________________________________ Personally came before me this ____ day of_____ __________________________authenticated ____, 20_____the above named________________ This___26th _day of __February__,2017__ ___________________________________________ ___________________________________ ___________________________________________ Harold Langston, Attorney_______________ __________________________________________ TITLE: MEMBER STATE BAR OF WISCONSIN ___________________________________________ (If not,______________________________) Document No. 2071138 G-Satisfaction of Mortgage STATE OF WISCONSIN DEPARTMENT OF VETERANS AFFAIRS P.O. BOX 7843 MADISON, WISCONSIN 53707 SATISFACTION MORTGAGE VOL 11200page 88 OF George and Susan Chapman RETURN TO 2000 Jay’s Place Madison, WI 53717 2071138 _________________________________________________________________________________ J-001-28275 114890 T3J215:2 I hereby certify, that the mortgage executed by George R. Chapman and Susan M.Chapman , his/her spouse and in his/her own right to State of Wisconsin, Department of Veterans Affairs, Madison, Dare County, Wisconsin, dated the _ 18th day of July , 2006 , and recorded in the office of the Register of Deeds of _ Dare County, State of Wisconsin, on this 19th day of July , 2006_, at 1 :53 o’clock P .M., in Volume 10882 of Records on Page 26 , Document No. 1528538 , is fully paid and satisfied. In Witness Whereof, I have hereunto set my hand and seal this _7th_ day of March ,2017 Witness State of Wisconsin Dorothy Owen by John J. Morris, Secretary (Seal)Dorothy Owen Dennis Smith State of Wisconsin Personally came before me, this 7th day of March , 2017 ., the above named John J. Morris , Secretary of the State of Wisconsin, Department of Veterans Affairs to me known to be the person who executed the foregoing instrument and acknowledged the same, as such officer, as the deed of such State Department, by its authority. Notary Public Dare County, WI My commissiACG 4931—Fraud Examination George Chapman Embezzlement Case SCENARIO You receive an anonymous tip that George Chapman just “stole” $60,000 from a trust fund he was administering for the Widow Amy Johnson and her three minor children. Chapman allegedly used the stolen money for a $25,000 down payment on a recently-purchased lake cottage and to purchase a large powerboat. George and his wife, Susan, live in Madison, Wisconsin. You don’t have any direct documentary evidence to prove your fraud theory. So you decide to determine if George Chapman has recently been spending large amounts of cash. Accordingly, you plan to do the following: 1. Interview George Chapman to see what you can find out.2. See what public records can tell you about George Chapman.PART 1 – GEORGE CHAPMAN INTERVIEW During your information-gathering interview with George Chapman, he admits that he just bought a Ski Master super powerboat and a lake cottage and provides copies of the purchase invoice for the boat (cost = $59,000) and the closing statement for the recentlypurchase lake cottage (down payment = $25,000). Chapman then tells you the $84,000 came from the sale of his old house and then ends the interview abruptly by shutting the door in your face. You leave with copies of the documents, notes of what he said, and a suspicion that he may not be telling you the whole story. Required question: 1. Does the information obtained from the interview support your fraud theory? Explain and defend your answer.~ 1 ~ PART 2 – SEARCH OF PUBLIC RECORDS You decide to search the real estate records at the county registrar of deeds office to see if George Chapman did obtain $84,000 from the sale of his old house. You explain your objective to one of the clerks working at the county registrar of deeds office. Being a helpful soul, the clerk shows you how to search the real estate records and tells you that on January 1, 2009, the real estate transfer fee rate increased from $2.00 per thousand to $6.00 per thousand. You will need the transfer fee rates to determine the transaction amounts for most of the real estate documents. Each of the real estate documents listed below are contained on pages 4-10. Each document tells a story about George Chapman’s real estate activities. For each document, you are to concisely summarize the relevant Information, including the total transaction amounts. As an example of a concise