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3 years ago

Which two of these are essential for completing an initial mortgage loan application?

Business

1 answer:

Vitek1552 [10]3 years ago

4 0

*Your name.

*Your income.

*Your Social Security number (so the lender can check your credit)

*The address of the home you plan to purchase or refinance.

*An estimate of the home's value.

*The loan amount you want to borrow.

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On January 1, Year 1, Sayers Company issued $280,000 of five-year, 6 percent bonds at 102. Interest is payable semiannually on J

mel-nik [20]

Answer:

The cash received from bond issuance is journalized as follows:

Dr Cash $285,600

Cr Bonds payable $280,000

Cr Premium on Bonds payable $5,600

The June 30 and 31 December Year 1 interest on the bonds are recorded thus:

30 June

Dr Interest expense(bal fig) $7,840

Dr Premium on bonds $560

Cr Cash $8400

31 December

Dr Interest expense(bal fig) $7,840

Dr Premium on bonds $560

Cr Cash $8400

The June 30 and 31 December Year 2 interest on the bonds are recorded thus:

30 June

Dr Interest expense(bal fig) $7,840

Dr Premium on bonds $560

Cr Cash $8400

31 December

Dr Interest expense(bal fig) $7,840

Dr Premium on bonds $560

Cr Cash $8400

Explanation:

The amount realized from the bond is calculated thus:

$280,000*102%=$285,600

Premium on bond=Bonds proceeds-par value

=$285,600-$280,000

=$5,600

Semi-annual amortization of bond premium=$5,600/5*6/12

=$560

Semi-annual interest payment=$280,000*6%*6/12

=$8,400

5 0

3 years ago

Assume the following: The standard price per pound is $2.00. The standard quantity of pounds allowed per unit of finished goods

adell [148]

Answer:

Direct material price variance= $12,500 unfavorable

Explanation:

Giving the following formula:

The standard price per pound is $2.00.

The actual quantity of materials purchased and used in production is 50,000 pounds.

The actual purchase price per pound of materials was $2.25.

<u>To calculate the direct material price (spending) variance, we need to use the following formula:</u>

Direct material price variance= (standard price - actual price)*actual quantity

Direct material price variance= (2 - 2.25)*50,000

Direct material price variance= $12,500 unfavorable

6 0

3 years ago

Southeastern Bell stocks a certain switch connector at its central warehouse for supplying field service offices. The yearly dem

Vesna [10]

Answer:

EOQ= 300 units

Annual ordering cost= $3750

Annual holding cost =$3750

Re-order point =100 units

Explanation:

The Economic Order Quantity (EOQ) is the order size that minimizes the balance of ordering cost and holding cost. At the EOQ, the carrying cost is equal to the holding cost.

It is computed using he formulae below

EOQ = √ (2× Co× D)/Ch

EOQ = √ (2× 75× 15,000)/25

EOQ = 300 units

Annual holding cost

= EOQ/2 × holding cost per unit

= 300/2 × $25

=$3750

Annual ordering cost

= Annul demand/EOQ × ordering cost per order

=( 15,000/300)× $75

= $3750

Re-order Point

Maximum consumption × maximum lead time

=( 15,000/300)× 2 = 100 units

6 0

3 years ago

Earl holds 1,000 pounds of perishable fruit in storage for fresh food corporation. fresh food does not pay for the storage. earl

Sergeeva-Olga [200]

This sale represent A MITIGATION OF DAMAGE.
The principle of the mitigation of damage states that a person who has suffered an injury or loss should take reasonable action where possible to avoid additional injury. The failure to take reasonable action to prevent further loss may result in reduction in the amount that the person can recover if the case is taken to court.

8 0

3 years ago

In an open economy, national saving equals a. domestic investment. b. domestic investment plus net capital outflow. c. domestic

egoroff_w [7]

In an open economy, national saving equals to domestic investment and net capital outflow

Explanation:

In an open economy national saving as considered or calculated an equal to the domestic investment and net capital outflow.

The savings saved by the households are generally deposited in the the banks accounts and banks use this amount to give loans to the business organisation and they make money from these loans.

Apart from this, countries also invests in the other foreign countries which is also considered as domestic (national) saving.

7 0

3 years ago