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kolbaska11 [484]

3 years ago

10

A house is to be purchased for $480,000 with a 10 percent down payment. A conventional 30-yr loan is used at 7.5 percent, rresul

ting in monthly payments of $3,020.61 . The interest portion of the first monthly payment will be what?

1 answer:

Elena-2011 [213]3 years ago

6 0

Answer:

Please see attachment

Explanation:

Please see attachment

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Apr. 2 Purchased $6,900 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shippin

ziro4ka [17]

Answer:

Apr. 2

Merchandise $6,900 (debit)

Accounts Payable : Lyon Company $6,900 (credit)

<em>Purchased Merchandise from Lyon Company on credit</em>

April 3.

Accounts Payable : Lyon Company $390 (debit)

Cash $390 (credit)

<em>Payment of Freight Charges Include in Invoice (FOB)</em>

April 4.

Accounts Payable : Lyon Company $500 (debit)

Merchandise $500 (credit)

<em>Returned Merchandise to Lyon Company</em>

April 17.

Accounts Payable : Lyon Company $6,010 (debit)

Discount Received $120 (credit)

Cash $5,890 (credit)

<em>Payment of amount due to Lyon Company and discount received</em>

April 18.

Merchandise $13,100 (debit)

Accounts Payable: Frist Corp $13,100 (credit)

<em>Purchased Merchandise on credit from Frist Corp</em>

April 2.

Accounts Payable: Frist Corp $400 (debit)

Purchase allowance $400 (credit)

<em>Received and allowance from Frist Corp</em>

April 28.

Accounts Payable: Frist Corp $12,700 (debit)

Discount Received $127 (credit)

Cash $12,573 (credit)

<em>Payment of amount due to Frist Corp and discount received</em>

Explanation:

See the journals and their narrations prepared above.

7 0

3 years ago

A farmer sells a bushel of corn to the supermarket for $12. The supermarket then sells the corn to customers for $25. What is th

allsm [11]

Answer:

$ 25

Explanation:

As per the description, the exact amount that is being contributed from the corn bushel to the Gross Domestic Product would be $ 25. The price at which the farmer sold it to the supermarket would not be included in the GDP because it would be considered as an intermediary good because the good purchased for the resale purpose is not included in GDP as it leads to double-counting. Thus, <u>only the price of the final good i.e. $ 25 would be included in GDP as it will now be used for final consumption by the customers</u>.

6 0

3 years ago

You write one MBI July 127 call contract (equaling 100 shares) for a premium of $12. You hold the option until the expiration da

ser-zykov [4K]

Answer:

The answer is "$400"

Explanation:

The price value of the exercise:

= $127

The expiration date price value is:

= $135

Calculating the profit for Calls buyer:

= $135-$127

= $8

The value of 1 call = 100 shares

calculating the total profit :

=$ 8 × 100

= $ 800

One alternative purchase price:

= $12

Call option Total purchase price:

= $12 × 100

= $1200

The buyer's total loss:

= $1200 - $800

= $400

The Loss for the buyer: $\frac{\text{profit for the seller}}{\text{writer}}$

Hence profit for the writer = $400

3 0

3 years ago

Management of a close corporation often resembles that of a______, but a corporation must meet the statutory requirements to rem

Reika [66]

Answer:

Explanation:

The statement in the question is not complete and should be the following with each of the answers provided being part of the statement like so,

Management of a close corporation often resembles that of a Partnership , but a corporation must meet the statutory requirements to remain a corporation. Often, shareholders in a close corporation restrict the transferability of shares. If a majority shareholder misappropriates company funds, the normal remedy for the other shareholders is to have their shares appraised to determine value and then receive that value.

8 0

3 years ago

Bims Corporation uses the weighted-average method in its process costing system. The Assembly Department started the month with

vekshin1

Answer:

59,700 units

Explanation:

The computation of the equivalent units for the conversion cost is shown below:

= Opening work in process units × completion percentage + units started and completed × completion percentage + ending work in process units × completion percentage

= 4,600 units × 100% + 36,500 units × 100% + 31,000 units × 60%

= 4,600 units + 36,500 units + 18,600 units

= 59,700 units

6 0

3 years ago