summary of the first document: The Warranty Deed indicates that George and Susan Chapman purchased a ‘homestead property’—which means that they purchased a developed piece of land with a house on it—from Harvard Builders, Inc. for $xx,xxx on xx/xx/xx date. The date is given but you will have to figure out the total purchase price using the real estate transfer fee rates. Once you’ve completed this part, you will have the information you need to proceed to Part 3 1. Document #1528537 (page 4) 2. Document #1528538 (page 5) 3. Document #2057172 (page 6) 4. Document #2057173 (page 7) 5. Document #2057174 (page 8) 6. Document #2068393 (page 9) 7. Document #2071138 (page 10) ~ 2 ~ PART 3 – EVALUATE FINDINGS (you must show your work) STEP 1: Determine Net Proceeds from Sale of Old Residence (i.e. how much cash did George Chapman pocket from the sale) Note: You know that a 30-year mortgage, such as this, calls for mostly interest payments in the early years, and mostly principal payments in the later years. Your best estimate is that during the first 10 years of the 30, George Chapman probably paid about onefourth of the principal. STEP 2: Determine Cost of New Residence STEP 3: Determine Cash Invested in New Residence STEP 4: Required questions: 1. Does the information gleaned from the real estate records support your fraud theory? Explain and defend your answer. 2. Explain in detail the next step(s) you plan to take in this investigation. ~ 3 ~ WARRANTY DEEDDOCUMENT NO. 1528537 This Deed, made between Harvard Builders, Inc., a Wisconsin Corporation, Grantor and George R. Chapman and Susan M. Chapman, husband and wife, as joint tenants, Grantee. Witnesseth, That the said Grantor, for a valuable consideration, conveys to Grantee the following described real estate in Dare County, State of Wisconsin: Lot 2, West Martin Hills, city of Madison, Dare County, Wisconsin; subject to all Restrictions, Easements and zoning ordinances of record. Grantees acknowledge that the land to the southeast of the extension of Polk Road south and Perry Road east, is zoned R-3 or R-4 for future planned unit development; and, that the land south of Radford Road, north of Pioneer Road, and east and west of McKenry Boulevard extended to Radford Road is zoned C-1, R-3 or R-4 for commercial use, duplexes or apartments, and that Grantees or their successors will not object to such use. TRANSFER $176.00 FEE This______is_______homestead property (is) (is not) Dated this ____18th_____________________________day of _____July___________________________________________,2006___________. David Wm. Crowder (SEAL) Iris Rockland (SEAL) David Wm. Crowder, President__ Iris J. Rockland, Secretary_______ AUTHENTICATION ACKNOWLEDGEMENT STATE OF WISCONSIN Signature(s)_______Stan Brown____________ ______Dare________Country, ____________________________________ Personally came before me this __18th__ day of __July__ __________________________authenticated ____, 20_06____the above named______________ This___18th__day of ______July___,2006__ David Wm. Crowder, President________________ ____________________________________ Iris J. Rockland, Secretary____________________ Atty. Stan Brown______________________ of the above named corporation._______________ TITLE: MEMBER STATE BAR OF WISCONSIN _________________________________________ (If not,______________________________) DOCUMENT NO. 1528538 D-MORTGAGE REGISTER’S OFFICE DARE COUNTY, WI. SS RECORDED ON July 19 l 53 PM 106 Vol 10882 PAGE 26MORTGAGE THIS MORTGAGE (“Security Instrument”) is given on July 18th 2006. The mortgagor is George R. Chapman and Susan M. Chapman, his wife and in her own right (“Borrower”). This Security Instrument is given to Department of Veterans Affairs______________which is organized and existing under the laws of _ and whose address is 77 North Bremer Street, Madison, Wisconsin 53901 (“Lender”). Borrower owes Lender the principal sum of Eighty two thousand two hundred—————- Dollars (U.S. $ 82,200——————————– ). This debt is evidenced by Borrower’s note dated the same date as this Security Instrument (“Note”) which provides for monthly payments, with the full debt, if not paid earlier, due and payable August 1, 2036 . This Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the Note, with interest, and all renewals, extensions and modifications; (b) the payment of all other sums, with