If you have a $150,000 30-year 5% mortgage, how much of your first monthly payment of $805.50 would go toward principal?
2 answers:
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Answer:
a) 469.40%
b) 18.15%
Explanation:
a)
Total nominal growth rate =
thus,
Total nominal growth rate =
= 469.40%
b) Total real growth rate =
now,
Real earned income in 1976 =
=
= $20,267.54
and,
Real earned income in 2016 =
=
= $23,947.21
Therefore,
Total real growth rate =
= 18.15%
Answer:
Please see the attached Snapshot for a schedule showing service revenue receivable and below are the journal entries for the year 2013, 2014 and 2015 on Income Taxes.
Explanation:
1. 2013 Journal Entry
Alsup Consulting
Dated: December 31, 2013
Debit: Tax Expense $134,000
Debit: Deferred Tax Liability $4,000
Credit: Income Tax Payable $138,000
<em>To record Income Tax Payable.</em>
2. 2014 Journal Entry
Alsup Consulting
Dated: December 31, 2014
Debit: Tax Expense $108,000
Credit: Income Tax Payable $100,000
Credit: Deferred Tax Liability $8,000
<em>To record Income Tax Payable.</em>
3. 2015 Journal Entry
Alsup Consulting
Dated: December 31, 2015
Debit: Tax Expense $114,000
Debit: Deferred Tax Liability $10,000
Credit: Income Tax Payable $124,000
<em>To record Income Tax Payable.</em>
