Answer: Company Pays $1640
Carol Bryd pays $410
Explanation:
The total bill is $2300 and the deductible needs to be taken out.
$2300-$250
=$2050
Company Payment.
Company Pays 80% which translates to 0.8
0.8*2050
= $1640 is the company Payment.
Carol then pays the difference which is
$2050 - $1640
= $410
Carol pays $410
Answer and Explanation:
The journal entry is shown below:
Delivery expenses Dr $56
Merchandise inventory Dr $179
Miscellaneous expenses $25
To Cash $260
(Being the reimbursement of the account is recorded)
For recording this we debited all expenses and credited the cash as it increased the expenses and decreased the assets
Answer:
$338,712
Explanation:
we must first calculate the monthly payment using the present value of an annuity formula:
present value = monthly payment x annuity factor
present value = $340,000
PV annuity factor, 0.529167%, 420 periods = 168.38268
monthly payment = $340,000 / 168.38268 = $2,019.21
Since the monthly payment was actually higher than $1,800, the balloon payment will be almost $340,000
I prepared an amortization schedule using an excel spreadsheet. During the first years, the principal is only decreasing by $1 each month