interest, advanced under paragraph 7 to protect the security of this Security Instrument; and (c) the performance of Borrower’s covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage grant and convey to Lender, with power of sale, the following described property located in Dare County, Wisconsin: Lot 2, West Martin Hills, city of Madison, Dare County, Wisconsin Which has the address of 2300 Warren Road; Madison, Wisconsin 53713 TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, rights, appurtenances, rents, royalties, mineral, oil and gas rights and profits, water rights and stock and all fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the “Property.” BORROWER COVENANTS that Borrower is lawfully seized of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property.~ 5 ~ WARRANTY DEED DOCUMENT NO. 2057172 REGISTER’S OFFICE ) Dare COUNTY, WI, ) ss RECORDED AT Madison, WI. ) RETURN TO: December 1 .2016 DOCUMENT NO 2057172 TAX PARCEL NO: __________________ ) ) SSThis Deed, made between _ ____Jackson Custom Homes and Construction, Inc._____________________ __A Wisconsin Corporation____________________________________ Grantor and __________________________________________________________ ___________George R. Chapman and Susan M. Chapman___________________________ ___________husband and wife, Grantees. ___ Witnesseth, That the said Grantor, for a valuable consideration conveys to Grantees the following described real estate in Dare County, State of Wisconsin: Lot 10, (10) Park Ridge Heights, in the city of Madison, Dare County, Wisconsin TRANSFER $372.00 FEE This______is not_______homestead property (is) (is not) Dated this ____1st ____________________________day of _____December__________________________________________,2016___________. (SEAL) Jackson Custom Homes and Construction (SEAL) Mary Lou Kay_____________________ ___________________________________(SEAL) ____Thomas W. Weber, President___ ____(SEAL) ___________________________________ _____ Thomas W. Weber_____________ AUTHENTICATION ACKNOWLEDGEMENT Signature(s)__Phil Blaine___________ ______Dare________Country, ____________________________________ Personally came before me this __1st __ day of_December __________________________authenticated ____, 20_16____the above named______________ This___1st __day of __December___,2016__ Thomas W. Weber and Mary Lou Kay__________ ____________________________________ _________________________________________ Attorney Phil Blaine_______________ _________________________________________ TITLE: MEMBER STATE BAR OF WISCONSIN _________________________________________ (If not,______________________________) DOCUMENT NO. 2057173 D-MORTGAGE REGISTER’S OFFICE DARE COUNTY, WI. SS RECORDED ON Dec 3 l 53 PM 1116 Vol 10882 PAGE 26MORTGAGE THIS MORTGAGE (“Security Instrument”) is given on December 1 2016. The mortgagor is George R. Chapman and Susan M. Chapman, _______________________________________ ________ (“Borrower”). This Security Instrument is given to First Federal Savings and Loan Association_________which is organized and existing under the laws of United States of America ___________and whose address is 202 Major Street, Madison, WI 53703_________ (“Lender”). Borrower owes Lender the principal sum of Two hundred F o r t y F o u r T h o u s a n d a n d n o / 1 0 0 Dollars (U.S. $ 244,000——————–).This debt is evidenced by Borrower’s note dated the same date as this Security Instrument (“Note”) which provides for monthly payments, with the full debt, if not paid earlier, due and payable according to its terms. This Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the Note, with interest, and all renewals, extensions and modifications; (b) the payment of all other sums, with interest, advanced under paragraph 7 to protect the security of this Security Instrument; and (c) the performance of Borrower’s covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage grant and convey to Lender, with power of sale, the following described property located in Dare County, Wisconsin: Parcel A: Lot ten (10), Park Ridge Heights, in the city of Madison. Parcel B: Lot two (2), West Martin Hills, in the city of Madison Which has the address of (Lot 2) 2300 Warren Road and 2000 Jay’s Place, Madison, Wisconsin 53713 TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, rights, appurtenances, rents, royalties, mineral, oil and gas rights and profits, water rights and stock and all fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the “Property.” BORROWER COVENANTS that Borrower is lawfully seized of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property.