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Serggg [28]
3 years ago
10

Laverne purchased a new piece of equipment to be used in its new facility. The $355,000 piece of equipment was purchased with a

$35,500 down payment and with cash received through the issuance of a $319,500, 7%, 5-year mortgage payable issued on January 1, 2017. The terms provide for annual installment payments of $77,923 on December 31.
Prepare an installment payments schedule for the first five payments of the notes payable. (Round answers to 0 decimal places)
Business
1 answer:
Radda [10]3 years ago
8 0

Answer:

Yr. amount Interest payment balance

1. 319,500 22365. (77923). 263,942

2. 263,942.18,476. (77,923). 204,495

3. 204,495 14315. (77923). 140,887

4. 140,887. 9862 (77923). 72,826

5. 72826. 5098. (77,923). 1

Explanation:

The interest charge is on the total amount due at the end of the year which is assumed to have been made available to the debtor, the annual payment is deducted from the addition of interest and principal due and the balance due is brought forward to be defray in subsequent years. The balance is expected to show zero but the balance of one shown is a roundup error.

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When a subsidiary is acquired sometime after the first day of the fiscal year, which of the following statements is true? A) Inc
Kamila [148]

Answer:

B) Income from subsidiary is recognized from date of acquisition to year-end.

Explanation:

When an individual or a company purchase another business, they are responsible for all the gains and losses generated by that business starting from the exact moment that the sales transaction has been completed. E.g. if I buy a business on January 20, at 10 AM, I am completely responsible for the things that happen in the company after 10 AM.

4 0
3 years ago
Describe an example of a product that has highly elastic demand. Describe at least two factors that make this product's demand s
garik1379 [7]
<span>A good or service is said to be highly elastic if there is a a slight change in price this will cause a  sharp change in the quantity. Usually these kinds of products are readily available in the market - example is jewelry. lottery ticket
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6 0
3 years ago
Read 2 more answers
Ask Socrates, Inc., employees are allowed to dress informally. This is an example of a __________ through which organizational c
makkiz [27]

The question is incomplete:

Ask Socrates, Inc., employees are allowed to dress informally. This is an example of a __________ through which organizational culture is transmitted.

A) primary procedure

B) ritual

C) material symbol

D) symbolic act

E) fundamental mechanism

Answer:

C) material symbol

Explanation:

-Primary procedure  is a document that indicates employees how to perform a core activity in the business process.

-Ritual  refers to a group of acctivities that are performed in a specific way according to an established order.

-Material symbol  is a type of non-verbal communication that goes from the employer to the employees that shows the culture of the company.

-Symbolic act  is an act that represents an idea without using words.

-Fundamental mechanism refers to a key process that helps people to perform their jobs.

According to this, the answer is that this is an example of a material symbol through which organizational culture is transmitted because a material symbol is a non-verbal form of communication from the employer to the employees and in this case, the company allows employees to dress informally and the organization's culture is communicated through this.

5 0
3 years ago
What best determines whether a borrower’s interest rate on an adjustable rate loan goes up or down? a fixed interest rate a bank
brilliants [131]

Answer:

market condition

Explanation:

I took the edg

4 0
3 years ago
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Payment for subscriptions is billed one month in advance. First month's payments are pro-rated for the amount due up until the 1
statuscvo [17]

Answer: c. The subscription began about 10 days before the 15th of the month.

Explanation:

With the first month's payments being pro-rated for the amount due up until the 15th of the month plus the next month's bill amount payments, the likely possibility is that the customer started their first subscription 10 days before the 15th of the first month.

This would then mean that they were charged the daily rate for each of those 10 days which amounted to $15. The daily rate can be calculated by dividing $45 by 30 days because $45 is the rate for the month according to the question.

= 45/30

= $1.5 a day.  

5 0
4 years ago
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