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3 years ago

Information related to Whispering Winds Corp. is presented below.

Business

1 answer:

mariarad [96]3 years ago

6 0

Answer:

Harwick Co Entries

DATE ACCOUNT TITLE & EXPLANATION DEBIT CREDIT

$ $

5 Apr. Merchandise Inventory 34,800

Account Payable 34,800

(To record purchase of inventory on account)

6 Apr. Freight In 790

Cash 790

(To record freight cost incurred Purchase of merchandise)

7 Apr. Equipment 28,200

Account Payable 28,200

(To record purchase of equipment on account)

8 Apr. Account Payable 5,500

Merchandise Inventory 5,500

(To record return of damaged merchandise)

15 Apr. Account Payables 34,800

Cash (34,800-5,500) 29,300

(To record payment made)

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You need a loan of â€‹$140,000 to buy a home. Calculate your monthly payments and total closing costs for each choice below. Bri

nadezda [96]

Answer:

Monthly Payment for Choice 1=$665.16
Monthly Payment for Choice 2=$627.10
Total Closing Cost for Choice 1=$241557.60
Total Closing Cost for Choice 2=$233456
(A)Choice 1 be the better choice the monthly payment is higher.
(D)Choice 2 be the better choice because the monthly payment is lower.

Explanation:

Amount of Loan needed = $140,000

A point is an optional fee which helps you get a lower interest rate on your loan.
Closing costs are the fees you pay when obtaining your loan.

Choice 1

30-year fixed rate at 4% with closing costs of $2100 and no points.

Monthly Payment

P=$140,000

Monthly Rate=4% ÷ 12=0.04 ÷ 12=0.0033

n=12 X 30 =360

$=\dfrac{Pr(1+r)^n}{(1+r)^n-1}$

$=\dfrac{140000X0.0033(1+0.0033)^{360}}{(1+0.0033)^{360}-1}\\=\dfrac{462(1.0033)^{360}}{(1.0033)^{360}-1}\\=\$665.16$

Monthly Payment=$665.16

Total Closing Cost =(665.16 X 360)+2100=$241557.60

Choice 2

30-year fixed rate at 3.5% with closing costs of $2100 and 4 points.

Monthly Payment

P=$140,000

Monthly Rate=3.5% ÷ 12=0.035 ÷ 12=0.0029

n=12 X 30 =360

$=\dfrac{Pr(1+r)^n}{(1+r)^n-1}$

$=\dfrac{140000X0.0029(1+0.0029)^{360}}{(1+0.0029)^{360}-1}\\=\dfrac{406(1.0029)^{360}}{(1.0029)^{360}-1}\\=\$627.10$

Monthly Payment=$627.10

Total Closing Cost =(627.10 X 360)+2100+(4% of 140000)=$233456

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The following information pertains to the January operating budget for Casey Corporation. times Budgeted sales for January $ 200

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Answer:

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Explanation:

The computation of the budgeted accounts receivable is shown below:

= Budgeted sales of January month × next month sales collection percentage

= $200,000 × 60%

= $120,000

We simply multiply the January accounts receivable with the next month collection sales percentage to find out the budgeted accounts receivable

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Answer:

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