On January 1, 2021, Stoops Entertainment purchases a building for $510,000, paying $120,000 down and borrowing the remaining $390,000, signing a 8%, 15-year mortgage. Installment payments of $3,727.04 are due at the end of each month, with the first payment due on January 31, 2021.
Required information Problem 9-1B Record and analyze installment notes (LO9-2) [The following information applies to the questions displayed below.] On January 1, 2021, Stoops Entertainment purchases a building for $510,000, paying $120,000 down and borrowing the remaining $390,000, signing a 8%, 15-year mortgage. Installment payments of $3,727.04 are due at the end of each month, with the first payment due on January 31, 2021. Problem 9-1B Part 2 2. Complete the first three rows of an amortization schedule. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Decrease in Date Cash Paid Interest Expense Carrying Value Carrying Value 01/01/2021 01/31/2021 02/28/2021 3-a. Record the first monthly mortgage payment on January 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.
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Here is the completed amortization schedule for Stoops Entertainment:
Date | Cash Paid | Interest Expense | Carrying Value
------- | -------- | -------- | --------
01/01/2021 | - | - | $390,000.00
01/31/2021 | $3,727.04 | $2,325.60 | $367,674.40
02/28/2021 | $3,727.04 | $2,270.19 | $365,404.21
And here is the journal entry to record the first monthly mortgage payment on January 31, 2021:
Date | Account | Debit | Credit
------- | -------- | -------- | --------
01/31/2021 | Mortgage Payable | $3,727.04 | Cash | $3,727.04
here some expanation:
The first monthly mortgage payment consists of both principal and interest. The principal portion reduces the Mortgage Payable balance, while the interest expense is recognized as an expense.
The journal entry debits Interest Expense for the interest portion of the payment, credits Mortgage Payable for the principal portion, and credits Cash for the total payment amount. The carrying value of the mortgage is updated based on the remaining principal balance after the payment.
Note: The interest expense is calculated based on the carrying value of the mortgage at the beginning of the period multiplied by the monthly interest rate. In this case, the monthly interest rate is 8%/12.
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Related Questions
true or false? an informal leader is one who is free to act?
Answers
That is the answer
Mingming Inc. issued the bonds that bear a 7.33% coupon rate, payable semiannually. The bonds mature in 13 years. Currently, the bonds sell at par. Similar bonds in the market are yielding 7.46%. What is the yield to maturity of the bonds issued by Mingming Inc.? 7.40 percent 7.33 percent 7.50 percent 7.46 percent 7.64 percent
Answers
The yield to maturity (YTM) of a bond is the rate of return that an investor would earn if they hold the bond until it matures. The yield to maturity of the bonds issued by Mingming Inc. is 7.40 percent.
To calculate the YTM of the bonds issued by Mingming Inc., we need to compare the coupon rate of the bonds with the current market yield for similar bonds. In this case, the bonds issued by Mingming Inc. have a 7.33% coupon rate, payable semiannually. The bonds mature in 13 years and currently sell at par. The market yield for similar bonds is 7.46%.
To calculate the YTM, we can use the following steps:
1. Determine the total number of periods until the bond matures. In this case, the bond matures in 13 years, and since the coupon payments are made semiannually, there are 26 periods (13 years * 2).
2. Calculate the semiannual coupon payment. The coupon rate is 7.33%, so the semiannual coupon payment would be (7.33% / 2) = 3.665%.
3. Calculate the present value of the bond. Since the bonds sell at par, the present value of the bond is equal to its face value.
4. Use trial and error or a financial calculator to find the YTM that makes the present value of the bond equal to its face value. In this case, the YTM is approximately 7.40%.
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What is interest and what is it used for?
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Answer:
Interest is the monetary charge for borrowing money—generally expressed as a percentage, such as an annual percentage rate (APR). Key factors affecting interest rates include inflation rate, length of time the money is borrowed, liquidity, and risk of default. Interest can also express ownership in a company.
I found that on internet XD
What is service enterprise
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Dakota Mining Company pays its bills and employees with checks drawn on a bank from another part of the country. Checks usually take about three days to clear the firm's account. _____ is the advantage gained during the check-clearing time.
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Dakota Mining Company pays its bills and employees with checks drawn on a bank from another part of the country. Float is the advantage gained during the check-clearing time.
What is float?Generally, The float is money in the banking system that is momentarily counted twice owing to time delays in reporting a deposit.
In conclusion, the advantage gained during the check-clearing time is called float
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competitive rivalry has more effect on a firm's strategies than the firm's other strategies. a. corporate-level b. acquisition c. international d. business-level
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competitive rivalry has more effect on a firm's strategies than the firm's other strategies: d. business-level
What is competitive rivalry?The strength of a certain industry's competition is determined by Porter's concept of competitive intensity. The degree of industry concentration, switching costs, fixed expenses, and the rate of industrial expansion are only a few variables that might have an impact on this rivalry.