~ 7 ~ Document No. 2057174 Proposal Page No. of Pages BARTON, INC. 30 S. Martin St. Madison, WI 53703 PROPOSAL SUBMITTED TO: Phone: 834-4211 Date: 8/20/16 Name:George and Susan Chapman Job Name: Street: 2300 Warren Road Street: Jay’s Place LOT # 10 Park Ridge Heights City: Madison City: Madison State: WI State: WI Architect: Jim Vernon Date of Plans: 8/3/16 We hereby submit specifications and cost for building construction as follows: SPECIFICATIONS INCLUDED THIS CONTRACT IS CONTINGENT ON SALE OF 2300 WARREN RESIDENCE Office of Register of Deeds Dare County, Wisconsin Received for recording July 19, 2006 at 1:53 o’clock p.m. and recorded in Vol. 10882 of records on page 26 Harold K. Hill, Register We hereby propose to furnish labor and materials complete in accordance with the above specifications for the sum of: Two hundred ninety-eight thousand—————-dollars (298,000.00————–)____________________ with payment to be made as follows: 1/3 on acceptance, 1/3 on completion of dry wall, 1/3 on completion All material is guaranteed to be as specified. All work to be completed in a workmanlike manner according to standard practices. My alteration or deviation from above specifications involving extra costs, will be executed only upon written orders, and will become an extra charge over and above the estimate. All agreements contingent upon strikes, accidents or delays beyond our control. Owner to carry fire, tornado and other necessary insurance. Our workers are fully covered by Workman’s Compensation Insurance. Authorized Signature J. P. Vernon Note: This proposal may be withdrawn by us if not accepted within 60 days. Acceptance of Proposal The above prices, specifications and conditions are satisfactory and are hereby accepted. You are authorized to do the work as specified. Payment will be made as outlined above. Accepted: Signature: George Chapman Date: 12/1/16 Signature: Susan M. Chapman WARRANTY DEED DOCUMENT NO. 2068393 This Deed, made between George R. Chapman and Susan M. Chapman, husband and wife, Grantor and James P. Keene and Jenny Lee Keene, husband and wife, survivorship marital property, Grantees. Witnesseth, That the said Grantor, for a valuable consideration, conveys to Grantees the following described real estate in Dare County, State of Wisconsin: Lot Two (2), West Martin Hills, in the city of Madison, Dare County, Wisconsin. TRANSFER $876.00 FEE This______is _______homestead property (is) (is not) Together with all and singular hereditaments and appurtenances thereunto belonging: And________________________________________________________________________________________________w arrants that the title is good, indefeasible in fee simple and free and clear of encumbrances except_____________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________ ____________________________________________________________________________and will warrant and defend the same. Dated this ____26th___________________________day of____February______________________________________,2017___________. George R. Chapman _____ (SEAL) Susan M. Chapman (SEAL) George R. Chapman _ Susan M. Chapman ______________________ ________(SEAL) ______________________________(SEAL) ___________________________________ ____________________________________ AUTHENTICATION ACKNOWLEDGEMENT Signature(s)__Harold Langston ________ _______________________Country, ) ________________________________________ Personally came before me this ____ day of_____ __________________________authenticated ____, 20_____the above named________________ This___26th _day of __February__,2017__ ___________________________________________ ___________________________________ ___________________________________________ Harold Langston, Attorney_______________ __________________________________________ TITLE: MEMBER STATE BAR OF WISCONSIN ___________________________________________ (If not,______________________________) Document No. 2071138 G-Satisfaction of Mortgage STATE OF WISCONSIN DEPARTMENT OF VETERANS AFFAIRS P.O. BOX 7843 MADISON, WISCONSIN 53707 SATISFACTION MORTGAGE VOL 11200page 88 OF George and Susan Chapman RETURN TO 2000 