Answer:
Option (3) $1,245
Explanation:
Data provided in the question:
General ledger checking account balance = $1,360
Bank balance on bank statement = $1445
Deposits in transit = $150
Outstanding checks = $350
Bank statement service charges = $30
NSF checks = $85
Now,
The Correct cash balance will be
Bank balance on bank statement $1,445
Add : Back deposits in transit $150
Subtract : Outstanding checks $350
----------------------------------------------------------------------------------------------------
Correct balance $1,245
Hence,
Option (3) $1,245
Factors used in producing goods or providing services
20% down will be $50,000 so the balance will be $200,000 to take out a mortgage for. The higher the down payment the lower the mortgage required and lower payments would ensue also. Also, once one has a mortgage it ie wise to pay it by the week to reduce the interest. Over time this practice makes a difference.