The selection of items offered by both businesses is comparable in size. Both bookshops are seeing a decline in customer sales and intense competition as a result of the lack of product distinction.
Rivalry refers to conflict or rivalry between individuals, groups, or enterprises that share a common goal or geographic location.
correct option: d
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10. a jar contains dimes and quarters. there are 15 more quarters than dimes. the coins total $23. how many of each coin is in the jar? what is this question asking you? dimes quarters number of dimes: number of quarters:
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This question is asking you to find the number of dimes and quarters in a jar, given that there are 15 more quarters than dimes, and the total value of the coins is $23.
To solve this problem, we can use algebra. Let's call the number of dimes x and the number of quarters y.
From the problem, we know:
y = x + 15 (because there are 15 more quarters than dimes)
0.1x + 0.25y = 23 (because the total value of the coins is $23 and dimes are worth $0.1 and quarters are worth $0.25)
We can substitute the first equation into the second equation:
0.1x + 0.25(x+15) = 23
Solving for x:
0.1x + 0.25x + 3.75 = 23
0.35x = 19.25
x = 55 (dimes)
We can now use the first equation to find the number of quarters:
y = x + 15
y = 55 + 15
y = 70 (quarters)
So the jar contains 55 dimes and 70 quarters.
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When drawing a portrait, you want to make sure that the face you are drawing is _____________ (the right size).
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Answer:
The right size
Explanation:
To ensure that people don’t waste their time trying to reach you, you should:
Answers
Answer:
Keep your IM presence status current.
Explanation:
Suppose that Symantec is a small firm that has developed anti-virus computer software. Symantec currently earns $3 million per year in profits from selling its software. Dell informs Symantec that it is considering installing the software on every new computer it sells. Dell currently earns profits of $30 million but expects to sell more computers at a higher price if it can install Symantec software. Dell first chooses whether to offer Symantec $30 or $20 for each copy of its software, and then Symantec responds by either accepting or rejecting the offer. The strategies and corresponding profits (in millions) for Dell (D) and Symantec (S) are depicted in the decision tree to the right. What is the Nash equilibrium of the game
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Answer:
Dell will offer Symantec $20 per copy of the software in which Symantec will accept the offer
Explanation:
Based on the information given NASH EQUILIBRIUM of the game between Dell and Symantec is that Dell strategy is to achieved the desired result he wanted by offering Symantec $20 per copy of the software instead of $30 per copy of the software in which Symantec will accept the offer because Dell want to sell more of their computers at high price when they install Symantec's software.
Click this link to view O*NET’s Work Styles section for Biomedical Engineers. Note that common work styles are listed toward the top and less common work styles are listed toward the bottom. According to O*NET, what are some common work styles needed by Biomedical Engineers? Check all that apply.
analytical thinking
negotiation
dependability
integrity
dominance
attention to detail
Answers
Answer: analytical thinking
dependability
integrity
attention to detail
Explanation:
Biomedical engineering is also referred to as medical engineering and it has to do with how the principles of engineering are applied to medicine.
According According to O*NET, the common work styles that are needed by the Biomedical Engineers are analytical thinking, dependability, integrity and attention to detail.
Answer:
analytical thinking
dependability
integrity
attention to detail
Explanation:
CFA Institute Standard III(E): Preservation of Confidentiality is NOT applicable to:
A. information received because of a special ability to conduct a portion of the client’s affairs.
B. information received that is subject to the confidential relationship with the client.
C. any information learned about the client.
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The correct answer is A.
CFA Institute Standard III(E): Preservation of Confidentiality is NOT applicable to information received because of a special ability to conduct a portion of the client’s affairs.
The standard is meant to protect information that is given to the CFA charterholder in confidence and should not be disclosed to others without the client's permission. Information that is obtained through a special ability or talent, on the other hand, is not subject to this standard and can be disclosed as needed. Hence option A is correct.
CFA Institute Standard III(E): Preservation of Confidentiality is applicable to information that is subject to the confidential relationship with the client (option B) and any information learned about the client (option C).
However, it is not applicable to information received because of a special ability to conduct a portion of the client’s affairs (option A). This is because the standard is designed to protect the confidentiality of information that is specifically related to the client and their financial affairs, not information that is obtained through a special ability or talent.
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Question:What is the main causes of a change in quantity demanded?Demand:Competition and technology can revolutionize the way a product or service is delivered and can cause the price for a product to fall as it becomes profitable at lower prices to make the product. The change is supply can rise in the event of a natural disaster or a government trade war can make the prices rise to reflect a greater scarcity in supply than beforehand.
Answers
A change in the exact quantity of a product that customers are willing and able to purchase is referred to as a shift in the quantity demanded. A change in pricing is what led to this shift in the quantity demanded.
