D I think is correct answer.
Answer:
Mortgage Payable Table is prepared in an MS Excel file which is attached with this answer, please find it
Explanation:
The loan which is received by a person for purchase of real estate property or alternatively existing property owner to raise fund from the property. The mortgage are paid with interest over a specific period of time in installment of monthly quarterly semiannually or yearly.
Installment includes both principal payment and Interest Payment.
In this question The first payment on December 31, 2018 included
Total Payment = $37,092
Interest Payment = 385,000 x 5% = $19,250
Principal Payment = $37,092 - $19,250 = $17,842
The type of business plan that is primarily used by the owner and other employees to organize the structure, finances, and future growth plans is the lean business plan.
<h3>
</h3><h3>What is a lean business plan?</h3>
Corresponds to a document where the essential characteristics are laid out for a business to be well positioned and competitive in the market. It contains the strategy, tactics and execution so that the objectives and goals are achieved in the medium and long term.
It is essential that organizations develop a lean business plan that is targeted to their needs and aligned with their market demands.
Therefore, the lean business plan assists in the continuous management to achieve quality, structure and effective systematization of processes.
Find out more about lean business plan here:
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Answer:
a. $20,500
Explanation:
The cashflow using the indirect method has basically 3 segments namely; Cashflow from operating activities, Cashflow from investing activities and Cashflow from financing activities.
Cashflow from operating activities considers the net profit before tax and then adjustments for non cash items like depreciation. Hence from the question given, the current year depreciation ($20,500) is a part of the Cashflow from operating activities.
Other cost elements stated in the question are considered under investing activities.
Answer:
C. Unauthorized acquisition or use of data or assets that could affect financial statements will be prevented or detected in a timely manner.
Explanation:
Internal Control Financial Reporting is a framework designed to help companies manage their financial reporting and achieve the greater goals of risk assessment, control, information and communication, as well as monitoring. One of the weaknesses that could characterize ICFR is its inability to assure timely prevention and detection of unauthorized acquisition or use of data.
The scheme however ensures that financial records are maintained and that transactions are prepared according to GAAP rules. ICFR ensures that misstatements are detected in financial reporting.
