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3 years ago

Following are the transactions of Sustain Company.

Business

1 answer:

MrMuchimi3 years ago

8 0

Answer:

Jun-01

Dr Cash 18,500

Cr Common Stock T. James 18,500

Jun-02

Dr Furniture 11,500

Cr Account Payable 11,500

Jun-03

Dr Prepaid Insurance 2,100

Cr Cash 2,100

Jun-04

Dr Account Receivable 10,500

Cr Sales 10,500

Jun-12

Dr Account Payable 11,500

Cr Cash 11,500

Jun-20

Dr Cash 10,500

Cr Account Receivable 10,500

Jun-21

Dr Cash 17,500

Cr Common Stock T. James 17,500

Jun-30

Dr Cash 12,500

Cr Unearned Income 12,500

Explanation:

Preparation of Journal entries

Jun-01

Dr Cash 18,500

Cr Common Stock T. James 18,500

(Invested $18,500 as capital contribution)

Jun-02

Dr Furniture 11,500

Cr Account Payable 11,500

(Purchased furniture on credit)

Jun-03

Dr Prepaid Insurance 2,100

Cr Cash 2,100

(Cash Paid for 12 month insurance)

Jun-04

Dr Account Receivable 10,500

Cr Sales 10,500

(Billed customer )

Jun-12

Dr Account Payable 11,500

Cr Cash 11,500

(Cash paid to reclaimed wood)

Jun-20

Dr Cash 10,500

Cr Account Receivable 10,500

(Cash collected form customer)

Jun-21

Dr Cash 17,500

Cr Common Stock T. James 17,500

(Addition capital contribution)

Jun-30

Dr Cash 12,500

Cr Unearned Income 12,500

(Received advance for service to be performed)

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3 years ago

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2 years ago

Your friends suggest that you take a 15-year mortgage, because a 30-year mortgage is too long and you will pay a lot of money on

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Answer and Explanation:

The computation is shown below:

As we know that

Monthly payment of a loan is given by

P = L [r(1 + r)^n] ÷ [(1 + r)^n - 1]

where,

P = Monthly payment = ?

r = Interst rate = 0.1 ÷ 12 = 0.00833

n = Term = 15 × 12 = 180

L = Loan amount = 900000

Now

P = $900,000 [0.00833(1 + 0.00833)^180] ÷ [(1 + 0.00833)^180 - 1]

= $9671.4461

Now

The Monthly payment for 30-year loan

P = $900,000[0.00833(1 + 0.00833)^360] ÷ [(1 + 0.00833)^360 - 1]

= $7898.1441

So,

Difference is

= $9671.4461 - $7,898.1441

= $1,773.3019

Now

Total payment for 30-year loan is

= $7,898.1441 × 180

= $2,843,331.8871

And,

Total payment for 15-year loan is

= $9,671.4461 × 360

= $1,740,860.2907

So,

Difference is

= $2,843,331.8871 - $1,740,860.2907

= $1,102,471.60

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4 years ago

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3 years ago

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From the question, we are told that Sun-Jun is the executive general manager of a U.S.-based multinational corporation while Marisol is a manager in a similar position but works for an American company that operates only in the U.S. and does not engage in international business.

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