Jay’s Place Madison, WI 53717 2071138 _________________________________________________________________________________ J-001-28275 114890 T3J215:2 I hereby certify, that the mortgage executed by George R. Chapman and Susan M. Chapman , his/her spouse and in his/her own right to State of Wisconsin, Department of Veterans Affairs, Madison, Dare County, Wisconsin, dated the _ 18th day of July , 2006 , and recorded in the office of the Register of Deeds of _ Dare County, State of Wisconsin, on this 19th day of July , 2006_, at 1 :53 o’clock P .M., in Volume 10882 of Records on Page 26 , Document No. 1528538 , is fully paid and satisfied. In Witness Whereof, I have hereunto set my hand and seal this _7th_ day of March ,2017 Witness State of Wisconsin Dorothy Owen by John J. Morris, Secretary (Seal)Dorothy Owen Dennis Smith State of Wisconsin Personally came before me, this 7th day of March , 2017 ., the above named John J. Morris , Secretary of the State of Wisconsin, Department of Veterans Affairs to me known to be the person who executed the foregoing instrument and acknowledged the same, as such officer, as the deed of such State Department, by its authority. Notary Public Dare County, WI My commissi
This question was created from Chapter 4 Homework Cash and
Question This question was created from Chapter 4 Homework Cash and Internal Controls https://www..com/file/13094559/Chapter-4-Homework-Cash-and-Internal-Controls/ Where do I get the accounts receivable number? ATTACHMENT PREVIEW Download attachment 13094559-324035.jpeg Record the necessary cash adjustments. (If no entry is required for a transactionievent, select
A company has already spent $80,000 developing a new product,
Question A company has already spent $80,000 developing a new product, and is now considering whether or not to market the product.Tooling for production of the new product would cost $50,000.If the product is produced and marketed, the company estimates that there is only one chance in four that the product would be successful. If successful, the net income would be $100,000 per year for 8 years.If not successful, the company would lose $30,000 per year for 2 years, after which time the venture would be terminated. The minimum rate of return on the capital is 20% per year.Draw a decision tree and determine the best alternative using the expected net present value criterion.
Preferred Stock (8%, $52 par, 11,000 shares authorized)$ 416,000Common Stock
Question Preferred Stock (8%, $52 par, 11,000 shares authorized)$ 416,000Common Stock ($1 stated value, 1,900,000 shares authorized)1,300,000Paid-in Capital in Excess of Par—Preferred Stock120,000Paid-in Capital in Excess of Stated Value—Common Stock1,450,000Retained Earnings1,800,000Treasury Stock (10,500 common shares)52,500What is the closing entry? and how to get the answer.Apr.14 Sold 5,800 shares of treasury stock—common for $33,000.
Problem 16-01 Inventory ManagementWilliams
Question Problem 16-01 Inventory ManagementWilliams
eBookProblem 16-02 Receivables Investment />Medwig Corporation has a DSO of
Question eBookProblem 16-02 Receivables Investment />Medwig Corporation has a DSO of 39 days. The company averages $7,000 in sales each day (all customers take credit). What is the company’s average accounts receivable? Round your answer to the nearest dollar.
Problem 16-04 Cost of Trade CreditA large retailer obtains merchandise
Question Problem 16-04 Cost of Trade CreditA large retailer obtains merchandise under the credit terms of 2/15, net 35, but routinely takes 55 days to pay its bills. (Because the retailer is an important customer, suppliers allow the firm to stretch its credit terms.) What is the retailer’s effective cost of trade credit? Assume 365 days in year for your calculations. Do not round intermediate calculations. Round your answer to two decimal places.
Problem 16-05 Accounts PayableA chain of appliance stores, APP Corporation,
Question Problem 16-05 Accounts PayableA chain of appliance stores, APP Corporation, purchases inventory with a net price of $400,000 each day. The company purchases the inventory under the credit terms of 2/15, net 35. APP always takes the discount, but takes the full 15 days to pay its bills. What is the average accounts payable for APP? Round your answer to the nearest dollar.
Problem 17-01 Cross RatesAt today’s spot exchange rates 1 U.S.
