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ozzi
2 years ago
12

On January 1, 2020, a customer purchased a new $29,400 automobile, making a downpayment of $840. The customer signed a note indi

cating that the annual rate of interest would be 12% and that quarterly payments would be made over 3 years. For the first year, Oriole required a $357 quarterly payment to be made on April 1, July 1, October 1, and January 1, 2021. After this one-year period, the customer was required to make regular quarterly payments that would pay off the loan as of January 1, 2023.
Prepare a note amortization schedule for the first year. (Round answers to o de Cash Paid Interest Expense Discount Amortized Carrying Amount of Note Date 0 0 32000 400 960 560 32560 400 977 577 33137 994 400 594 33731 400 1012 612 34343
Business
1 answer:
seraphim [82]2 years ago
5 0

Answer:

Carrying Amount of Note on January 1, 2020 = $28,560

Carrying Amount of Note on January 1, 2021 = $30,650.98

Explanation:

Note: See the attached excel file for the note amortization schedule for the first year.

In the attached excel file, the Carrying Amount of Note on January 1, 2020 is calculated as follows:

Carrying Amount of Note on January 1, 2020 = Cost of the automobile – Downpayment = $29,400 - $840 = $28,560

Also from the attached excel file, we have:

Carrying Amount of Note on January 1, 2021 = $30,650.98

Download xlsx
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If your parents withdraw $125,000 from a money market deposit account so they can put a down payment on a house,
Contact [7]

Answer:

M2 decreases and M1 increases.

Explanation:

M1 and M2 are measures of money.

M1 is the narrowest definition of money. It includes currency, travellers check, demand deposit and other checkable deposits.

M2 includes M1 , small denomination time deposit, money market deposit and other assets that can easily be changed into cash easily and at a very little cost.

M3 includes M2, large domination time deposit and less liquid assets.

If $125,000 is withdrawn from the money market funds ,m2 reduces because money market fund is a component of m2.

M1 increases because $125,000 is converted to cash.

I hope my answer helps you.

4 0
3 years ago
A(n) ________ is defined as a distinct unit within a brand or product line distinguishable by size, price, appearance, or some o
PSYCHO15rus [73]

Answer:

The correct answer is stockkeeping unit.

Explanation:

In the field of inventory management, an inventory maintenance unit or SKU refers to a specific item stored in a certain place. The SKU is considered the most disaggregated level when talking about inventory. It is assumed that the units stored in the same SKU are indistinguishable. The introduction of the SKU concept simplifies most inventory control operations. SKUs are sometimes used to designate intangible items, as guarantees; however, in this article we will focus on SKUs that designate tangible items.

8 0
3 years ago
Jan and Sam have all of their 2018 tax documents ready to bring to George to prepare their return. These documents include a W-2
Nonamiya [84]

Answer:

The answer is b. $104,800

Explanation:

W-2 for Jan $52,300+  Sam $48,700 + canceled debt income of $1,800 + state lottery winnings of $2,000 = $104,800

7 0
2 years ago
Harvey is an auto dealer at Vonga Automobiles. As part of his team, he is required to directly call potential customers and conv
Naily [24]

Answer: Sales orientation

Explanation:

A firm that makes use sales orientation is focused on making its products and services very good and affordable. When a sales orientation strategy is adopted, the goal is to sell many goods and services without the firm worrying about marketing to its target audience.

The idea is that by making a product or service that is superior and being sold at the right price, which is combined with aggressive sales tactics, firms can convince people to purchase whatever they are selling. With the explanation, we can infer that the company Harvey works for uses a sales orientation.

4 0
3 years ago
Oscar owns a building that is destroyed in a hurricane. His adjusted basis in the building before the hurricane is $130,000. His
Alinara [238K]

Answer: $132,000

Explanation:

Oscar's new basis on the building will be the basis of the old building plus any additional investment he added.

This is the because there is no gain on the $140,000 he received because it was an Involuntary Conversion amount and he reinvested it into another building within a period of 2 years.

As there is no gain, the building will retain it's original basis but will add any amount outside the involuntary replacement cost of the building.

The Additional basis will be,

= Cost of building - Insurance

= 142,000 - 140,000

= $2,000

The Basis for the new building is,

= 130,000 + 2,000

= $132,000

3 0
3 years ago
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