Calculate the percentage of appraised value and the potential credit available for a second mortgage if the appraised value is $324,600, the lender's percentage is 75% and the balance owed on the first mortgage is $197,500.
Q: In reconciling the Cash in Bank of Inner Company with the bank statement balance for the month of…
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…
Q: Sand and Sea Resorts owns and operates two resorts in a coastal town. Both resorts are located on a…
A: Lets understand the basics. Cost driver is a driver which is used to allocate the cost to product or…
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: Direct Materials and Direct Labor Variances At the beginning of June, Bezco Toy Company budgetE…
A: Variances are calculated in order to compare the standard set and the actual performance of the…
Q: chased from U Co. amounting to 18,000. These goods were sold by U at a 25% markup. 9
A: Business Combination:
Q: . Partners Lanvega, Tauroneo, and Bryce share profits and losses in the ratio of 4:5:1. The…
A: Liquidation of partnership means cancelling all the rights and liabilities of the partners,…
Q: partners who share profits and losses in the respectively. On January 1, 2021, their respective…
A: When a new Partner is added to a Partnership firm for an agreed percent of share in the total…
Q: Amount Sales 123,000 Variable expenses 49,200 Contribution margin 73,800 Fixed expenses 24,000 Net…
A: Formula used: Degree of operating leverage = ( Total contribution margin / Net operating income )…
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: a. Using the information provided in the image below, determine the carrying amount of the inventory…
A: As per the given information in the above question we must determine the carrying amount of the…
Q: Canadian tax principles-2 Lester Inc. has 220,000 common shares outstanding. All of these shares…
A: Answer: Lester inc. owns 220,000 issued common stock. All of these stocks was sold for $13 per, for…
Q: The assets and liabilities of Matt Wesley Auto Shop are as follows: Cash, S10,000; Accounts…
A: Introduction: Accounting equation: Sum of Liabilities and owner equity value derives the Total…
Q: Radford Inc. manufactures a sugar product by a continuous process, involving three production…
A: Solution:- Given, Radford Inc. manufactures a sugar product by a continuous process, involving three…
Q: The pecking-order theory of capital structure implies that firms will always prefer to issue debt…
A: Capital structure Capital structure refers to the relationship between long-term forms of financing…
Q: Paxton Company can produce a component of its product that incurs the following costs per unit:…
A: Net Incremental cost or (savings) = Offer price - Direct material cost - Direct labor cost -…
Q: Question 3 Phi Phi Furniture produced 1,500 television stands in March. These stands are sold for…
A: Total Conversion Cost=Direct Labor+Total Manufacturing Overhead
Q: credit control is signalled by: a. high accounts receivable turnover and high days sales in…
A: Receivable Turnover Ratio is a measure of how efficiently a company is able to collect from its…
Q: Determine the consolidated net income for 2020.
A: On January 2, 2019, U Co. purchased 75% of the outstanding shares of N Co. resulting to a goodwill…
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: Lighter Incorporated planned and manufactured 440,000 units of its single product in 2022, its first…
A: The question is based on the concept of cost accounting. Sales amount can be calculated by making…
Q: Prepare Trial Balance Cash Accounts Receivable Capital Withdrawals Service Fees Rent Expense $1,200…
A: Trial balance consists of list of all general ledger accounts.The total debits of trial balance…
Q: On January 2, 2019, U Co. purchased 75% of the outstanding shares of N Co. resulting to a goodwill…
A: Consolidation statement- Consolidated financial statements include the parent company's financial…
Q: P 26,000 30,000 67,000 154,000
A: Given The percent of non-controlling interest ownership in S Company as of December 31, 2019.
Q: XYZ Company purchases a machine On January 1, 2014 for $100,000 with an estimated residual value of…
A: Double declining depreciation rate = Straight line depreciation rate x 2 = (100/4 years) x 2 = 50%
Q: What is the importance accounting standard for the purpose of preparng financial reports,…
A: Accounting standards are the rules and policies which are followed so that the financial statements…
Q: Treasury shares were acquired for cash at a price above par value. The treasury shares were…
A: The treasury stock includes the own shares purchased by company from the shareholders.
Q: ransactions during 2020 of the newly organized Atomic Corporation included the following: •…
A: Intangible assets are assets that doesn’t have physical form, they cannot be seen or touched but…
Q: and has the following inventory transactions for the half year ending 31 December 2020: Units…
A: Weighted average method Under this method average rate is calculated to value the inventory.…
Q: Sale of Equipment Equipment was acquired at the beginning of the year at a cost of $30,250. The…
A: Depreciation is an accounting strategy that spreads the cost of a tangible or physical thing over…
Q: Larry purchased a new combine that cost $220,500, minus a rebate of $2,500, a trade -in of $6,500,…
A: The question is based on the concept of Financial Management. Annuity refers to the series of equal…
Q: "Suppose that a person in the 45% tax bracket invests 3000 at 10% per year, compounded annually, for…
A: Calculation of loss on purchasing power Loss on Purchasing power = Present value of Amount invested…
Q: The assets and liabilities of Matt Wesley Auto Shop are as follows: Cash, S10,000; Accounts…
A: Since basic accounting equation is Total assets = Total liabilities + equity
Q: Troy Engines, Limited, manufactures a variety of engines for use in heavy equipment. The company has…
A: Only the cost that can be avoided is considered the relevant cost for decision making purpose. Fixed…
Q: The accountant for Polo's Pet Shop prepared the following list of account balances from the entity's…
A: Statement of owners equity is an essential part of financial statements. It indicates the investment…
Q: Hepworth Company has implemented a JIT system and is considering the use of backflush costing.…
A: Frequent items that can be reported in journal entries include depreciation and bond amortization.…
Q: Activity-Based Costing: Service Firm Glencoe First National Bank operated for years under the…
A: ABC Activity-Based Costing is most widely used in the manufacturing industry since it enhances cost…
Q: ing could be purchased for sole use by the corporation at a total price of $4.5 million, of which…
A: The answer is stated below:
Q: You are working as a practice pharmacist and have been asked to help the practice reduce expenditure…
A: In the context of the given question, we need to determine the total saving for the practice per 84…
Q: Sapphire Computer Company has been purchasing carrying cases for its portable comput-ers at a…
A: Differential analysis is a decision-making approach that analyses the net effects of two…
Q: 1.Equipment Capital 1. The owner invests equipment in the business. 2. The company receives cash…
A: The business transactions affects two or more accounts of the business where one account is credited…
Q: Required Accounting Entry Nature of Transaction Source Document Account Debited Account Credited 1.…
A: Source document are the document are the document that reveals the sources of the transactions.…
Q: In 2021 an investor sold capital property for $80,000. The cost base of the property was $55,000.…
A: A capital gain is the increase in the value of a financial instrument when it is sold. A capital…
Q: f Volatile n at the E the end c 2 dividon
A: Write down the cash flows Year Cash Flows Description 0 -36 Purchase one share for 36…
Q: he image belo
A: Consolidated Statement: Consolidated statement is the accounting report of both the parent company…
Q: The controller of Sonoma Housewares Inc. instructs you to prepare a monthly cash budget for the next…
A: The question is based on the concept of Cost Accounting. Cash budget is used to calculate the…
Q: Maria Young is the sole stockholder of Purl of Great Price Company (POGP Company), which produces…
A: Trial Balance is one of the most important part of Accounting.It consists of a statement of all…
Q: Question 5: Smalltime Flyer Co. sells remote control airplane engines, which carry a one-year…
A: I am answering the first three sub-parts of the question as per bartleby guidelines. Please…
Q: St. Laurence reports the following data: Throughout the year, St. Laurence has outstanding 150,000…
A: When Preferred shares are cumulative , then dividend in arrears are to be paid to the preferred…
Q: Based on the following data, prepare a financial comparison of buying and leasing a motor vehicle…
A: The correct answer for the above mentioned question is given in the following steps for your…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
- For the second mortgage application, calculate the percentage of appraised value and the potential credit (in $). AppraisedValue Lender'sPercentage Percentage ofAppraised Value (in $) Balance ofFirst Mortgage PotentialCredit (in $) $1,359,000 60% $ $514,190 $Using this table as needed, calculate the required information for the mortgage. AmountFinanced InterestRate Termof Loan(years) Numberof $1,000sFinanced TableFactor(in $) MonthlyPayment(in $) TotalInterest(in $) $73,500 8.00% 30 $ $ $Using this table as needed, calculate the required information for the mortgage. (Round dollars to the nearest cent.) AmountFinanced InterestRate Termof Loan(years) Numberof $1,000sFinanced TableFactor(in $) MonthlyPayment(in $) TotalInterest(in $) $168,300 7.25% 15 168.3 $ $ $
- A mortgage applicant who has a monthly gross income of $4,285.00 applies for a mortgage with monthly PITI of $1,542.60. The applicant's other financial obligations total $231.39 per month. If the lending ratio guidelines are as given in the table below, what type of mortgage, if any, would the applicant qualify for?As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI (in $), using this table and the monthly PITI (in $) for the mortgage. (Round dollars to the nearest cent.) AmountFinanced InterestRate Termof Loan(years) MonthlyPI AnnualPropertyTax AnnualInsurance MonthlyPITI $129,700 6.75% 15 $ $2,310 $1,385 $Determine the dollar settlement of the 3 x 6 FRA for the amount $300,000 assuming (a) the settlement occurs on the date of loan initiation and (b) if settlement occurs on the date of loan repayment. Use the following data to carry out the calculations. Interest rates are expressed as stated annual interest rates.
- A finance company uses the discount method of calculating interestThe loan principal is $4,500, the interest rate is 4.5%, and repayment is expected in one and half yearsYou will receive Type your answer here from the lender .The monument office building has an NOI which is expected to be $137,668 in year 1, $155,936 in year 2. and $169,411 in year 3. Assume an annual mortgage payment equal to 115,421. What is the debt coverage ratioMake an amortization table to show the first two payments for the mortgage. Amount of mortgage Annual interest rate Years in mortgage Monthly payment $407,550 5.25% 35 $2122.29 Month Monthly payment Interest Principal End-of-month principal 1 $2122.29 $enter your response here $enter your response here $enter your response here 2 $2122.29 $enter your response here $enter your response here $enter your response here
- Consider a 7.5%, $145,000, 25-year mortgage loan with 1/2% origination fee, 3/4 of a point, $550 mortgage insurance fee, $360 document prep fee, $395 appraisal fee, $663 title insurance fee, $125 credit report fee, $75 recording fee, and $500 to be placed in escrow. Calculate the reportable APR%your home was recently appraised for $176,000. The balance on your existing mortgage is $111,500. If your bank is willing to loan up to 69% of the appraised value, what is the potential amount of credit available on a home equity loan?Consider a home mortgage of $ at a fixed APR of % for years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest.