Answer:
Land = $295,000
Building = $1,375,000
Explanation:
The computation of cost of the land and new building is shown below:-
Land = Parcel of land + Demolition of old building + Legal fees for title investigation and purchase contract - Salvaged materials resulting from demolition were sold
= $280,000 + $20,000 + $5,000 - $10,000
= $305,000 - $10,000
= $295,000
Building = Architect's fees + Construction costs
= $35,000 + $1,340,000
= $1,375,000
We simply applied the above formulas
Answer:
A cottage industry is a small-scale, decentralized manufacturing business often operated out of a home rather than a purpose-built facility. Cottage industries are defined by the amount of investment required to start, as well as the number of people employed.
C. Or at least that seems to be the most likely. There are only two similar possible answers which is normally a clue that one of them is wrong and you should be choosing based off how it will benefit you not how it is easier on you.
Hope this helps!
Answer:
The term used to describe the reduction of the balance owed on a loan with each payment made over a period of time is:
d. amortization.
Explanation:
Amortization of a loan is the gradual reduction of the balance owed on a loan because payments are being made over a period of time. Each payment is, therefore, a reduction of the borrowed fund. This gradual reduction through periodic payments is called amortization of the borrowed fund. Loan amortization, therefore, implies the spreading out of the loan payments over time. It is not the same as asset amortization, which is a kind of depreciation.
Answer:
Review Of Current Financial Situation
Explanation:
The first step in the financial planning process involves taking a detailed look into a person's current financial situation. This means examining a person's savings, income, debts and current living expenses.
