Select the correct answer.

Dagny taggart has just purchased a home and taken out a $400,000 mortgage. The mortgage has a 30minus−year term with monthly pa

Sophie [7]

First we have to calculate the monthly payment on the mortgage which is calculated as =PMT(rate,nper,pv) in excel

Monthly payment = PMT(0.054/12,30*12,400000) = $2,246.12

To calculate the amount of principal for the first three months, we construct the amortization table as shown below:

Month Payment Interest Principal Outstanding

0 400000

1 $2,246.12 1800 $446.12 $3,99,553.88

2 $2,246.12 1797.992446 $448.13 $3,99,105.75

3 $2,246.12 1795.975857 $450.15 $3,98,655.60

Total Principal $1,344.40

The total amount of principal that dagny will pay during the first three months of her mortgage is closest to: $1,344.40

7 0

3 years ago

Sheila loses her credit card and calls her credit card company to report the card stolen. Sheila's sister, Carmen, also loses he

SashulF [63]

D) sheila is not liable for unauthorized charges made on her card after she reports it stolen.

Also, the last sentence had a grammatical error. --> Past participle without an auxiliary verb.

4 0

4 years ago

Del Gato Clinic deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the clo

Sergeeva-Olga [200]

Answer:

Explanation:

Bank Reconciliation: The bank reconciliation deals with the bank statement balance and the cash statement balance. The motive is to compare these two statements so that the organization can run in the smoothly manner.

There are various transactions due to which the bank statement balance and the cash statement balance do not match. To match these statements, we adjust the transactions accordingly.

The journal entries are shown below:

a. No journal entry required

b. Miscellaneous expense A/c Dr $16

To Cash A/c $16

(Being service charges is paid)

c. Cash A/c Dr $9 ($476 - $467)

To Utilities expense A/c $9

(Being correction is recorded)

d. No journal entry required

The preparation of the bank reconciliation statement is presented in the spreadsheet. Kindly find the attachment below:

8 0

4 years ago

Cathy uses, on her new recording drive by, the melody of a song written by earl, without earl's permission. this is

Alexandra [31]

This is copyright infringement.

7 0

3 years ago

On january 1, 2018, the mason manufacturing company began construction of a building to be used as its office headquarters. the

ikadub [295]

<span>The most overwhelming expense to the project was on manpower. The labor force to complete the building was larger than expected and therefore required a large compensation in the form of worker's salaries. To keep the project running smoothly and on time, it was necessary to allocate an amount of overtime that put the project slightly over budget. The next greatest expenditure was on materials and paying for the building itself. In all, the project finished just slightly over budget and within the allotted time frame.</span>

8 0

3 years ago