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Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
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- Jan. 1, 2020 Dec. 31, 2020 Accrued Expenses $30,000 $26,000 Payments Made $67,000 Operating Expenses $69,000 Prepaid Expenses $12,000 ? How much is the prepaid expenses on Dec. 31, 2020?Choose the correct. On March 15, Calloway, Inc., paid property taxes of $480,000 for the calendar year.30. How much of this expense should Calloway’s income statement reflect for the quarter ending March 31?a. –0–b. $40,000c. $120,000d. $480,000Question 1 The following account balances are provided for Holland Pty Ltd at 30 June 2020. Revenue and expense accounts cover the financial year ending on that date. Accounts payable 20,000 Loan payable—long term 110,000 Accounts receivable 48,600 Office Equipment 14,000 Accumulated depreciation—office equipment 2,000 Office expenses 15,200 Advertisement expense 7,800 Prepaid insurance 1,400 Cash at bank 50,000 Retained earnings (beginning of year) 15,800 Cost of sales 64,000 Salaries expense 28,000 Depreciation expense 2,000 Sales revenue 120,000 Inventory 40,000 Share Capital 76,400 Land 75,000 Unearned service revenue 1,800 a) Prepare the Income Statement for Holland Pty Ltd for the year ended 30 June 2020. Holland Pty Ltd Income Statement for the year ended 30 June $ $…
- Accrued salaries at December 31 amounted to $31,560. Ignore related payroll liabilities. Salaries & Wages Expense- $549,033 What is the adjusting entry?16. Umasa Company reported rental revenue of P2,210,000 in the cash basis income tax return for the year ended November 30, 2020. Rent receivable – Nov. 30, 2020 is P1,060,000; Rent receivable – Nov. 30, 2019 is P800,000; and Uncollectible rent written off during the fiscal year is P30,000. Under accrual basis, what amount should be reported as rent revenue? a. P1,920,000 b. P2,240,000 c. P2,500,000 d. P1,980,0001. The electricity account for the year ended 30 June 20X3 was as follows:Opening balance for electricity accrued at 1 July 20X2 300$Payments made during the year:1 August 20X2 for three months to 31 July 20X2 600$1 November 20X2 for three months to 31 October 20X2 720$1 February 20X3 for three months to 31 January 20X3 900$30 June 20X3 for three months to 30 April 20X3 840$Which of the following is the appropriate entry for electricity?Accrued at June 20X3 Charged to income statement,year ended 30 June 20X3A $Nil $3,060B $460 $3,320C $560 $3,320D $560 $3,420
- the amount of cash paid for s&a expenses during the month of November is : options are : 63400 67000 65700 70400Beg. Retained Earnings= $34 for nov. 30, 2022. . Then, The following transactions occurred during December of 2022: Paid $14 for December rent, Paid $6 to reduce the amount of accounts payable, Sold inventory costing $5 for $60, Collected $10 accounts receivable, Accrued $5 owed to employees for work performed in December to be paid in January, Recorded $8 depreciation on the new equipment. What is retained earnings at 12/31/2022?Question 1The following information was extracted from the financial statement of Barryfor the year ended 31 December 2020. RMSales 437,500Opening inventories 17,500Closing inventories 26,250Cost of sales 262,500Other income 3,750Expenses 61,250Current liabilities 47,250Trade receivables 39,375Bank 8,750Cash 31,500Required:(a) Show the formulae and compute the value of the following for Barry:(i) Purchases(ii) Gross profit(iii)Net Profit
- The electricity account for the year ended 30 June 20X1 was as follows. $ Opening balance for electricity accrued at 1 July 20X0 300 Payments made during the year 1 August 20X0 for three months to 31 July 20X0 600 1 November 20X0 for three months to 31 October 20X0 720 1 February 20X1 for three months to 31 January 20X1 900 30 June 20X1 for three months to 30 April 20X1 840 1 August 20X1 for three months to 31 July 20X1 840 Which of the following is the appropriate entry for electricity? Accrued Charge to SPL at 30 June 20X1 year ended 30 June 20X1 A $Nil $3,060 B $460 $3,320 C $560 $3,320 D $560 $3,420May I ask for an explanation and solution to the question for a better understanding. Thank you! Selected information for Cain Corp. for the year ended December 31, 2021 are as follows: Average days' sales in inventories = 124; Average days' sales in accounting receivable = 48. The average number of days in the operating cycle for 2021 was: a. 172 b. 124 c. 86 d. 76Information from PrepEx Co. are as follows: Jan. 1,2021 Dec. 31, 2021 Accrued Expenses $300,000 $260,000 Payments Made $670,000 Operating Expenses $690,000 Prepaid Expenses $120,000 ? How much is the prepaid expenses on Dec. 31, 2021?