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12345 [234]
2 years ago
13

Peyton sells an office building and the associated land on May 1 of the current year. Under the terms of the sales contract, Pey

ton is to receive $1,600,000 in cash. The purchaser is to assume Peyton's mortgage of $950,000 on the property. To enable the purchaser to obtain adequate financing, Peyton is to pay the $9,000 in points charged by the lender. The broker's commission on the sale is $75,000. What is Peyton's amount realized? The amount realized by Peyton is $
Business
1 answer:
Westkost [7]2 years ago
4 0

Answer:

$2,466,000

Explanation:

Given that,

Cash Received = $1,600,000

Mortgage assume by purchaser = $950,000

Broker's commission = $75,000

points paid by seller = $9,000

Peyton's amount realized:

= Cash Received + Mortgage assume by purchaser - broker's commission - points paid by seller

= $1,600,000 + $950,000 - $75,000 - $9,000

= $2,466,000

Therefore, the amount realized by Peyton is $2,466,000.

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C

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On April 1, 2018, Owl Co. sold $2,000,000, 5% bonds at par, convertible to 18,000 common stock, but not converted in 2018. In 20
murzikaleks [220]

Answer:$4.44

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3 years ago
X-Mart uses the perpetual inventory system to account for its merchandise. On June 1, it sold $7,000 of merchandise for cash. Th
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Answer:

Debit Cost of Goods Sold $500

Explanation:

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Further more, sales is recognized by crediting sales account and debiting cash or accounts receivables.

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Your neighbor, Bayonetta, offers you an investment opportunity which will pay a single lump sum of $2,150 four years from today.
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Answer:

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Annual rate of return is used in determining the return on an investment over a 12 month or one year period.

Annual rate of return = [(future value / cost ) ^( 1/n) ] - 1

future value = 2150

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