In the transaction in which Julia sells her Malibu home to Lillian, Julia is the grantee and Lillian is the grantee. Julia is the grantee and Anne Marie is the grantee in the transaction in which Julia purchases her Anne Marie's San Francisco condominium.
Who are Real Estate Grantor Grantee?A grantee is a person or entity that transfers ownership of property to another person or entity known as the grantee in real estate transactions. Typically, legal documents that transfer ownership of property identify the grantee and grantee. certificates B. A contract transferring ownership of the asset to the recipient must be signed by the grantee. As a result, the grantee becomes the property's owner in law. Usually, the grantee is responsible for paying the property's purchase price. Upon receiving payment of the purchase price, the grantee is required by law to transfer title to the grantee. In compliance with state rules and regulations, this procedure is carried out.
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erik is the sole owner of a small business that he started 20 years ago. although he is not yet ready to retire, he is beginning to wonder about what would happen to the business should he die or decide to retire. erik has a son who has graduated from college and worked at the firm for a few years. his son seems to enjoy the business and have a natural aptitude for the work. erik is also concerned about maintaining a significant income from the business and, if possible, freezing the value of the business for estate tax purposes. erik has already used his available applicable credit amount. which one of the following is the most appropriate form of business transfer technique for erik to use to achieve his objectives? a) a preferred stock recapitalization in which erik retains stock that pays a noncumulative dividend and that has a fixed liquidation value, with annual exclusion gifts of nonvoting stock being made to his son b) selling the business to the son on an installment sale basis, with the payments secured by the business assets c) a preferred stock recapitalization in which erik retains stock that pays a fixed cumulative dividend and that has a fixed liquidation value and voting rights, with annual exclusion gifts of nonvoting common stock being made to his son d) a cross-purchase buy-sell agreement with his son that is funded with life insurance, with the purchase price being equal to the business's value at the time of sale or death
The most appropriate form of business transfer technique for Erik to use to achieve his objectives would likely be option D: a cross-purchase buy-sell agreement with his son that is funded with life insurance, with the purchase price being equal to the business's value at the time of sale or death.
Which of the following forms of business transfer technique is most appropriate?
This option allows Erik to maintain a significant income from the business and potentially freeze the value of the business for estate tax purposes, as the business would be sold at its value at the time of death or sale.
Additionally, by funding the buy-sell agreement with life insurance, the funds would be available to purchase the business in the event of Erik's death.
Option A, a preferred stock recapitalization in which Erik retains stock that pays a noncumulative dividend and that has a fixed liquidation value, with annual exclusion gifts of nonvoting stock being made to his son, would not necessarily provide the income and estate tax benefits that Erik is looking for.
Option B, selling the business to the son on an installment sale basis, with the payments secured by the business assets, would not provide the income and estate tax benefits that Erik is looking for either.
Option C, a preferred stock recapitalization in which Erik retains stock that pays a fixed cumulative dividend and that has a fixed liquidation value and voting rights, with annual exclusion gifts of nonvoting common stock being made to his son, would not necessarily provide the income and estate tax benefits that Erik is looking for.
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suppose that venezuela produces beef and oil and it can switch production between each at a constant rate. if the most beef it can produce is 300 million pounds and the most oil it can produce is 50 million barrels, then what is the opportunity cost of a pound of beef and what is the opportunity cost of a barrel of oil?
Beef is known as the opportunity cost of a pound of beef. The quantity of meat that must be sacrificed in order to create one more barrel of oil is known as the opportunity cost of a barrel of oil.
We may use the production possibilities frontier (PPF) to calculate the opportunity cost if Venezuela can alternate between producing beef and oil at a steady pace. The opportunity cost of one thing in relation to the other good is represented by the PPF's slope. Given that it can generate 50 million barrels of oil and 300 million pounds of beef respectively, the PPF's slope in this instance would be -(50/300) = -1/6. As a result, a barrel of oil has an opportunity cost of -6 pounds of beef per barrel, and a pound of beef has an opportunity cost of -1/6 barrels of oil.
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max weber's work, based on a rational set of guidelines for structuring organizations in the most efficient manner, is based on which organizational norm?
It is based on bureaucracy organizational norm.
