Answer:Gundy Enterprise journal $
Date
Jan 31 2021
Income statementl Dr 641.67
Mortage Interest. Cr. 641.67
Recognition of interest payable on mortgage loan for December 2021
Jan 31 2021
Mortgage principal Dr 635.52
Mortgage interest Dr. 641.67
Bank Cr. 1277.19
Narration.payment of principal and interest Interest due on mortgage loan as at January 31 2021.
Explanation:
The monthly installment payments of $1277.19 consist of both the principal sum and accompanying monthly interest.
The interest needs to be first recognized as an expenses into the income statement and increase in the mortgage loan. This will prevent an over deduction on the mortgage loan.
Answer:
Contingency
Explanation:
A contingency clause is a condition stipulated in a purchase agreement that must be met before the closing date. Contingencies are normally included in the purchase of properties such as homes and land. A contingency or condition usually relates to issues to do with financing, insurance, appraisal, or financing. A contingency becomes part of the sales contract should the buyer, and the seller agree on the other terms.
Explanation:
Business is essential and promotes the quality of human life for two reasons: for producing economic goods and services and for generating jobs.
Economics is the science that studies and uses the set of actions that use resources to produce and distribute goods and services for consumption whose objective is to assist in the survival and quality of life of individuals. Companies are responsible for producing essential goods and services, such as food, medicine, clothing, etc.
The generation of jobs is also a factor that comes from business, through the human labor force that companies need to operate the business, it is possible to generate income for individuals, strengthen the economy, etc.
Answer:
product life cycle, competition, and perceptions of quality are all determinants of pricing in the Ski Butternut business to bring other businesses to the mountain in order to maximize profit.
Explanation:
The product life cycle is the prices of a product or service from its birth to death. The prices are influenced by the demand and supply of the product at each season of its life.
Pricing is influenced by competition between companies offering similar products or services. The Ski Butternut is able to attract more customers and businesses than their competitors, still maintaining the profit margin. The price of the Ski Butternut is increased or high to depict its quality to high-end customers.
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