Adam Marsh is purchasing a $134,000 condominium apartment. If the sellers are responsible for the 6% broker's commission, $900 in closing costs, and the existing first mortgage with a balance of $45,000, what proceeds will be received on the sale of the property? Sale price = Less: Closing costs = Broker fees = First mortgage =| Seller's proceeds =|
Q: Morrill Company produces two different types of gauges: a density gauge and a thickness gauge.The…
A: The term "variable overhead" describes the fluctuating manufacturing costs that come with running a…
Q: Equipment acquired at a cost of $90,000 has an estimated residual value of $5,000 and an estimated…
A: Depreciation is a non-cash expense. We book the depreciation to record the normal wear and tear of…
Q: Zachary Company has 600,000 shares of common stock outstanding. Perette Corporation purchases…
A: Formula: Percentage of outstanding shares own = Total shares purchased / Total outstanding shares
Q: On January 2, 2019, U Co. purchased 75% of the outstanding shares of N Co. resulting to a goodwill…
A:
Q: Computing and Recording Interest Capitaliza Bullock Company is constructing a building for its own…
A: Capitalized interest Capitalized interest term refers to the cost of borrowing to acquire or…
Q: Warm Runnings Inc. issued ₱400,000 bonds with a nominal interest rate of 4% when the market rate was…
A: Interest paid in year 1 = P400000×4% = P16000
Q: (c) Suppose you had a choice between owning a US government treasury bond paying 2% coupon and a…
A: Here discuss about the advantages of while using the US government Treasury Bond compare with the…
Q: Cash 18,000 Accounts payable 4,500 Office supplies 1,500 Merchandise inventory 12,000 Accounts…
A: Liabilities : These are obligations of user and required to be settled within specified period of…
Q: Zurich Manufacturing Company acquired three patents in August 2019. The patents have different…
A: Calculation of Amortization of patent for the year 2019 Amortization in 2019 Patent A…
Q: Question 20: Identify the incorrect statement regarding EFTPS. Answer: А. It's a free, online…
A: Answer 20:- Option C is incorrect. Explanation:- When the payment is done using this system must be…
Q: Patent cost is $ 18000 , life of itis 18 years, calculat the first year amortization expense.
A: Formula: Amortization expense = Asset value / Useful life years
Q: Accounts that normally have a credit balance are… lag stion © A. Expenses, capital & liabilities B.…
A: The normal balance is the balance side that increases the value of an item. And the opposite side of…
Q: Exercise 10-6 (Algo) Goodwill [LO10-1] On March 31, 2021, Wolfson Corporation acquired all of the…
A: In accounting, goodwill is usually defined as the worth of a company that surpasses its assets less…
Q: Sales revenue is $ 500000 , Variable costs are 30 % of sales revenue and fixed costs are $ 200000 ,…
A: Formula: Net income = Revenues - Expenses.
Q: If JoBlo Inc., has a retained earnings opening balance of $50,000 at the beginning of the and an…
A: Formula: Ending Retained Earnings balance = Beginning Retained Earnings + Net income - Dividends…
Q: Express the following comparative income statements in common-size percents. Using the common-size…
A: Common size income statement is prepared to show every expense as a percentage of Sales Revenue.
Q: Music Incorporated planned and manufactured 259,500 units of its single product in 2022, its first…
A: SIMS COMPANY Variable Costing Income Statement Sales (209,500 units X $ 79 per unit) $…
Q: during 2020. For consolidation purposes, what is the non- controlling interest in net income of S fo
A: Introduction Minority interest means ownership or interest of less then 50% of an enterprise. The…
Q: How much is Vancouver Company's amortization expense and franchise fee expense for the year 2020?
A: On April 1, 2020, Vancouver Company purchased from Sunbucks Company (franchisor), a franchise to…
Q: Question 12: Match the payment due dates with the type of depositor. Following Friday Semiveekly…
A: Payment Due Date: In business, a due date is the latest date by which a payment on an invoice or…
Q: Using the information in AA8, how much is the total amount of Retained Earnings? P 150,000 P 100,000…
A: Retained earnings means the amount that is left after paying all the expenses and amount that…
Q: Braxton's Cleaning Company stock is selling for $33.00 per share based on a required return of 11.4…
A: Dividend :::33$*14%=$4.62....
Q: On January 1, 2024,Technicians Credit Union (TCU) issued 7%, 20-year bonds payable with face…
A: The bonds are issued at premium when market rate is lower than the coupon rate of bonds payable.…
Q: Ms. Ligaya wants to buy her dream car. However, she does not have enough money to pay for ₱5,000,000…
A: The question is based on the concept of Financial Management.
Q: Sales to Y Sales to others Cost of goods sold
A: A consolidated financial statement is inclusive of all the subsidiary companies where the owner has…
Q: Krueger Corporation manufactures a single product whose selling price is $134 per unit and whose…
A: Formula: Total contribution margin = Sales revenue - variable cost
Q: Expo Lube is interested in producing and selling an industrial line of oil filters. Market research…
A: Profit = sales - cost Cost = sales - profit Target cost = Selling price - (Profit % * Selling…
Q: Phi Phi Furniture produced 1,500 television stands in March. These stands are sold for RM300 each.…
A: Schedule of Cost of Goods Manufactured Amount (In RM) Amount (In RM) Direct Materials…
Q: A Cleaning Malntenance Machine 100 250 75 5 10 Hours Floor Space 150 200 120 50 60 Total 50 000 75…
A: Under Step method, the costs of one service department is allocated to production departments and…
Q: In 2021, Bratten Fitness Company made the following cash purchases: 1. The exclusive right to…
A: Solution:- Given, X-Core workout equipment from Symmetry Corporation = $211,000 Bratten also paid an…
Q: The Lakers Corporation uses a joint manufacturing process that produces three products. The process…
A:
Q: Vegas Company has the following unit costs: Variable manufacturing overhead $ 20 Direct materials 25…
A: Formula: Contribution margin = Sales revenue - Variable cost
Q: Since the SUTA rates changes are made at the end of each year, the available 2019 rates were used…
A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…
Q: Statement I: Partners with the greatest ability to absorb losses and expenses are the first to…
A: A partnership is a kind of business structure in which two or more people agree to carry out…
Q: martha invest $5300 at a rate of 6 1/4%. find how long it will take for his investment to earn $410…
A: Basic Concept of Interest Calculation
Q: the remaining interest held by the founding shareholders in Sherrin Ltd. Which of the following…
A: A joint arrangement is a that type of business formation which has been started by the parties…
Q: Oa. 4. 4. 6 4. O b. 10 232
A: Basic accounting Method used in excel Formula of Count if
Q: Here is the preclosing December 31, 2017 trial balance for the general fund of Lancaster County: All…
A: The unsigned fund balance is determined by adjusting the difference between general fund revenue and…
Q: Below were transactions for the month of March 2021 for Aisyah, a sole trader: Date Business…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: 3y completing the table given below, and then applying the relevant formulae, determine the linear…
A: As per our protocol we provide solution to the one question only but as you have asked two questions…
Q: An American manufacturing company has new equipment with a first cost of $ 25,000, an estimated…
A: Depreciation can be termed as wear and tear of an asset where a portion of cost of asset is…
Q: Mountain Racing Bikes Bikes Total $ 918,000 467,000 451, e00 Dirt Bikes $ 261,000 111,e00 150,000 $…
A: When decision with regard to discontinuance is made only the cost that can be avoided is relevant .
Q: What is the advantage and disadvantage of paying your employees stock option?
A: employee stock option plan is a plan that gives benefit to the employees ownership or shares in the…
Q: CBD Shop cash balance in the balance sheet ending June 30 20X0 shows $16 000. The net cash flows…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: Determine the consolidated net income for 2020.
A: Consolidated net income is the net income which has been actually earned by the company when the…
Q: Balance per books March 31 Balance per bank statement March 31 $ 7,555 $12,760 Additional…
A: Bank reconciliation statement shows reconciliation between bank balance as per cash book and balance…
Q: every six months, mahmood deposit $800 into an account paying 6% compounded semiannually. find the…
A: Present value (PV) = $800 Rate (r) = 6% or 0.06 Semiannually rate (r) = 0.0.3 (0.06/2) Time (n) = 30…
Q: On January 2, 2019, U Co. purchased 75% of the outstanding shares of N Co. resulting to a goodwill…
A: Net Income: Net income is the resultant amount determined from the statement of profit or loss…
Q: (multiple answers) Choose all correct answers. O Using backtesting with ex-post comparison can…
A: Financial institutions A financial institution refers to the company that is involved in the dealing…
Q: Compa placing 2 150.
A: Since you have asked multiple questions, we will solve the first question with its sub-parts for…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- The buyers paid $6,125 for a 1 point origination fee and a 1.5 discount point fee, what is the amount of their loan? If the buyers are obtaining an 80 percent LTV, what is the purchase price of their new home?a purchaser makes a 20% down payment on a new home and obtains a loan for the balance. The lender charges two discount points which equals 1000. what was the sale price of the house? I would like a break down on how to obtain the answerThe Bourassas decide to sell a home for $460,000. They are charged a real estate commission of 8% of the selling price, title insurance that is 1.2% of the selling price, and an escrow fee of $875. (a) What amount (in dollars) do the Bourassas receive after fees? (b) What percentage of the selling price was fees? Round your answer to the nearest percent.
- Jason Searcy buys a condominium for $96,200. He makes a 5% down payment, and pays these closing costs: property survey, $315; insect inspection, $190; legal fees, $525; and title insurance, $225. a. What is the down payment amount? b. What are the total closing costs? c. What is the total cash amount needed to buy the condominium?The Tomlinsons decide to sell their home for $345,000. They are charged a real estate commission of 5.5% of the selling price, title insurance that is 1% of the selling price, and an escrow fee of $800. (See Example 2 in this section.) What amount (in dollars) do the Tomlinsons receive after fees? (Enter a number.)$ What percentage of the selling price was fees? Round to the nearest tenth of a percent. (Enter a number.)What formula do I utilize to find out the annual net revenue I'll receive for a property? For example, If I were to purchase a commercial property for $8,950,000 with an interest rate of 3.5% and a term of 30 years. I put down 25% which is $2,237,500, which would make my loan amount equate to $6,712,500. This particular commercial real estate property has a NOI (Net Operating Income) of $494,040yr, the debt service is $361,705yr, and the cashflow is $132,335yr. Would my net revenue equate to $494,040yr or $132,335yr?
- A home is appraised at $330,000 and the buyer has negotiated a purchase price of $312,000. She hopes to mortgage $306,000. What is the loan-to-value ratio to the nearest percent? Is the lender likely to approve this mortgage without the buyer being required to purchase private mortgage insurance (PMI)? Loan-to-value ratio=?Rent versus Own Analysis compare the costs of owning a home against renting a home. Assume a home can be purchased for $180,000 with a $45,000 down payment and financed with a fully amortizing mortgage loan of $135,000 at 6.5 percent interest for 30 years. Other costs associated with owning include annual maintenance (initial cost of $750), insurance (initial cost of $1,600), and property taxes (initial cost of 2.5 percent of property value). These expenses would not need to be paid if renting. Assume that growth rates for expenses (including insurance, maintenance, and property taxes) equal to 2 percent per year. Assume the property value will grow at a rate of a constant 2 percent per year. After six years, the property will be sold. A selling expense of 7 percent would have to be paid at that time. Assume the income tax rate is 24 percent. Alternatively, assume the home can be rented for $15,000 for the first year, with an annual 2 percent growth rate in rent. Be sure to show your…The Tomlinsons decided to sell their home for $355,000. They are charged a real estate commission of 3.5% of the selling price, title insurance that is 1% of the selling price, and an escrow fee of $900. What amount (in dollars) do the Tomlinsons receive after fees? $ ? What percentage of the selling price was fees? Round your answer to the nearest tenth of a percent. % ?
- Mr. Samson hired the services of a broker to sell his property. The owner said he bought it at P6,300,000.00 and wants a 30% gross profit. If you were a broker, at how much would you sell the property? If you will be paid 5% commission, how much shall be added to the selling price that the 30% profit of Mr. Samson will not be affected?A family wishes to buy a $235,900 home. - If a conventional lender is willing to loan the family 87% of the price of the home, what will the loan amount be? What will be the down payment with the loan? - If the family decides to obtain an FHA loan instead, what will the minimum down payment be? (FHA loan down payments are 3.5% of the first $25,000 and 5.2% of the balance of the loan). What is the maximum FHA loan the family can obtain?A builder is offering $139,371 loans for his properties at 9 percent for 25 years. Monthly payments are based on current market rates of 9.5 percent and are to be fully amortized over 25 years. The property would normally sell for $150,000 without any special financing. Required: a. At what price should the builder sell the properties to earn, in effect, the market rate of interest on the loan? Assume that the buyer would have Give typing answer with explanation and conclusion