According to max weber what is bureaucratic organization?According to Max Weber's thesis, bureaucracy is the cornerstone of any organization's methodical creation and is intended to guarantee efficiency and economic effectiveness. It is the perfect model for management and its administration to clarify the hierarchy of power inside an organisation. He establishes the fundamentals of bureaucracy with these findings, emphasising the division of labour, hierarchy, regulations, and impersonal interactions. Regulations are typically a good indicator of a bureaucratic organisation. A bureaucratic organisation is one that uses rigorous hierarchies, procedures, and rules. In a bureaucratic organisation, one can also observe an enforced chain of command and standardised operational processes.
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drought, economic decline, and falling prices in africa were effects of their forced reliance on what? a slave labor b cotton c opium d cash crops
Drought, economic decline, and falling prices in Africa were effects of their forced reliance on slave labor. A decline in agricultural output could cause a shortage of various foods, including wheat, corn, and some forms of protein like meat and eggs.
South Africa might therefore be forced to import more as a result. Thirdly, a dearth of locally grown food could raise prices. If a drought kills all of a farmer's crops, the farmer may lose money. Ranchers might have to pay more money on livestock feed and water. Drought has a wide range of external repercussions that can affect economic anything from the GDP contribution of agriculture to the availability of food and job prospects.
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do research on the impact of hurricane sandy on business organizations. what have been successful and unsuccessful examples of crisis management that have come out of this research? is terrorism a likely crisis for which business may prepare? how does preparation for terrorism (which comes from without) compare with preparation for ethical scandals (which come from within)?
As long as they admit, businesses can prepare for almost any imminent crisis, whether it be a natural disaster, an internal violation, or terrorism.
Which instances and what is natural?
Nature has gifted us with many things, and humans are unable to create these things. Examples of objects that are naturally occurring are the moon, sun, river, clouds, mountain, rain, water, and so forth.
The word "natural" has a far broader definition in scientific language than it does in common usage, which frequently uses it to indicate healthy or non-human-made products. Any component of the physical cosmos, whether created by humans or not, is referred to as natural in science.
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determine whether the quantitative variable is discrete or continuous.
The quantitative variable or measurement variable is continuous. In term of the measurement and analysis of the given set of the data.
The quantitative variable is the variable which is defined as the any term or things is used to measure with respect to the number and means that makes sense.
The quantitative variable is used in the statistics to measure the variable and data analysis. The quantitative variable is in the decimal variable which is used to measure the number and means.
The quantitative variable is used in the counter, to measuring the physical entities, and temperature.
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demand management might be defined as focused efforts to estimate and manage customers' demand, with the intention of using this information to shape operating decisions. true false
Process through which a supply chain moves from producing to a forecast to producing to customer demand the supply chain needs to manage its customers demand.
Are projections based on historical or numerical data, whether it be from inside or outside the organization demand management is a planning methodology. companies use it to forecast and plan how to meet demand for services and products. demand management improves connections between operations and marketing. the result is tighter coordination of strategy, capacity and customer needs demand forecasting allows manufacturing companies to gain insight into what their consumer needs through a variety of forecasting methods. these methods include: predictive analysis, conjoint analysis, client intent surveys, and the method of forecasting.
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7. if a 5-year annuity due has a present value of $1,000, and if the interest rate is 10 percent, what is the amount of each annuity payment?
Each annuity payment for a 5-year annuity due with a present value of $1,000 and an interest rate of 10 percent would be $170.25.
If you have a 5-year annuity due with a present value of $1,000 and an interest rate of 10 percent, the amount of each annuity payment can be easily calculated.
To begin, the formula used to calculate annuity due payments is:
Payment = PV x rate / [1 - (1 + rate) ^ -n]
Where PV = present value, rate = interest rate, and n = number of payments.
Applying this formula to the example given, the amount of each annuity payment is:
Payment = 1000 x 0.1 / [1 - (1 + 0.1) ^ -5]
Payment = 1000 x 0.1 / [1 - 0.6105]
Payment = $170.25
Therefore, If you have a 5-year annuity due with a present value of $1,000 and an interest rate of 10 percent, the amount of each annuity payment can be easily calculated.
To begin, the formula used to calculate annuity due payments is:
Payment = PV x rate / [1 - (1 + rate) ^ -n]
Where PV = present value, rate = interest rate, and n = number of payments.
