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Deffense [45]
3 years ago
10

What is the mortgage recording tax paid on a property that sold for $485,000, assuming there is a tax rate of $2.05/$100 of the

loan amount and the bank uses an 80% LTV...?
Business
1 answer:
Pavel [41]3 years ago
5 0

Answer:

$7,954

Explanation:

Calculation for the mortgage recording tax paid on a property

First step is to find the tax rate

Tax rate =2.05/100

Tax rate = 0.0205

Second step will be to multiply the percentage of the tax rate with the price of the property that was sold for the amount of $485,000,

0.0205 × $485,000

= $9,942.5

The third step will be to calculate the LTV which is fully known as loan to value which was given as 80 % in order for us to known mortgage recording tax paid on the property

Hence,

Mortgage recording tax paid on the property $9,942.5 × 0.8 =

Mortgage recording tax paid on the property $7,954

Therefore the Mortgage recording tax paid on the property that was sold for the amount of $485,000 will be $7,954

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Manley Co. manufactures office furniture. During the most productive month of the year, 4,500 desks were manufactured at a total
kogti [31]

Answer:

c. $24,750

Explanation:

For computing the fixed cost first we have to determine the variable cost per hour by using high low method which is shown below:

Variable cost per hour = (High total cost - low total cost) ÷ (High desk manufactured - lower desk manufactured)

= ($86,625 - $49,500) ÷ (4,500 desk - 1,800 desk)

= $37,125 ÷ 2,700 desk

= $13.75

Now the fixed cost equal to

= High total cost - (High desk manufactured × Variable cost per hour)

= $ 86,625 - (4,500 desk × $13.75)

= $86,625 - $61,875

= $24,750

5 0
3 years ago
Actual total factory overhead incurred $ 28,875 Standard factory overhead: Variable overhead $ 2.10 per unit produced Fixed over
klasskru [66]

Answer:

Overhead volume variance= $1000 unfavorable

Explanation:

Giving the following information:

Actual total factory overhead incurred $ 28,875 Standard factory overhead: Variable overhead $ 2.10 per unit produced Fixed overhead ($11,200/11,200 predicted units to be produced) $ 1.00 per unit Predicted units to produce 11,200 units Actual units produced 10,200 units.

Overhead volume variance= fixed overhead rate*(Normal capacity - standard capacity)

Fixed overhead rate= $1 per unit

Standard capacity= 11,200 units

Normal capacity= 10,200

Overhead volume variance= 1*(10,200 - 11,200)= $1000 unfavorable

4 0
4 years ago
The adjusted trial balance of Sunland Company shows these data pertaining to sales at the end of its fiscal year, October 31, 20
sveta [45]

Answer and Explanation:

The preparation of the sales section of the income statement is presented below:

<u>Income Statement </u>

<u>For the year ended </u>

Sales  

Sales revenue  $903,400

Less:  

Sales Discount  $15,400  

Sales return & allowances  $22,000  

Net Sales         $866,000

hence the net sales is $866,000

The freight out would not be considered. Hence, ignored it

7 0
3 years ago
All of the following except ________ will help you integrate visuals and text in business documents.
elena-14-01-66 [18.8K]

The options are:

maintaining a balance between text and visuals

identifying the visuals with titles, captions, and legends

referring to visuals in the text

putting the visuals into a separate section, such as an appendix

Answer:

putting the visuals into a separate section, such as an appendix

Explanation:

In business documents making use of visuals is a great way to pass accross information.

When the visuals are integrated with text that further explains the concept being communicated it is easier to understand by the reader.

All the options given make use of various methods of integrated visuals and text except the following:

Putting the visuals into a separate section, such as an appendix.

When visuals are put in a seperate section away from other text it does not immediately give the reader an impression not what is being communicated. It does not effectively integrate text and visuals.

7 0
3 years ago
Jack and Jill have trouble keeping their checking account balanced. Because they never know how much is really in their account,
cestrela7 [59]

Answer:The needed funds/money will be transferred automatically from their savings account.

Explanation: A bad check is a that is whose payment is taking from an account not existing or an account with less amount considering the amount required to pay the check. Since Jack and Jill have an automatic funds transfer agreement with their bank, generally funds will be transferred automatically from their savings account with the bank.

It is better Jack and Jill start to know their account balance and take adequate steps to tract it in order to avoid Issuing BAD CHECK.

7 0
3 years ago
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