Answer:
$12,500
Explanation:
Budgeted cash receipts refer to the money that the company expects to receive in a specific period of time.
Budgeted cash disbursements are the payments that the company expects to make in a specific period of time.
$19,500+190,500-191,000= 19,000
Then, you have to subtract 19,000 from 31,500 to determine the amount that the company needs to attain its desired ending cash balance:
31,500-19,000= 12,500
According to this, the company should borrow $12,500.
Answer and Explanation:
The journal entry required to close the expense account is given below:
Income summary Dr $33,520
To Wages Expense $19,000
To Depreciation Expense $1,800
To Utilities Expense $320
To Insurance Expense $700
To Maintenance Expense $9,000
To Income Tax Expense $2,700
(being the expenses accounts are closed)
Answer:
$2,122,426
Explanation:
The computation of the amount that must to pay for the retirement of the mortgage is given below:
But first we have to determine the monthly payment i.e. PMT by using excel function
PV=-$2,250,000
RATE = 7.2% ÷ 12 = 0.6%
N = 12 × 30 = 360
FV = 0
PMT = $15,272.73
Now we have to determine the future value
Given that
PV=-$2,250,000
RATE = 7.2% ÷ 12 = 0.6%
N = 12 × 5 = 60
PMT = $15,272.73
So, FV = $2,122,425.62