Applying this formula to the example given, the amount of each annuity payment is:
Payment = 1000 x 0.1 / [1 - (1 + 0.1) ^ -5]
Payment = 1000 x 0.1 / [1 - 0.6105]
Payment = $170.25
Therefore, each annuity payment for a 5-year annuity due with a present value of $1,000 and an interest rate of 10 percent would be $170.25.
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who typically pays a residential rental locator? a) lender b) apartment owner and tenant, who split the fee c) apartment owner d) tenant
Apartment owner and tenant, who split the fee typically pays a residential rental locator. The correct option is B.
The residential rental or rental house is referred to a property which is occupied by the someone other than the owner, for which the tenant pays a periodic mutually agreed rent to the owner.
The residential properties are home or apartments. These might be single family houses, townhouses etc.
Most of the people who invest in residential property but don't live in themselves will rent it out to others. Apartment owner and tenant, who split the fee typically pays a residential rental locator.
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What days are BIM classes held?
Classes take place on Mondays and Wednesdays from 4:00-6:00 pm EST, at The Plan Room located at 1815 W Broadway.
Have a Nice Day.
requiring the mail clerk to prepare a listing of all checks received, with copies of the list going to the cashier and to accounting, is an example of which type of control?
Requiring the mail clerk to prepare a listing of all checks received, with copies of the list going to the cashier and to accounting, is an example of Preventive Control
Preventive controls are made to search for any blunders or anomalies. The reason for remedial methods is to wipe out mistakes or irregularities that were found. Oppositely, preparatory controls are expected to stop blemishes and oddities before they start.
Limiting the utilization of frivolous money reserves is basically preventive.Prior to adding to the exceptional asset, accommodate it is Criminal investigator.Requesting two marks on makes sure that surpass a specific limit is fundamentally preventive.On bookkeeping, introduce concealing banners or review reports is Analyst.Autonomously survey Visa charging proclamations and related administrative work every month to check whether buys are sensible is Analyst.confining the quantity of representatives with admittance to the key and store checks in a got box or cabinet is basically preventive.Day to day documenting of budget summaries is restorative control.Know more about Preventive Controls - https://brainly.com/question/29909797
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True/False A mutual fund portfolio that is properly diversified will have all investment dollars located in just one of four different classes of financial assets.
According to the question of mutual fund, the given statement is false.
What is mutual fund?
Mutual funds are investment products that pool money from many investors and invest it in a variety of different securities, such as stocks, bonds, and money market instruments. Mutual funds are generally managed by an investment company that charges a fee for its services. The fees are usually based on a percentage of the total amount of the fund’s assets. Mutual funds offer investors a variety of benefits, including diversification, professional management, and a range of investment options. Mutual funds also offer liquidity, which means that investors can easily buy and sell shares in the fund. Mutual funds are an attractive investment option for many investors due to their low costs, diversification, and accessibility.
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sipco, inc., a wholesaler, purchased $175,000 of inventory during the year, incurred transportation-in costs of $21,000, and shipping costs of $14,000. the company had $10,000 of inventory on hand at the beginning of the year and $7,000 on hand at the end of the year. what is the cost of goods for the year?
At the start of the year, the business had $10,000 in inventory on hand, and it had $7,000 left at the end. cost of goods for the year is $175,000 plus $21,000, or $196,000 plus $10,000 minus $7,000, equals $199,000.
The direct expenses of manufacturing the products that a business sells are referred to as its cost of goods sold (COGS). The cost of the labour and materials directly employed to make the item are also included in this sum. It doesn't include indirect expenditures like those associated with the sales staff and distribution. As a company's gross profit is calculated by subtracting COGS from its revenues, COGS is a crucial financial statement statistic. The gross profit is a measure of profitability that assesses how effectively a business manages its workers and resources during the production process. COGS is accounted for as a business expense on the income statements since it is a cost of doing business.
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an operation has a buffet with 12 different items on it. how many serving utensils are needed to serve the items on the buffet?
To serve the buffet's products, eight serving utensils are required.
What is meant by operation?The term "operation" in mathematics refers to the process of calculating a value utilising operands and a math operator. For the specified operands or integers, the math operator's symbol has predetermined rules that must be followed.
Addition, subtraction, multiplication, and division are commonly regarded as the four basic mathematical operations.