What is the main cause of a change in quantity demanded?Demand: A product's price may drop when it becomes more profitable to produce the product at lower prices as a result of competition and technology, which may also alter the way a good or service is delivered.
In the event of a natural disaster or a government trade war, supply may increase, causing prices to increase to reflect a higher shortage in supply than before.
An entire demand curve might shift right or left due to changes in variables like average income and preferences. As a result, the quantity demanded at a given price can be larger or lower. The prevailing view presumption. Assuming no other parameters change, demand curves link the prices and quantities required.
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for which person would renting a home be a better option than getting a mortgage?
Answers
Answer:
Someone who wants ro avoid spending time and money on maintenace
Explanation:
what to argue about financial literacy
Answers
Answer: Finance Course Prompts Debate,” argues that “the $600,000 is a low cost if the [financial literacy program] is effective. An
effective course will return that investment,” speaking in reference to the cost of the program. Courses, especially financial
literacy, greatly give back on investments made in them by using the students’ education gained from the class.
Explanation:
A company regularly purchases cleaning supplies from a vendor and orders relatively consistent amounts of the same products on each purchase from the same vendor. This is an example of a(n) ________.
Answers
The answer is straight rebuy.
A straight rebuy is when a client buys the same items in the same amount and on the same conditions from the same supplier.
It refers to a corporate purchasing situation in which the buyer reorders something without making any changes. The buying department normally handles it on a regular basis. "In" providers strive to maintain product and service quality in order to retain business. "Out" providers seek innovative methods to add value or exploit unhappiness in order to get the consumer to consider them.
Therefore, the answer is straight rebuy.
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Type in a sentence using the word Financial planning wrong
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When Randy, a general manager of a national retailer, moved to a different store in his company that was having difficulty, he knew that sales were low and after talking to his employees, he found morale was also low. At first Randy thought attitudes were poor due to low sales, but after working closely with employees, he realized that the poor attitudes were actually the cause of poor sales. Randy was able to discover the cause of the problem by utilizing ______ skills.
Answers
Answer:
Conceptual skills
Explanation:
Conceptual skills are inmate skills that enables one to have an understanding of complex problems or situations and also able to proper solutions to them in a creative manner. It is a skill that enables one to think creatively and proffer solutions to problems in a dynamic way.
When difficult situations arises, conceptual skills creates an initiative approach to those scenarios with a view to solving them hence needed by individuals and managers to effectively guide a business.
As in the above scenario, Randy was able to discover that poor attitude was actually the cause of poor sales among the employees due to the conceptual skill he possesed.
What is one benefit US workers who have a college degree rather than a high school diploma?
Answers
Answer:
Those with a college degree earn nearly twice as much as those without college.
Explanation:
A college degree increases the chances of securing a higher paying job than a high school diploma. Most employers insist on college degrees for managerial or executive positions. These are the positions with good pay packages. Currently, college graduates earn nearly twice their high school diploma holders.
Answer:
D.
Explanation:
the person above me is correct
a) a project has a six year discounted payback period and an initial cost of $434,000. the project runs for a total of 8 years with $200,000 cash inflow in the last two years. if the market rate is 12% what is the npv of this project?
Answers
A project has a six year discounted payback period and an initial cost of $434,000. The project runs for a total of 8 years with $200,000 cash inflow in the last two years. If the market rate is 12% the NPV of this project is 171246.49.
NPV = -initial investment + PV of future cash flows
Present value = Future value/(1+i)^n
i = interest rate per period
n= number of periods
since PV of cash flow first 6 years is equal to initial investment, since discounted payback period is 6 years
NPV = -434000 + 434000 + 200000/1.12^7 + 200000/1.12^8 = 171246.49
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all of the following shift the demand curve for cars to the right except: question 7 options: it is now trendy to own a car the price of gasoline falls the population increases the price of cars increases
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The statement "it is now trendy to own a car" would actually shift the demand curve for cars to the right. When owning a car becomes trendy or fashionable, more people would want to buy cars, increasing the overall demand for them. This would result in a rightward shift of the demand curve.
The other options listed, such as a decrease in the price of gasoline, an increase in population, and an increase in the price of cars, would also typically shift the demand curve for cars to the right. A decrease in the price of gasoline would make owning and operating a car more affordable, leading to an increase in demand.
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6. Outline 4 circumstances under which some human wants canbe fully satisfied
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Generally, the human wants can never be fully satisfied because its requires more resources whereas the resources are limited.
What is a human wants?This refers to the desires, aspirations and motives of humans that can be satisfied with goods and services.
For instance, the yearning for food, shelter, clothing are example of an economic human wants.
It is also accepted that the human wants are never truly satisfied because they are endless, even though these wants can be temporarily satisfy, they will always reoccur.
Therefore, the human wants can never be fully satisfied.
