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3 years ago

Additional fees that are paid when finalizing a home purchase are also known as _____.

Business

2 answers:

Effectus [21]3 years ago

7 0

The answer is "closing cost", because if you're at the end of buying your house then its called a "closing cost".

melisa1 [442]3 years ago

7 0

Additional fees that are paid when finalizing a home purchase are also known as "closing costs".

Closing costs allude to the charges and expenses that are paid when a house buy is settled. The two purchasers and sellers pay shutting expenses to the specialist organizations who help encourage the exchange. Normally, the purchaser's expenses incorporate home loan protection, mortgage holder's protection, examination charges and property charges, while the merchant covers possession exchange expenses and pays a commission to their land operator. Purchasers frequently consult with their new home's dealer to cover a portion of their closing costs.

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Staci invested $950 five years ago. Her investment paid 7.2 percent interest compounded monthly. Staci's twin sister Shelli inve

AysviL [449]

Answer:

$1,360.20 and $1,337.35

Explanation:

In this question, we have to used the Future value formula that is shown below:

Future value = Present value × (1 + rate)^number of years

For Staci, it would be

Present value = $950

Rate = 7.2% ÷ 12 months = 0.6%

Number of years = 5 year × 12 months = 60

So, the future value

= $950 × (1 + 0.6%)^60

= $950 × 1.431788412

= $1,360.20

For Shelli, it would be

Present value = $900

Rate = 8% ÷ 4 quarters = 2%

Number of years = 5 year × 4 quarters = 20

So, the future value

= $950 × (1 + 2%)^20

= $950 × 1.485947396

= $1,337.35

5 0

3 years ago

ABC uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retai

Licemer1 [7]

Answer:Ending Inventory at Cost= $981,248.40

Explanation:

Cost Retail

Beginning inventory $393,500 $594,000

purchases $3,408,000 $5,193,600

freight in $159,500,

net markups $414,000

Total $3,961,000 $6,201,600

Sales $4,666,000

Ending Inventory at Retail:=(Beginning inventory + purchases +net markups - Sales during the current year

594,000 + $5,193,600 + $414,000- $4,666,000, = $1,535,600

Cost to Retail Ratio:( Beginning inventory + purchases+freight in)/ (Beginning inventory + purchases +net markups )

=($393,500 + $3,408,000 +$159,500,) ÷ (594,000 + $5,193,600 + $414,000) =$3,961,000/$6, 201, 600= 0.638= 0.639

Ending Inventory at Cost: Ending Inventory at Retail x Cost to Retail Ratio

$1,535,600 x 0.639 = $981,248.40

8 0

3 years ago

On December 29, 2019, Patel Products, Inc., sells a delivery van that cost $20,000. The equipment had accumulated depreciation o

pashok25 [27]

Answer:

journal entry are given below

carrying value = $4000 and cash received is $2000

Explanation:

given data

delivery van cost = $20,000

accumulated depreciation = $16,000

Annual depreciation = $2,000

solution

journal entry are

date title debit credit

December 29, 2019 Cash $2000

Accumulated depreciation $16000

Delivery van $20000

note that

here carrying value is = $20000 - $16000

carrying value = $4000

and cash received is $2000

7 0

2 years ago

If the primary key of the workshop offerings table contains the primary key for both the workshop table and account table, there

makkiz [27]

If the primary key of the workshop offerings table contains the primary key for both the workshop table and account table, there is a many-to-many relationship between accounts and workshops.
A one-to-many relationship includes the primary key of the “one” table as a foreign key in the “many” table.

4 0

3 years ago

Identify and explain the four primary types of taxes that businesses pay

DENIUS [597]

Answer

Hi,

They are; income tax, self-employment tax, employment tax and Excise tax

Explanation

All businesses are expected to file income tax return on yearly basis. Some pay taxes as they earn the income. The self-employment tax is imposed to contribute to social security and health care cover for a person who works for him or herself. Employment taxes are a mandatory to employers who are required to pay it to cover social security and healthcare taxes and federal unemployment tax for the workers. Some businesses are levied excise tax depending on the goods sold or manufactured, the type of business operation and the type of equipment and products used.

Best wishes!

3 0

3 years ago