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You are planning to buy a new house. You currently have $35,000 and your bank told you that you would need 15% down payment plus an additional 4% in closing costs (Hint: Total loan amount is 85% of the home price. Closing cost is calculated as 4% of the total loan amount. Total amount needed at closing = Down payment + closing cost. It will be due at closing and will NOT be part of the mortgage). If the house that you want to buy costs $250,000 and you can make a 7% annual return on your investment, determine the following:
Problem a) What is your total loan amount? ____
Problem b) When (i.e., in how many months?) will you have enough money for the down payment and closing costs, assuming that the $35,000 is the only investment that you make?
Prepare a retained earnings statement for the fiscal year ended August 31, 2012.
The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 45,000 machine-hours and incur $180,000 in manufacturing overhead cost.
Show how the impairment loss will be allocated across the assets of a CGU. The recoverable amount of the CGU has been assessed as Tshs.140m.
Considering SAS 109 what kind of information should auditor have gathered during the preliminary stage of this audit in order to answer clins questions about the internal control? What sources are available to the auditors to help understand the ..
Find the amount to be reported in Fluck's 2020 income statement as a result of this investment is. On November 1, 2020, Fluck Corp. purchased 10-year, 9%
Which statements concerning accrual accounting is correct? Income from sales is recognised in the period when the cheque is cashed.
Small reports current assets of $80,000 and current liabilities of $20,000. Which company is more liquid? Why
Find What fringe benefits would you offer and why? If you had your own company with employees and you wanted to offer fringe benefits
You will finance 80% of the purchase price. Using 5% as the interest on your 30-year fixed rate mortgage, calculate the monthly payment.
Explain the effect each cost flow (FIFO, LIFO) method would have on profit in rising and falling prices, and why..
Firm has 100 shares of common stock outstanding, a return on equity of 10 per cent, and a debt ratio of 50 per cent, what is its return on total assets
On a current bank reconciliation, an amount is required to be added with the bank statement balance because in the previous closed accounting period a correction entry was not done in the general ledger (check was created in a different accounting pe..
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