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VladimirAG [237]
3 years ago
14

On what form would you find information regarding itemized closing costs due to other parties, such as tax assessments, recordin

g fees and attorney's fees?
Business
1 answer:
IrinaVladis [17]3 years ago
7 0

Answer:

Closing disclosure form

Explanation:

Closing disclosure form is a form used in mortgage application that provides a final detail about the mortgage loan being applied for. It is received at least three business days before your closing.

It is usually a five page form that contains information relating to the loan terms , projected monthly payment , interest rate , estate tax and the processing fees to arrived at the closing cost

Other costs that can be found in the closing disclosure form are recording fees, attorney's fees and tax assessment

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Journalizing transactions, posting journal entries to four-column accounts, and preparing a trial balance
andriy [413]

Answer:

1. Record each transaction in the journal. Explanations are not required.

April 1

Dr Cash 70,000

    Cr Common stock 70,000

April 3

Dr Office supplies 1,100

Dr Furniture 1,300

    Cr Accounts payable 2,400

April 4

Dr Cash 2,000

    Cr Service revenue 2,000

April 7

Dr Land 30,000

Dr Building 150,000

    Cr Cash 40,000

    Cr Notes payable 140,000

April 11

Dr Accounts receivable 400

    Cr Service revenue 400

April 15

Dr Salaries expense 1,200

    Cr Cash 1,200

April 16

Dr Accounts payable 1,100

    Cr Cash 1,100

April 18

Dr Cash 2,700

    Cr Service revenue 2,700

April 19

Dr Accounts receivable 1,700

    Cr Service revenue 1,700

April 25

Dr Utilities expense 650

    Cr Accounts payable 650

April 28

Dr Cash 1,100

    Cr Accounts receivable 1,100

April 29

Dr Prepaid insurance 3,600

    Cr Cash 3,600

April 29

Dr Salaries expense 1,200

    Cr Cash 1,200

April 30

Dr Rent expense 2,100

    Cr Cash 2,100

April 30

Dr Dividends 3,200

    Cr Cash 3,200

2. Open the following four-column accounts including account numbers:

3. Post the journal entries to four-column accounts in the ledger,

I used an excel spreadsheet to answer questions 2 and 3

4. Prepare the trial balance of Theodore McMahon, Attorney, at April 30, 2018.

In order to prepare a trial balance we must prepare an income statement first.

Service revenue $6,800

Salaries expense -$2,400

Rent expense -$2,100

<u>Utilities expense -$650 </u>

Net income $1,650

retained earnings = net income - dividends = $1,650 - $3,200 = -$1,550

  Theodore McMahon, Attorney

               Balance Sheet

<u>For the Month Ended April 30, 2018</u>

Assets:

Cash $23,400

Accounts receivable $1,000

Prepaid insurance $3,600

Office supplies $1,100

Furniture $1,300

Land $30,000

Building $150,000

Total assets: $210,400

Liabilities and Equity:

Accounts payable $1,950

Notes payable $140,000

Common stock $70,000

Retained earnings ($1,550)

Total liabilities and equity: $210,400

Download pdf
<span class="sg-text sg-text--link sg-text--bold sg-text--link-disabled sg-text--blue-dark"> pdf </span>
<span class="sg-text sg-text--link sg-text--bold sg-text--link-disabled sg-text--blue-dark"> pdf </span>
7 0
2 years ago
Suppose the required reserve ratio is 20 percent, and the Fed buys $1 million worth of bonds from the public. If the public depo
777dan777 [17]

Answer:

Increase directly by $1 million and an additional lending capacity of $4 million will be created for the banking system.

Explanation:

The formula for increase in money supply is

Increase in money supply = (1 / Required reserve ratio) * Excess reserve.

Now, we have, required reserve ratio of 20%.

That means, out of $1 million deposit, required reserve = ($1,000,000 * 0.20) = $200,000.

Now, we knew that, Total reserve = required reserve + excess reserve

Total Reserve = $1,000,000 and required reserve = $200,000.

So, Excess reserve = $1,000,000 - $200,000 = $800,000.

Now, Increase in money supply = (1 / 0.20) * $800,000 = $4 million.

That means,

If the public deposits this amount into transactions accounts, the money supply will:

Increase directly by $1 million and an additional lending capacity of $4 million will be created for the banking system.

7 0
3 years ago
Macroeconomic equilibrium occurs when aggregate supply and aggregate demand meet. what does this indicate about society?
givi [52]
This indicates that the society is using resources efficiently and effectively. This is because all economies tend to go towards the equilibrium and if they don't, that's bad for the economy.
8 0
3 years ago
When the demand for automobiles is high, the demand for workers who build automobiles is high. This relation between the market
Reptile [31]

Answer:

C. a derived demand.

Explanation:

Derived demand is a rise in the demand of a product due to the increase in demand for related or intermediate goods.  If two distinct goods or services are used together, a rise in the demand of one will cause the demand for the other to rise. Products or services used together are called complementary goods.

Derived demand is primarily as a result of the usage of a product in the production or consumption of other goods or services. In this case, the demand for workers is solely due to a rise in the demand for cars. Should the demand for vehicles decrease, then the demand for workers will fall.

3 0
3 years ago
In determining whether to issue a loan, banks are not allowed to ask about an applicant’s
krok68 [10]
In determining whether to issue a loan, banks are not allowed to ask about an applicant’s <u>country of origin.
</u>
<u />This is so as to prevent banks from stereotyping people and basing their decision on the person's country of origin. All people should be equal when it comes to getting the credit or not, as the decision should be based only on the income and the appropriate factors other than descent. <u>
</u>
8 0
3 years ago
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