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Damm [24]
3 years ago
8

Adams is selling his property to Katter for $94,000, and Katter is assuming an existing mortgage at 4-1/2% interest per annum wi

th the unpaid balance of $9,200. Mortgage payments are due the first of each month and include interest up to but NOT including the day of payment. The last payment was made March 1, and settlement is to be March 26. Compute the interest proration that will be credited to the buyer using a 365-day year, and holding the buyer responsible for the day of closing.
Business
1 answer:
MAXImum [283]3 years ago
6 0

Answer:

$69.53

Explanation:

loan's balance = $94,000

interest expense per year = $94,000 x 4.5% = $4,230

interest expense per day = $4,230 / 365 = $11.5890411

the seller is responsible for 25 days of interest = 25 x $11.5890411 = $289.73

the buyer is responsible for 6 days of interest = 6 x $11.5890411 = $69.53

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Partners Dennis and Lilly have decided to liquidate their business. The following information is available:
fgiga [73]

Answer:

Partners Dennis and Lilly have decided to liquidate their business. The following information is available:

Cash $100,000 Accounts Payable $100,000

Inventory $200,000 Dennis, Capital $120,000

Lilly, Capital $80,000

$300,000 $300,000

Dennis and Lilly share profits and losses in a 3:2 ratio. During the first month of liquidation, half the inventory is sold for $60,000, and $60,000 of the accounts payable is paid. During the second month, the rest of the inventory is sold for $45,000, and the remaining accounts payable are paid. Cash is distributed at the end of each month, and the liquidation is completed at the end of the second month.

1. Using a safe payments schedule, how much cash will be distributed to Dennis at the end of the first month?

a. $36,000

b. $64,000

c. $60,000

d. $24,000

2. Using a safe payments schedule, how much cash will be distributed to Lilly at the end of the first month?

a. $40,000

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4 0
2 years ago
N
ankoles [38]

Answer:

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4 0
3 years ago
Integrated Masters Inc. (IMI) is presently operating at 80% of capacity and manufacturing 116,000 units of a patented electronic
balu736 [363]

Answer:

a. $3.13 per unit

b. No

c Yes

Explanation:

The computation is shown below

a. Fixed overhead per unit is

= Fixed overhead ÷ Number of units manufactured

= $363,000 ÷ 116,000 units

= $3.13 per unit      

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c. Now the acceptance of the offer should be based on total relevant cost which is            

Total relevant cost

= $6.1 + $6.1 + $8.1

= $20.3  

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3 0
3 years ago
Ideally, any group you join for business promotion should have at least how many members?
Oksi-84 [34.3K]

500 HUNDRED IS THE AWNSER HOPE IT HELPS PLZ THANKS ME

7 0
3 years ago
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5. ________ is a short-term security, or note, containing a borrower's promise to pay O A trade draft O Equity financing O Comme
erastovalidia [21]

Answer:

Commerical paper

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Commerical paper is a short-term security, or note, containing a borrower's promise to pay.

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