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Amiraneli [1.4K]
3 years ago
15

A buyer with a $242,000 loan has a monthly principal and interest payment of $1,317.66. If $1,033.54 is interest, what’s the new

principal balance after the first payment is applied?
Business
1 answer:
Sladkaya [172]3 years ago
4 0

Answer:

$‭241,715.88‬

Explanation:

Loan amount = $242,000

1st Installment = $1,317.66

1st installment is divided into principal repayment + interest

= 1st installment = principal repayment + interest

= 1,317.66 = P.repaid + 1,033.54

Principal repaid = 1,317.66 - 1,033.54 = ‭284.12‬.

Therefore, outstanding principal = loan amount - P.repaid

= 242,000 - 284.12

= $241,715.88

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TransactionsUnitsUnit Cost a. Inventory, Beginning 4,000 $24 For the year: b. Purchase, March 5 10,000 25 c. Purchase, September
Komok [63]

Answer:

Explanation:

1. Number of goods available for sale = Beginning Inventory + Purchase, March 5 + Purchase, September 19 = 4,000+10,000+6,000 = 20,000 units

Cost of goods available for sale = Beginning Cost of inventory + Cost of Purchase, March 5 + Cost of Purchase, September 19 = 4,000×24 + 10,000×25 + 6,000×27 = 96,000+250,000+162,000 = $508,000

2. Number of units in ending inventory = Number of units available for sale - Number of units sold = 20,000-4,200-9,000 = 6,800 units

3.  Calculations are attached

4.

Income statement FIFO:

Sales $937,800 (4,200×69 + 9,000×72)

Less: Cost of Goods Sold ($326,000)

Gross profit  $611,800

Less Operating expense $602,000

Net income $9,800

Income statement LIFO:

Sales $937,800 (4,200×69 + 9,000×72)

Less: Cost of Goods Sold ($342,000)

Gross profit  $595,800

Less Operating expense $602,000

Net loss $($6,200)

Income statement LIFO:

Sales $937,800 (4,200×69 + 9,000×72)

Less: Cost of Goods Sold ($334,092)

Gross profit  $603,708

Less Operating expense $602,000

Net income $1,708

**Cost of goods sold:-

Under FIFO = 96,000+5,000+225,000 = $326,000

Under LIFO = 105,000+162,000+75,000 = $342,000

Under weighted average method = 103,782+230,310 = $334,092

6. LIFO method minimize taxes

3 0
3 years ago
_____ are specific repayment conditions as to how long customers have to pay bills and the amount of cash discount allowed.
Natali5045456 [20]

Credit terms are specific repayment conditions as to how long customers have to pay bills and the amount of cash discount allowed.

<h3>What is the purpose of credit terms?</h3>

Credit terms are the payment requirements stated on an invoice. It is fairly common for sellers to offer early payment terms to their customers in order to accelerate the flow of inbound cash.

Credit means a loan, an agreement in which the lender (creditor) supplies the borrower with money, goods or services which is to be returned in future. Terms of credit apart from the rate of interest, collateral also includes documentation, mode of repayment.

To learn more about credit terms visit the link

brainly.com/question/13019978

#SPJ4

7 0
2 years ago
Doyle Company issued $360,000 of 10-year, 8 percent bonds on January 1, Year 2. The bonds were issued at face value. Interest is
Lina20 [59]

Answer:

The balance of the equation at end of year 2 is$388,800

The balance of the equation at end of year 3 is   $417,600

Explanation:

                           Assets                        =Liabilities          +shareholders' equity

                    Land +cash                           Bonds payable     retained earnings

1/1/year 2                   $360,000                  =$360,000

1/1/year 2 $360,000 ($360,000)                

31/12/year2                $53,500                         =                                     $53,500

31/12/year2              ($28,800)                      =                                      ($28,800)                          

Balance                              $388,800          =                                       $388,800

Opening balance                $388,800=                                              $388,800

31/12/year3                            $53,500=                                               $53,500

31/12/year3                           ($28,800)=                                              ($28,800)                                

Balance                               $ 417,600                                                $417,600

                                             

The interest on bond=$360,000*8%=$28,800

3 0
3 years ago
Jade, a scientist working in the research department of corals cosmetics, is asked to not report the ill-effects of using a new
NARA [144]
Jade resides in the principle stage of cognitive moral development. This stage enables the conscience of the person kicks in and it involves the attitude of respect and trust. It is seen in the scenario above where Jade refuses to take on the permanent job because she does not want to ignore the report that she has found about the ill effects of the product that could bring harm to the people who will buy the products if it has been launched. She lets her conscience kick in and shows respect and trust to those people who could be affected because of this product.
6 0
3 years ago
Neoclassical economists believe that economic growth can be achieved through the increase in the potential level of GDP. This ca
11111nata11111 [884]

Answer:

The correct answer is the option D: All of the above.

Explanation:

To begin with, the neoclassical theory of economic growth is considered to be one of the most well known and important theory in the economics sciences due to the fact that it establishes how the economy can grow and more important what are the key factors that need to be affect in order to that growth happens. Moreover, it states that a steady growth rate can be achieved only by the combination of three major factors that are: the labor, the capital and the technology. That is why that with the purpose to increase the GDP there will be a need in rise the productivity through an investment in human capital, in physical capital and in technology as well.

7 0
3 years ago
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