The principles and foundations of mathematics are basic operations. They resemble learning the traffic laws in driver's education. Addition, subtraction, multiplication, and division are the four fundamental rules that we all understand. We're going to mix them now in novel ways to perform novel tasks.
The number of serving utensils are needed to serve the items on the buffet exists 8.
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peloton equipment and service is famously expensive, but peloton tries to always ensure that its key customers always receive the greatest amount of total benefits for the least amount of total costs.
The marginal benefit is greatest during the first unit's ingestion, and it declines after that. This is brought on by a drop in the rate of incremental satisfaction linked to the intake of the extra unit.
How does total benefit-cost work?It is the most money a customer would be willing to spend on a specific quantity of a good. The complete benefit a consumer receives from a specific amount of a good or the total value they place on that amount can also be considered.
What does "marginal cost benefit" mean?The marginal benefit is the maximum amount of money a consumer will pay on an additional good or service. As spending rises, customer contentment tends to decline.
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a marketing manager that plans new products to meet consumer needs should
A marketing manager should research prior product launches in order to learn from past triumphs and failures while developing new items to fulfill consumer needs.
As to Why We Market?Marketing is the practice of a firm, business model, person, and perhaps other entity promoting its service. The goal of marketing is just to persuade customers to buy their products and support a certain company.
What Role Does Marketing Play in This?One of the main goals of marketing is to increase a company's size. Businesses may employ a variety of marketing strategies to reach these objectives. To match products with customer wants, for instance, personalization, prediction, and simply identifying the right problem to handle could be necessary.
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Marketing is defined as a social and managerial process by which individuals and organizations obtain what they need and want through ________.
A) Research and development
B) Innovation and creativity
C) Manufacturing efficiencies
D) Value creation and exchange
E) Sales and revenue creation
Marketing is defined as a social and managerial process in which individuals and organizations obtain what they need and want through Value creation and exchange.
What is value creation?
The process of transforming resources and labour into something that serves others' needs is referred to as creating value. The cultivation of crops by farmers, the creation of a product by factory workers, and other intangibles like computer code and unique ideas are all included in this. These four value generation categories have the names listed below:
A) Intentional value co-creation;
B) Provider-driven value creation;
C) Customer-driven value creation; and
D) Chance-driven value creation.
Thus, correct option is: D
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Developing countries with low saving rates and poor levels of health and education are likely to experience
a. high levels of foreign direct investment.
b. easy access to financial backing from banks.
c. rapid growth in household incomes.
d. low rates of growth in real GDP per capita.
Low real per person GDP growth rates. Low savings rates, poor health, and inadequate education are common in developing nations.
What actions does the authority of a nation that is comparatively underdeveloped take to encourage economic prosperity?The establishment and enforcement of solid property rights, the maintenance of political stability, the reduction of official corruption, and the promotion of free commerce are all ways that a relatively impoverished country's government might encourage economic prosperity and growth.
What are the three most fundamental requirements for such poorest of the poor in emerging economies?Food, nutrition, health care, education, water, sanitization, and shelter are all considered basic needs. In order to assess how well developing nations are doing in providing for the basic requirements of their populations, the World Bank conducted a study.
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because achieving dynamic consistency requires anticipation and vigilance, firms should mitigate external threats by:
Because achieving dynamic consistency requires anticipation and vigilance, firms should mitigate external threats by understanding the threat of substitution.
The external threats is the organization will come from the employee and employers or any other worker in the organization from the bad individual or organization from external whose motive is to exploit the vulnerabilities in your organization.
The dynamic consistency is the ideas which has the decisions are continue or consistent over the given internal of time period in which the decisions are aligned and build on initial decision in the company or any other organization.
The dynamic consistency is performed in the marketing, decision-making, and in the sales or operations processes.
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what does it mean when the irs accepted your return
Once your return has been reviewed and passed the IRS's initial inspection, you will receive notification that they have accepted it.
What does IRS mean in its entirety?The federal tax laws passed by Congress are managed by the Internal Revenue Service (IRS). Processing tax returns, serving taxpayers, and enforcing the law are the three main duties of the IRS.
What does IRS want to accomplish?The IRS's objective Giving Americans who pay taxes top-notch service by assisting them in understanding and meeting their tax obligations and upholding the law in a fair and honest manner for all The IRS's role as well as the public's expectations of how it should carry out that role are described in this mission statement.
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All of the following are part of the FASB conceptual framework: (Select all that apply).
A,Multiple select question.
B,Elements
C, Objectives
D, Recognition and measurement
E, Assumptions
All (Multiple select question. Elements, Objectives, Recognition and measurement and Assumptions) are parts of the FASB conceptual Framework.
What is FASB conceptual Framework ?The Conceptual Framework is a collection of interconnected goals and tenets, sometimes known as "Concept Statements." The basics are the underlying ideas that support the achievement of the objectives, which are aims and purposes of financial reporting that are identified by the objectives.
The project's goal is to provide a solid framework for principles-based, internally consistent, and globally convergent accounting standards in the future.
Assets, liabilities, equity (net assets), revenues, costs, gains, losses, owner investments, owner distributions, and comprehensive income are the 10 components of financial statements.
All (Multiple select question. Elements, Objectives, Recognition and measurement and Assumptions) are parts of the FASB conceptual Framework.
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lichtman company owns 35% of the common stock of teflowitz co. and uses the equity method to account for the investment. during 2021, teflowitz reported income of $260,000 and paid dividends of $90,000. there is no amortization associated with the investment. during 2021, how much income should lichtman recognize related to this investment?
Lichtman should recognize $91,000 of income related to this investment during 2021. This is calculated by multiplying the $260,000 of income reported by Teflowitz by Lichtman's 35% ownership share, then subtracting the $90,000 of dividends paid by Teflowitz. ($260,000 x 0.35 = $91,000).
1. Calculate the amount of stock ownership: 35% of the common stock of Teflowitz Co.
2. Calculate the proportionate share of income: 35% of the reported income of $260,000 = $91,000
3. Calculate the proportionate share of dividends: 35% of the dividend paid of $90,000 = $31,500
4. Calculate the income to be recognized: The income to be recognized is the sum of the proportionate share of income and dividends, which is $91,000 + $31,500 = $122,500.
5. No amortization is associated with this investment. Therefore, the income to be recognized related to this investment is $122,500.
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quiz which rule states that a contract negotiated by an agent must be in writing if the contract would normally fall under the statute of frauds if negotiated by the principal?
The rule that requires that a contract should be written is Equal dignity rule.
The equal-dignities rule states that an agent must operate in accordance with the power granted by the principal. Only by adhering to the documented authorisation can the agent execute these actions. Due to the seriousness of cases of fraud, this law requires that contracts be in writing; otherwise, they risk being rejected.A contract is an agreement between parties, creating mutual obligations that are enforceable by law. The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.
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Identify the statement that is most accurate. Review Later Financial information is considered a faithful representation if it is complete, timely, and error-free. Financial information that has confirmatory value provides feedback that either confirms or changes previous evaluations. Understandability of financial information refers to the extent to which similar conclusions can be drawn by independent observers given the same information. International Financial Reporting Standards (IFRS) are adopted by the majority of the companies in the United States
The best description of financial information is "Financial Information with lacks good validity delivers feedback that either confirms or modifies existing judgements."
Why is financial information important?Financial statements, which include details on a company's activities, profitability, and cash flow, provide a rapid look at its financial situation. Because they include information about a company's revenue, expenses, profitability, and debt, financial statements are very important.
What further types of financial data exist?The three main forms of financial statements are the balance sheet, income statement, and cash flow statement. These three financial statements show the assets, liabilities, income, expenditures, and cash flows of operations, investments, and financial activities of a business.
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jessica wants to experiment with different furniture arrangements for her bedroom without making changes to her floor plan. which tool/material should she utilize on top of her existing floor plan?
Jessica wants to experiment with different furniture arrangements for her bedroom without making changes to her floor plan tracing paper.
What is tracing paper?You can trace an image or artwork with tracing paper, which is semi-transparent paper. I use tracing paper, as all kids are taught to do, to make a copy of a sketch I've made to transfer to a surface for painting. It is possible to use any paper as tracing paper as long as it is clear enough to let light through. This covers several papers from textbooks and works of art. As a result of its transparency, tracing paper is occasionally mistaken for vellum or parchment. To break down the paper's wood fibers, tracing paper is manufactured from regular paper. Its slightly transparent appearance is a result of this. A standard sheet of paper can be transformed into tracing paper by coating the entire surface with a thin layer of vegetable oil using a paintbrush.To learn more about tracing paper refer to:
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Companies only create Key Partnerships with other companies that they do not ordinarily compete with.
A. True
B. False
False . Only businesses that do not frequently compete with one another form Key Partnership.
What kind of cooperation would that be?By definition, a partnership business consists of one or more people who pool their resources to create a company and agree to split the risks, rewards, and losses. Law firms, medical groups, investment real estate firms, and accountancy groups are typical instances of partnership businesses.
Partnership: What Is It?An agreement between a number of individuals to manage a business' operations and divide its assets and liabilities is known as a partnership. All partners in a partnership agreement corporation split the company's assets and debts equally.
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in class, we discussed how the holtschneider performance center raised funds to pay for the fancy, beautiful music building that sits at the corner of halsted and fullerton. how did depaul raise the capital for this pricey project?
DePaul raised the capital for the Holtzschneider Performance Center through a combination of private donations, bond issuances, and a loan from the university's endowment.
The Holtzschneider Performance Center was a pricey project for DePaul University, with a final cost of around $60 million. To raise the capital for the construction, the university employed a multi-faceted approach. Firstly, the university reached out to private donors, who made significant contributions to the project.
Additionally, the university issued bonds to raise funds. These bonds were sold to investors, who would be repaid over time with interest. Finally, the university also took out a loan from its endowment, which is a pool of money set aside for the long-term financial stability of the university. This combination of private donations, bond issuances, and a loan from the endowment allowed DePaul to raise the necessary capital to construct the Holtzschneider Performance Center.
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On February 1, Fari’s Fedora Manufacturers sent an offer to Henri’s Hattery by letter with all price, quality, quantity, and delivery terms clearly stated, indicating that the offer to sell Fari’s fedoras would remain open until October 1. On September 1, Henri’s sent an acceptance of the offer to Fari's with no material alterations to any of the stated terms in the offer. The acceptance made the contract valid and enforceable.
A. True
B. False
False Article 2 standards for accepting offerings are stronger than those under common law.
What prerequisite for a seller's firm offer is not present?That date for all upcoming shipments must be specified in the offer. Situations in Which Additional Arrangements Among Merchants Do Not Form a Contract.
What is it called if a document is missing important clauses?A contract that is void and voidable has no legal standing and is therefore unenforceable. Contracts that are deemed null and void because they lack one or more essential components of either a legal agreement are never actually put into effect. The phrase "irrevocable" means that a party may be held financially accountable in a judicial proceeding for failing to comply with its duties under the agreement, not that a party cannot decline to perform those responsibilities.
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several decades ago many consumers thought that all coffee tasted the same. what theory suggests that consumers might be able to perceive differences between the tastes of starbucks coffee and other coffee offerings?
It typically involves friends who are regarded as trustworthy, word of mouth is the most effective and authentic source of information for consumers.
What situations might influence a customer's decision-making at the time of purchase?Situational influences are temporary circumstances that have an effect on how buyers act, whether they end up buying your product, other products, or nothing at all. Physical factors, social factors, time factors, the buyer's motivation for purchasing, and the buyer's mood are all included.
What is meant by "behaviors" that come about as a result of repeated experience and reasoning?learning. refers to the behaviors that are the result of reasoning and repeated experience. motivation. the energizing force that causes people to act in a way that meets a need.
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williamsburg markets has an operating cash flow of $4,267 and depreciation of $1,611. current assets change by -$1,356 while current liabilities change by -$2,662, and change in fixed assets investment is $1229 during the year. what is free cash flow for the year?
Free cash flow for the year is -$148. Free cash flow is the amount of cash generated by a business after taking into account all cash-related expenses, such as capital expenditures, depreciation, and changes in working capital. In this case, free cash flow can be calculated as follows:
Operating cash flow: 4,267
Depreciation: -1,611
Change in current assets: -1,356
Change in current liabilities: -2,662
Change in investments in fixed assets: +1,229
Free Cash Flow: 4,267 – 1,611 – 1,356 – 2,662 + 1,229 = –$148
Therefore, free cash flow for the year is -$148.
It is calculated taking into account all cash related expenses such as capital expenditure, depreciation and changes in working capital. By subtracting these expenses from operating cash flow, we can get an accurate picture of how much cash a company has available after all cash-related expenses are paid.
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