Legal Reasoning Fact Scenario X: Wendy and Peter want to buy property together. Wendy will be contributing $70,000.00 of the $100,000.00 purchase price, while Peter will be contributing $30,000.00. Wendy has two brothers, John and Michael, whom she loves very much and she really wants them to inherit her share of the property after her death. Tenants in Common can own unequal percentages of the property, allowing the co-owners to take into account varying levels of contribution. Upon the death of a tenant in common, the share owned by the decedent passes through his or her estate to the beneficiaries determined by will, if applicable, or by intestate succession (without a will). Joint Tenants must own equal percentages, regardless of contribution. Upon the death of a joint tenant, the share owned by the decedent goes to the surviving joint tenant. Refer to Fact Scenario X: Question X1. Assume that Wendy and Peter assume ownership in the property as joint tenants. What is the percentage of ownership interest that each would have in the property

Selected t-account balances for bloomfield company are shown below as of january 31, which reflect its accounting adjustments. the firm uses a calendar-year accounting period, but prepares monthly accounting adjustments. suppliesjan. 31 bal. 1,800 1,800 jan. 31 bal. supplies expensejan. 31 bal. 1,920 1,148 jan. 31 bal. prepaid insurancejan. 31 bal. 1,148 1,148 jan. 31 bal. insurance expensejan. 31 bal. 164 164 jan. 31 bal. wages payablejan. 31 bal. 1,400 1,400 jan. 31 bal. wages expensejan. 31 bal. 6,400 6,400 jan. 31 bal. truckjan. 31 bal. 17,376 17,376 jan. 31 bal. accumulated depreciation -truckjan. 31 bal. 5,068 5,068 jan. 31 bal. a. if the amount in supplies expense represents the january 31 adjustment for the supplies used in january, and $1,240 worth of supplies were purchased during january, what was the january 1 beginning balance of supplies? $answerb. the amount in the insurance expense account represents the adjustment made at january 31 for january insurance expense. if the original insurance premium was for one year, what was the amount of the premium, and on what date did the insurance policy start? amount of the premium $answerthe policy began on answerjune 1july 1august 1september 1october 1november 1 of the previous year. c. if we assume that no beginning balance existed in either in either wage payable or wage expense on january 1, how much cash was paid as wages during january? $answerd. if the truck has a useful life of four years (or 48 months), what is the monthly amount of depreciation expense, and how many months has bloomfield owned the truck? answermonths