Answer:
Using an excel spreadsheet I prepared an amortization schedule. For the 61st payment, the interest rate is increased from 0.5% to 0.625% monthly.
(a) Calculate the loan balance immediately after the 84th payment.
(b) Calculate the amount of interest in the 84th payment.
(c) Calculate the amount of the balloon payment.
As you can see, the interest amount for the 61st payment increases, while it had been decreasing previously.
Answer:
Wholistic Health Services Co.
Income Statement for the year end February 28, 2019
Service Revenue $270,900
Less: Supplies Expense <u>$3,000 </u>
Gross Income $267,900
Less operating Expenses:
Insurance Expense $4,000
Depreciation Expense $9,000
Miscellaneous Expense $6,000
Utilities Expense $1,760
Rent Expense $4,200
Wages Expense <u>$213,000</u>
<u>$237,960</u>
Net Income <u>$29,940 </u>
Explanation:
Income statement shows the performance of the company in a year. It provides the details of revenue, expenses and profits for the year. All the expenses are deducted from the revenue to determine the net earning of the business.
Answer:
The correct answer is letter "A": The amount that would be paid today to receive a single amount at a specified date in the future.
Explanation:
The present value (PV) of a single sum tells us how much a future sum of money is worth today given a specified rate of return. This is an important financial concept based on the principle that money received in a specific time in the future is not worth as much as an equal sum received today.
Answer: $678,220
Explanation:
Given that,
Purchase Discounts = $ 11,000
Freight-in = $15,300
Purchases = $689,020
Beginning Inventory = $55,000
Ending Inventory = $45,600
Purchase Returns and Allowances = $15,100
Cost of goods purchased:
= Purchases + Freight in - Purchase discounts - Purchase returns and allowances
= $689,020 + $15,300 - $ 11,000 - $15,100
= $678,220
This is a classic example of what is termed "Pork" or "Pork barrel politics". Pork is when a legislator tries to divert federal funds to projects in their districts or State. These funds provide jobs and income for his constituents who the will repay him with votes in the next election.