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A researcher divides participants into those who suffer from insomnia and those who sleep well. he compares the two groups on the number of hours each spends at leisure activities in an average week. he finds that the insomniacs spend significantly fewer hours at such activities. in this case, the number of hours spent at leisure activities is:
Answers
Answer:
The dependent variable
Explanation:
There are two types of variables used in statistical analysis. The dependent variable and the independent variable.
The dependent variable are those ones whose value depends by rule on the values of other variables.
Independent variables are those whose vales are not dependent on the values of other variables.
In this scenario the independent variables under study are those that suffer insomnia and those that sleep well.
The dependent variable is the number of leisure hours.
Number of leisure hours varies with the group the participants are in.
For example leisure hours can be 3 hours for insomniacs and 6 hours for those that sleep well.
How is product placement different from a commercial?
business sucks!
Answers
Answer:
Product placements in music videos range from 3-5 minutes whereas product placement in movies can range in 12 minutes-1.5 hours or more in length. A commercial is specifically geared specifically toward interrupted television with a 5-30 sec ad placed in between TV shows.
Product Placement is when a trademark is seamlessly incorporated into the story and plot, of video production.
What is Product Placement?
The significant kinds of product placement are either visual, verbal, signage, or usefulness.
Product placements in theme videos vary from 3-to 5 minutes whereas product placement in movies can meander from 12 minutes-1.5 hours or more in length.
A commercial is geared especially toward interrupted television with a 5-30 sec ad established in between TV shows.
A commercial is especially geared toward interrupted television with a 5-30 sec ad established in between TV exhibitions.
The expenditures of each of these can vary which depend on the reach, demographics of viewership, target markets, time of day, and more additional variables.
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the process of moving goods from the manufacturer into the hands of the consumers is generally referred to as
Answers
The process that entails how the goods from manufacturer get down to the consumer is distribution channel.
Distribution channel can be regarded as the methods that is been utilized by firm so that they can deliver their products or services to the end consumer. This method involves network of intermediary businesses.Theses intermediary are as follows, The manufacturers produce the goods moved to the wholesalers , then the wholesaler deliver to retailers.Therefore, Distribution channel is necessary in business for the goods to reach final consumer.
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According to the investment model of close relationships,_____ a relationship most clearly predicts a willingness to sacrifice for a romantic partner.
A)reciprocity in
B)commitment to
C)temporariness of
D)tension in
Answers
According to the investment model of close relationships, commitment to a relationship most clearly predicts a willingness to sacrifice for a romantic partner.
The investment model of close relationships suggests that three factors contribute to the level of commitment in a romantic relationship: satisfaction, alternatives, and investments. Commitment is the extent to which individuals feel invested in and committed to a relationship, and it is the most important factor in predicting whether individuals are willing to make sacrifices for their partners. In other words, the more committed individuals are to their relationships, the more likely they are to be willing to sacrifice for their partners. This is because commitment creates a sense of obligation and responsibility towards the relationship, which in turn motivates individuals to put in effort and make sacrifices to maintain it. Therefore, answer B, commitment to a relationship, is the most accurate answer to the question.
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Indorsement consisting only of the indorser's signature is called
Blank indorsement
Special indorsement
Qualified indorsement
Answers
Answer:
Blank Endorsement
Explanation:
In a blank endorsement, the payee does not issue any instructions or restrictions regarding the check or financial instruments. It means a bank will consider the bearer of a check as its owner.
Blank endorsing is done by signing at the back of a check or the financial instruments. No other details are given. Due to this, a blank endorsement is risky. Use of other restrictive endorsement methods is encouraged.
please help me answer these questions
Answers
Answer: See explanation
Explanation:
1. Inelastic demand occurs when a change in price doesn't really have an effect on the quantity of the goods demanded. Examples of products with inelastic demand are salt and prescription drugs.
2. Elasticity for demand helps in the determination of the prices of factors of production. It is also vital in knowing how price changes will affect the revenue of the firm.
3. Normal goods are the goods that when income increases, the demand for them increases as well e.g. household appliances
For inferior goods, when Income increases, their quantity demand reduces. These are common with extremely cheap products.
(a) Explain the nature of a partnership as a form of business ownership.
and give examples of typical
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Please help me!
I need the company name of every logo here
Answers
Answer: I only know a little more than half of them but yeah here ya go
Going left to right:
2: BP (oil)
4: Apple
5: Honda
6: Shell (oil)
8: Chanel
11: playboy
13: bank of america
16: American eagle outfitters
17: Panther
18: NBC news
28: Starbucks
29:Aussie (Kangaroo)
30: McDonalds
34: Wikipedia
39: T-Mobile
46:Red bull
48: Windows
61: Adidas
63: Monster energy drinks
64: Hannaford
66: Moto
68:pringles
Last one: pepsi
Explanation: