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Question - Suppose your parents wish to buy a house whose current market value is $150,000. They have approached a loan officer at the Bank of Nova Scotia who offers them 25-year mortgage financing for 75% of the purchase price at an annual rate of 6.75%. Payments are to be made on a monthly basis even though the bank is required by Canadian laws to compound the interest semi-annually.
(a) What are the effective annual and monthly rates of interest on the loan?
(b) Assuming the loan payments are due at the end of each month:
(i) determine the amount of the monthly loan payments
(ii) determine the amortization schedule for the first 3 months
(iii) determine the principal outstanding at the end of the 5th year. How much interest has been paid over the 5 years?
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Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.
Prepare a master budget for the three-month period.
Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
Evaluate the Predetermined Overhead Rate
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This individual assignment is based on the TerraCycle Inc.
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A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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