If you purchase a piece of land for $25,000, making a $1,000 down payment, what would...

If you purchase a piece of land for $25,000, making a $1,000 down payment, what would the appropriate entry be for this transaction?

If you wish to make a correcting journal entry to the prior year, what account would you post to?

What are the three categories represented on the balance sheet?

What are the two methods of reporting accounting transactions?

Please explain what NOI/Net Operating Income represents on the income statement.

What is a subsidiary journal?

When reconciling the bank account, what are the categories used and what are you comparing?

What is an income statement and what information does it tell you?

Expert Solution

'#' means starting of new question's answer...

ekkarill92 answered 2 years ago

Suppose you purchase a new car today for $25,000. You pay $2,000 as down payment towards...

Suppose you purchase a new car today for $25,000. You pay $2,000 as down payment towards this purchase, and finance the balance over 5 years at an annual interest rate of 5%, the first payment to be made in one month. Payments are made every month over the next 5 years. Calculate the monthly payment using both formula and function method. (Hint: need to multiply time by 12 to find the number of months and need to divide interest rate...

The purchase price of a property, land and improvement, was $1,625,000. you put 20% down payment...

The purchase price of a property, land and improvement, was $1,625,000. you put 20% down payment and the rest was financed. the mortgage is a 30 year loan at 6.5% principal-interest payment. taxes and insurance at the time of purchase are $18,000 each year. the vacancy rate is 8%, while the repair expenses averaged is $8,500 every year. you spend annually about $2,000 for miscellaneous and advertising costs. you manage the property yourself. determine the monthly cash flow from 30...

You are ready to buy a house, and you have $25,000 for a down payment and...

You are ready to buy a house, and you have $25,000 for a down payment and closing costs. Closing costs are estimated to be 4% of the loan value. You have an annual salary of $48,000 (monthly income $4000) , and the bank is willing to allow your monthly mortgage payment to be equal to 25% of your monthly income. The interest rate on the loan is 7.2% per year with monthly compounding (.6% per month) for a 30-year fixed...

You would like to purchase a townhouse and you wish to save forthe down payment....

You would like to purchase a townhouse and you wish to save for the down payment. What amount invested at the end of each year at 10% annually will grow to $10,000 at the end of five years

3. Loan Interest. Sharon is considering the purchase of a car. After making the down payment,...

3. Loan Interest. Sharon is considering the purchase of a car. After making the down payment, she will finance $11,450.00. Sharon is offered 3 maturities. On a four-year loan she will pay $284.93 per month. On a five-year loan, Sharon’s monthly payment will be $237.68. On a six-year loan they will be $206.39. Sharon rejects the four-year loan, as it is not within her budget. How much interest will Sharon pay over the life of the five-year loan? Of the...

Loan Interest. Sharon is considering the purchase of a car. After making the down payment, she...

Loan Interest. Sharon is considering the purchase of a car. After making the down payment, she will finance $10,050. Sharon is offered these three maturities. On a four year loan, sharon will pay $240.66 per month, on a five-year loan, Sharons monthly payments will be $199.00. On a six-year loan, they will be $171.34. Sharon rejects the four year loan, as it is not within her budget. So, Sharon would pay $1,890.00 in interest over the life of the five...

You put 20% down on a home with a purchase price of $250,000. The down payment...

You put 20% down on a home with a purchase price of $250,000. The down payment is thus $50,000, leaving a balance owed of $200,000. A bank will loan you this remaining balance at 3.91% APR. You will make monthly end-of-the-period payments with a 30-year payment schedule. What is the monthly annuity payment under this schedule?

You purchase a $1,250,000 home by providing a down payment equal to 20% of the purchase price.

You purchase a $1,250,000 home by providing a down payment equal to 20% of the purchase price. You take out a loan for the remaining balance that requires equal end-of -month payments over the next 30 years with an EAR of 3.8%. How interest will be paid with the first two payments?

You financed the purchase of a $300,000 apartment with a down payment in cash of 20%...

You financed the purchase of a $300,000 apartment with a down payment in cash of 20% of the purchase price. The remaining 80% is financed with a mortgage with a 1% monthly interest rate over the next 20 years. The mortgage is repaid with equal monthly installments. Compute the monthly installments on the mortgage. (5 points) What is the outstanding principal balance of the mortgage after 5 years (i.e., after 60 installments)? (5 points) Ten years later (after 120 installments),...

You are buying your first condo for $220,000 and are making a $20,000 down payment. You...

You are buying your first condo for $220,000 and are making a $20,000 down payment. You have arranged to finance the remaining amount with a 30-year monthly payment amortized mortgage at a 5.75% nominal interest rate. What will your monthly payments be? a. $1,167.15 b. $1,900.88 c. $1,200.93 d. $1,962.70 e. $1,324.02 f. $2,100.04 What is the estimated payoff on the mortgage question above after you have paid for 10 years? Show how you obtained the mortgage balance using Excel...

Question