Question Problem 17-01 Cross RatesAt today’s spot exchange rates 1 U.S. dollar can be exchanged for 12 Mexican pesos or for 110.88 Japanese yen. You have pesos that you would like to exchange for yen. What is the cross rate between the yen and the peso; that is, how many yen would you receive for every peso exchanged? Round your answer to two decimal places.
eBookProblem 17-02 Interest Rate ParityThe nominal yield on 6-month T-bills
Get college assignment help at Smashing Essays Question eBookProblem 17-02 Interest Rate ParityThe nominal yield on 6-month T-bills is 7%, while default-free Japanese bonds that mature in 6 months have a nominal rate of 3%. In the spot exchange market, 1 yen equals $0.006. If interest rate parity holds, what is the 6-month forward exchange rate? Round the answer to five decimal places. Do not round intermediate calculations.
Problem 17-03 Purchasing Power ParityA computer costs $630 in the
Question Problem 17-03 Purchasing Power ParityA computer costs $630 in the United States. The same model costs 750 euros in France. If purchasing power parity holds, what is the spot exchange rate between the euro and the dollar? Do not round intermediate calculations. Round your answer to two decimal places.$1 = euros
eBookProblem 17-04 Exchange RateIf euros sell for $1.41 (U.S.) per
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eBookProblem 18-01 Profit or Loss on New Stock Issue />Security
Question eBookProblem 18-01 Profit or Loss on New Stock Issue />Security Brokers Inc. specializes in underwriting new issues by small firms. On a recent offering of Beedles Inc., the terms were as follows:Price to public: $5 per shareNumber of shares: 3 million Proceeds to Beedles: $14,000,000The out-of-pocket expenses incurred by Security Brokers in the design and distribution of the issue were $300,000. What profit or loss would Security Brokers incur if the issue were sold to the public at the following average price?A. $5.25 per share? Use minus sign to enter loss, if any. $ B. $6.5 per share? Use minus sign to enter loss, if any. $ C. $3.5 per share? Use minus sign to enter loss, if any.
P owns 40% of S and uses the cost method
Question P owns 40% of S and uses the cost method to account for its investment. Professional judgement has applied, and it is concluded that P controls S. The 2019 partial income statements of both companies are shown below. Assume a tax rate of 35%, and no other expenses than indicated below. P SRevenues $150,000 $85,000Miscellaneous Expenses $30,000 $20,000Depreciation Expense $40,000 $25,000On January 1,2019, S sold equipment to P at a profit of $7,000(before tax).The equipment had a remaining useful life of twenty-five years on that date. At the end of 2019, S declared and paid a $5,000 dividend.Required:
Practice ProblemLarson Company had the following transactions throughout the year
Question Practice ProblemLarson Company had the following transactions throughout the year 2018: />1. On February 11, 2018, Larson learned that one of their suppliers had been selling faulty parts, which Larson had incorporated in several of their products. Larson’s legal counsel deemed that it was probable that Larson would be found liable in a lawsuit and the amount of the loss could range from $800,000 to $1,700,000. 2. On April 1, Larson collected $30,000 for one-year of advanced rent on a warehouse that it owned. 3. On June 11, Larson filed a lawsuit against the supplier of the faulty parts for $2,200,000. Larson’s lawyer believes that it is probable that Larson will win the lawsuit and the amount is a reasonable estimate of the award settlement. 4. On July 1, 2017, Larson obtained a nine-month, 8%, $50,000 loan from ABC Financial. The principal and interest will be repaid on February 28, 2019. 5. On October 12, Larson was advised by its lawyers that three of its former employees were suing Larson for $2,000,000 for wrongful termination. Larson’s lawyers have deemed that it is possible that the Larson will lose the lawsuit but that the amount of the loss will be approximately $900,000 and not $2,000,000. 6. On December 1, Larson purchased $1,350 of supplies on account. Larson has 45 days to pay for the supplies before it starts accruing interest and late fees. Larson paid $800 of the amount 10 days after the date of purchase. 7. On December 5, Larson sold $5,000 worth of goods on account. The customer has 30 days to pay the bill. The customer paid $1,000 15 days after the date of sale and promised to pay the balance by the due date.8. As of December 31, 2018 Larson’s employees had accrued $240,000 of salaries that were to be paid on January 4, 2019. 9. Throughout the year, Larson sold $630,000 of equipment that had a one-year warranty. Larson estimates that 1% of all sales will be returned for defects and that the defects will cost $3.50 to repair. As of December 31, Larson had paid $8,600 of repairs for the year. (Assume there was no beginning balance in the warranty liability account). 10. On December 31, 2018, Larson obtained a 10-year, $400,000 mortgage for its new warehouse. Below is the amortization table for this mortgage. Principal: $400,000.00 Interest Rate: 3.50% Payment Interval: Annually # of Payments: 10 Payment: $48,096.55 Schedule of Payments Pmt # Payment Principal Interest Balance 1 48,096.55 34,096.55 14,000.00 365,903.45 2 48,096.55 35,289.93 12,806.62 330,613.52 3 48,096.55 36,525.08 11,571.47 294,088.44 4 48,096.55 37,803.45 10,293.10 256,284.99 5 48,096.55 39,126.58 8,969.97 217,158.41 6 48,096.55 40,496.01 7,600.54 176,662.40 7 48,096.55 41,913.37 6,183.18 134,749.03 8 48,096.55 43,380.33 4,716.22 91,368.70 9 48,096.55 44,898.65 3,197.90 46,470.05 10 48,096.50 46,470.05 1,626.45 0 Grand Total 400,000.00 80,965.45 11. On December 31, 2018, Larson made adjusting entries to record Interest on the loan (from item 4) and revenue earned (from item 2).Practice Problem1. For each of the scenarios above, determine how much would be classified as a current liability and how much would be classified as a non-current liability. If an amount is not classified as a liability, explain how we would account for it.2. What is the ending balance in the Current Liabilities account as of December 31, 2018?
PLEASE HELP ME WITH THIS HOMEWORK A.SA.P.Addison Brown, single and
Question PLEASE HELP ME WITH THIS HOMEWORK A.SA.P.Addison Brown, single and age 32. She is employed as regional sales manager by PILLS Corporation, a manufacturer and distributor of vitamins and food supplements. Addison is paid an annual salary of $50,000. Addison also has a bookkeeping and tax business that she runs out of her home. Her fees income collected for the year was $25,000. Out of 1,500 square feet of living space in her apartment, Addison has set aside 300 square feet as an office. Expenses for 2018 relating to the office are listed below.Her self-employment-related expenses for 2018 are summarized below.The business gifts were boxes of candy costing $30 sent to 18 clients at Christmas. The continuing education was a noncredit course dealing with improving people management skills that Addison took online.She uses her automobile 10% for business and 90% for personal. The automobile was purchased new on June 30, 2012, for $37,000 (no trade-in was involved). During 2018, Addison drove 15,000 miles (total) and incurred and paid the following expenses relating to the automobile:Besides the items already mentioned, Addison had the following receipts in 2018: Bank of America interest income of $250 and City of Dallas bond interest of $1,000. Addison’s expenditures for 2018 (not previously noted) are summarized below.Medical 7000State and local tax 4000Property Taxes 7000Church pledge Paid 6000Credit card interest 2000Tax return preparation fee 500 Her employer withheld $9,600 for Federal income tax purposes. What is Addison’s Federal income tax return 2018?
11. Closing Entry. Following the instructions in the next paragraph,
Question 11. Closing Entry. Following the instructions in the next paragraph, prepare and post the necessary entries to close the General Fund Estimated Revenues and Appropriations accounts to Budgetary Fund Balance, and Revenues and Expenditures to Fund Balance—Unassigned. Because the City of Smithville honors all outstanding encumbrances at year-end, it is not necessary to close Encumbrances to Encumbrances Outstanding at year-end since encumbrances do not affect the General Fund balance sheet or statement of revenues, expenditures, and changes in fund balances. If, however, you would like to avoid having these accounts appear in the post-closing trial balance, you can opt to close Encumbrances to Encumbrances Outstanding. If the accounts are closed, they would need to be reestablished at the beginning of the next year. To close the temporary accounts, you must click the box for [Closing Entry] that appears when you [Add new entry]. “Closing Entry” will appear in the [Add credit] field. Be sure the check mark in the box for [Closing Entry] is showing before closing each individual account. Also, you will be sent to the Detail Journal where you must close each individual budgetary or operating statement account. To determine the closing amounts for both General Ledger and subsidiary ledger accounts, you will need to print the preclosing version of these ledgers for year 2020 from the [Reports] menu. At year-end, an analysis by the city’s finance department determined the following constraints on fund balances in the General Fund. Prepare the appropriate closing/reclassification journal entry in the General Fund to reclassify amounts between Fund Balance—Unassigned and the fund balance accounts corresponding to the constraints shown below. (Note: You should consider the beginning of year balances in fund balance accounts in calculating the amounts to be reclassified. Be sure the check mark in the box for [Closing Entry] is showing before closing each individual account.) Account Ending BalanceFund Balance—Restricted—General Government $36,000 Fund Balance—Committed—Public Works 12,700 Fund Balance—Assigned—Culture and Recreation 0 Note: DO NOT PREPARE CLOSING ENTRIES FOR GOVERNMENTAL ACTIVITIES AT THIS TIME since governmental activities will not be closed until Chapter 9, after the capital projects fund (Chapter 5) and debt service fund (Chapter 6) transactions affecting governmental activities at the government-wide level have been recorded. b. Select [Export] from the drop down [File] menu to creat an Excel worksheet of the General Fund post-closing trial balance as of December 31, 2020. Use Excel to prepare in good form a balance sheet for the General Fund as of December 31, 2020. Follow the format shown in Illustration 4-4 of Reck,Lowensohn, and Neely, Accounting for Governmental
This information relates to the Cash account in the ledger
Question This information relates to the Cash account in the ledger of Howard Company. /> Balance September 1—$16,400; Cash deposited—$64,000 Balance September 30—$17,600; Checks written—$62,800The September bank statement shows a balance of $16,500 at September 30 and the following memoranda.CreditsDebitsCollection of electronic funds transfer$1,830NSF check: H. Kane$560Interest earned on checking account45Safety deposit box rent60At September 30, deposits in transit were $4,738 and outstanding checks totaled $2,383.Prepare the bank reconciliation at September 30, 2017. (List items that increase balance as per bank
Perth Inc.’s bank statement from Main Street Bank at August
Question Perth Inc.’s bank statement from Main Street Bank at August 31, 2017, gives the following information. />Balance, August 1$18,400Bank debit memorandum:August deposits71,000Safety deposit box fee$ 25Checks cleared in August68,678Service charge50Bank credit memorandum:Balance, August 3120,692 Interest earned45A summary of the Cash account in the ledger for August shows the following: balance, August 1, $18,700; receipts $74,000; disbursements $73,570; and balance, August 31, $19,130. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $4,800 and outstanding checks of $4,500. In addition, you determine that there was an error involving a company check drawn in August: A check for $400 to a creditor on account that cleared the bank in August was journalized and posted for $40.(a)Determine deposits in transit.Deposits in transit $
Tunisia Inc. owns assets to which it applies the revaluation
Question Tunisia Inc. owns assets to which it applies the revaluation model (asset-adjustment method). The following additional information is available:1. Accumulated Depreciation at December 31, 2018 (prior to any fair value adjustments) was $12,000.2. Between December 31, 2017 and December 31, 2018, the property’s fair value had increased by $30,000.3. The December 31, 2018 balance in the revaluation surplus account (prior to any fair value adjustments) was $2,000.Assume the same facts as indicated above, except that, between December 31, 2017 and December 31, 2018, the property’s fair value had decreased by $10,000. As a result, Tunisia’s 2018 income statement will include a
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