Answer:
The amount of their mortgage loan is $108000
Step-by-step explanation:
we are given
total purchasing amount =$123000
down payment amount = $15000
we know that
Mortgage loan amount = (total purchasing amount)-(down payment amount)
now, we can plug value
Mortgage loan amount = $123000-$15000
Mortgage loan amount =$108000
Number of shirts a department store bought = 200
Cost price of 200 shirts = $5400
Cost price of 1 shirt :


Thus, the cost price of one shirt = $27
Price at which the department store sold each shirt = $30
Which means :
▪︎Cost price of shirt = $27
▪︎Selling price of shrit = $30
Since selling price is greater than cost price, there was a markup in the price of the shirts.
We know that :

Markup percentage in the price of the shirts :





Thus, the percentage of markup = 
Therefore, the percentage of markup in the shirt's price = 
Answer:
b) update the Retained Earnings account.
Step-by-step explanation:
A major purpose of preparing closing entries is to - update the Retained Earnings account.
Retained earnings are defined as those profits, that a company has earned to date minus any dividends or other money paid to investors.
Whenever we make an entry to the accounting records, that affects a revenue or expense account, this retained earning amount is adjusted.