Answer:
Check the answers below!
Explanation:
There is just one question despite the exercise requires completition of 7 additional numerals.
a. Required down payment = Price of the condominium * interest rate required by the bank.
$95.000 * 20% = $19.000
b. 28% of adjusted monthly income is:
(5000-145)*28%=
1359.4
c. Monthly payments of principal and interest for a 25-year loan.
Using PV of ordinary annuity formula,
with PV of the bank loan =96000*80%=76800
d.Total monthly payment=
671+((346+1400)/12)=
817
e.YES---- 817 < 1359.4
f. Amt. of First payment on the loan applied to the principal:
671-(76800*0.00792)=
62.74
ie.$ 63
g.Total amount she pays for the condominium with a 25-year conventional loan(without including taxes & homeowners' insurance)
671*12 mths. *25 yrs. =
201300
h) So, Total interest paid for the 25-year loan:
201300-76800=
124500
No.of periods=25*12=300
at monthly interest of 9.5%/12=
76800=Pmt.*(1-1.00792^-300)/0.00792
Solving the above, we get the monthly payment as 671
Answer:
Cross-functional
Explanation:
The cross-functional work teams are made up of members from different departments to carry out a project or to solve a problem.
Explanation:
Data given in the question
Actual cash received = $23,447
But the amount indicated on the cash register is $23,457
So, by considering the above information, the journal entry is as follows
Cash $23,447
Cash short and over $10
To Sales $23,457
(Being the cash receipts and the cash sales is recorded)
Answer:
Break-even level of output = 56
Explanation:
Given:
Annual Revenue = $1,300
Total Fixed cost = $28,000
Variable cost = $800
Computation of contribution:
Contribution = Sales - Variable cost
Contribution = Revenue - Variable cost
Contribution = $1,300 - $800
Contribution = $500
Computation of Break-even level of output:
Break-even level of output = Total Fixed cost / Contribution
Break-even level of output = $28,000 / $500
Break-even level of output = 56
Answer:
Total overhead $
Indirect material ($0.5 x 200,000 units) = 100,000
Utilities ($0.25 x 200,000 units) = 50,000
Supervisory salaries = 60,000
Building rent = 80,000
Total overhead 290,000
Overhead rate = <u>Budgeted overhead</u>
Budgeted direct labour hours
= <u>$290,000</u>
100,000 hours
= $2.90 per direct labour hour
Explanation:
In this case, we need to obtain the total overhead, which is the total of indirect material, utilities, supervisory salaries and building rent.
Then, we will divide the total overhead by direct labour hours so as to determine the overhead rate.
