Answer:
Liability
Explanation:
A liability is a probable future sacrifice of economic benefits arising from present obligations to transfer assets or provide services as a result of past transactions or events. Liabilities usually result in the outward flow of economic resources. Examples are loan payable, accounts payable, accrued expenses, deferred revenue etc. Liabilities are usually recognized as credit balances in the balance sheet and are classified into current and non-current based on the probable timing of the sacrifice of economic benefits.
General warranty deed and Special warranty deed are warranty deeds used for real estate sales where belongings, either residential or commercial, is transferred between organization unacquainted with each other. Possession of a property is transferred from the seller to the buyer with definite assurance against future problems or claims, which will defend the buyer against fraud.
However, the assurance in a General warranty deed will cover the belongings entire previous account, the Special warranty deed will only covers the time period for which the seller owned it. While the seller in a General warranty deed has to protect the title against all other assertion and compensate the buyer for any tentative debts or amends, the seller in Special warranty deed is only responsible for debts and problems accumulated or caused during his possession of the belongings.
Post-closing trial balance is a list of <u>permanent</u> accounts and their balances<u> ledger</u> all <u>closing- </u>entries have been journalized and posted.
The post-closing trial balance is a balance sheet report that is made after the closing journal in order to ensure that the total balance in the general ledger is balanced or in accordance with the balance. This method is made in order to convince every accountant or businessman who makes closing journals so that they do not have an error in the calculation difference.
Generally, this balance sheet is able to produce real accounts, namely capital, assets and debt. However, nominal accounts, such as income and expenses, are closed by closing entries. Thus, the next step in making good financial statements is to present a statement of financial position, profit and loss, and capital so that later there will be no calculation errors.
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Formula for the monthly payment:
M = P * r * ( 1 + r )^n / (( 1 + r )^n + 1 )
where: P = $100,000 r = 0.12 : 12 = 0.01 n =12 * 5 = 60
M = 100,000 * 0.01 * ( 1 + 0.01 )^60 / (( 1 + 0.01 )^60 + 1 ) =
= 1,000 * ( 1.01 )^60 / (( 1.01 )^60 + 1 ) =
= 1,000 * 1.8167 / 0.8167 = 1,000 * 2.22444 =
= $2,224.44
The monthly payment is $2,224.44.
Answer:
The common differences in benefits and or fees include :
1. Minimum opening amount
2. Withdrawal limitation - maximum spending or withdrawal depending on age
3. Cost of notification on transaction and monthly statement or hard copy statement fee.
4. Return deposit charge - fee charged on a bounced cheque
5.Overdraft charge - fee charge on unfulfilled commitment
Explanation: The benefits attached and the charges or fees incurred in managing a checking account may differ depending on the policy and business process of the financial establishment.
