Answer: Total Monthly Payments = $1515.82
Explanation:
Present Value = $154000
n = 25 x 12 = 300
r = 6.5%/12
Payments = rPv/(1 - (1 + r)^-n)
Payments = 0.065/12 x (154000)/(1 - (1 + 0.065/12)^-300)
Payments = 834.166667/0.8022229250
Payments = 1039.819037 = $1039.82.
Mortgage Loan Payments = $1039.82
Taxes per month = 2796/12 = $233
insurance per month = 1416/12 = $118
condo association = $125
Total Monthly Payments = 1039.82 + 233 + 118 + 125 = $1515.82
A cash reserve is a money that your company has in the bank in case of unexpected financial needs or in case the sales slow down. This money will help the company sustain all the needed expenses during the time that the COmpany is going through a financial issue.
Answer:
a). $1000 should be included in his gross income.
b) The full amount of $1000 should be included in his gross income as his bonus is due.
c) The full amount of the bonus is to be included.
d) The bonus must be included still.
Explanation:
a). The $1000 amount is due to him already accrued and gross income includes accruals.
b) The bonus is for the year ending 31 december so it should be included.
c) The bonus is an accrual to him for the year.
d) definition of gross income includes all accruals to a taxpayer and this is a bonus for the current year.
When the market is drawn with the value of money on the vertical axis, the price level decreases if <u>Money </u><u>demand shifts right or money supply shifts left.</u>
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Money is an object or verifiable record that is commonly used in a particular country or socio-economic situation as payment for goods and services and to repay debts such as debts.
Taxes are accepted. The main functions of money are the medium of exchange, unit of account, store of value, and sometimes deferment of payments. Any item or verifiable record that performs these functions can be considered money.
Currencies have historically been an emerging market phenomenon, establishing commodity currencies, but almost all modern monetary systems are based on fiat currencies.
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Answer:
a. retained earnings was overstated and liabilities were understated.
Explanation:
Since in the cash dividend is declared also the same is not recorded by the company
So this error would impact the two account i.e. retained earnings and the liabilities
In this, the retained earning is overstated and the liabilities were understated
Therefore the correct option is a.
And, the rest of the options are wrong