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Finger [1]
2 years ago
8

Sam and Joan made an offer of $250,000 asking the seller to pay all closing costs. They will put 10% down and pay one discount p

oints at closing. The amount of cash required at closing for Sam and Joan will be?
Business
1 answer:
Archy [21]2 years ago
3 0

Answer:

$27,500

Explanation:

Discount points are also called mortgage points and are fees paid as prepaid interest rate on a mortgage property.

One discount point is equivalent to 1% of the loan amount.

In the given scenario a down payment of 10% was made.

Also they are pay one discount point to close.

So total down payment to be made is 10% + 1% = 11%

Amount is cash for closing = 0.11 * 250,000 = $27,500

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On March 15, a fire destroyed Interlock Company's entire retail inventory. The inventory on hand as of January 1 totaled $4,950,
lana [24]

Answer: Option (c) is correct.

Explanation:

Gross profit of 30% means that every $1 of Sales require $0.7 of inventory and cost of freight.

So, inventory used to generate sales of $3,630,000:

= $3,630,000 x 0.7

= $2,541,000

Total inventory during the period:

= Beginning inventory + Purchases

= $4,950,000 + $2,049,000

= $6,999,000

Remaining Inventory:

= (Total inventory - Inventory used to generate sales) + freight-in

= ($6,999,000 - $2,541,000) + $234,000

= $4,692,000

6 0
3 years ago
Brandy enterprises discarded a computer that was fully depreciated and had no residual value. as a result of this​ transaction,
xeze [42]
The likely result of having to have a discarded computer that was fully depreciated and the residual value is discarded as it is not present, the transaction will likely cause a loss equal in regards to the residual value that may be recognized.
6 0
3 years ago
Crane purchases equipment by signing a note payable with the equipment dealer for $10,000. The accounts affected for Crane are _
maxonik [38]

Answer:

Equipment and notes payable

Explanation:

Since the equipment is purchased by signing the note payable which affected the two accounts i.e equipment and the note payable. In this, the cash transaction is not involved, so cash should not be considered

The journal entry would be

Equipment A/c Dr $10,000

        To Notes payable $10,000

(Being the equipment is purchased  by signing a note payable)

7 0
3 years ago
6. Microsoft Word's spell checker
Helen [10]
B makes more sense it should be it
5 0
3 years ago
Lakeside Inc. produces a product that currently sells for $57.60 per unit. Current production costs per unit include direct mate
Sidana [21]

Answer:

It is convenient to make the changes.

Explanation:

Giving the following information:

Selling price= $57.60 per unit.

Direct materials= $22

Direct labor= $24

Variable overhead= $11.00

Fixed overhead= $11.00.

New costs:

Direct material cost= 22*1.2= $26.4

Direct labor cost= 24*1.2= $28.8

<u>I suppose that the selling price will increase by $40.</u>

To determine whether the changes increase profit or not, we need to calculate the unitary contribution margin per unit for both options:

Contribution margin= selling price - unitary variable cost

Actual Contribution margin:

Contribution margin= 57.6 - (22 - 24 - 11)= 0.6

New contribution margin:

Contribution margin= 97.60 - (26.4 - 28.8 - 11)= $31.4

5 0
2 years ago
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