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An elderly lady owns a home for which she had completely paid. She arranges a reverse mortgage for $100,000 whereby she will receive monthly payments for the home form a bank. She will be allowed to live in the house until her death, whereupon her estate will receive the equivalent of the remaining payments in a lump sum. The bank then owns the home. One month after she turns 70, she begins receiving monthly payments on a 30-year reverse mortgage at 7% interest compounded monthly. I've calculated the (correct) answer of her receiving 665.30$ a month but figure out what lump sum payment will be made to the estate if she dies at age 80. The answer is (85,812$) but I am having trouble getting this. Any help would be appreciated.
If ABC Service collects $50,000 from customers on account: a) total assets are unchanged b) liabilities increases c) owners equity decreases d) onwers equity increases
Please describe how to prepare necessary journal entries to record the issuance of bonds, the periodic interest, and amortization of bond premiums and discounts.
is sarbanes-oxley worth the trouble? does it hold publically traded companies acountable or does it bog down the
Overhead is applied to contracts by using a predetermined overhead rate that is based on direct professional labor cost. Actual professional labor during the year was $655,000 and actual overhead was $793,000.
Bonita places a coupon in each box of its product. Customers may send in five coupons and $3-A total of 400,000 boxes of product were sold in 2010. It was estimated that 6% of the coupons would be redeemed.
corporation prepared the following performance report for variable overhead costs for the last quarter of the year.
Research professional standards of the IIA to identify recommendations for the organizaional reporting lines of authority appropriate for an effective internal audit function within an organization.
Write Company has a maximum capacity of 200,000 units per year. Variable manufacturing costs are $12 per unit. Fixed overhead is $600,000 per year. Variable selling and administrative costs are $5 per unit, and fixed selling and administrative cos..
Determine the book value of the goodwill on December 31, 2008, prior to making the impairment adjustment. Illustrate the effects on the accounts and financial statements of the December 31, 2008, adjustment for the goodwill impairment.
The governmentalunit's enterprise. What effect would this reclassification have on the General Fund and the Enterprise Fund, respectively?
corp. the carrying values for renns assets and liabilities on june 1 followcash 168000accounts receivable
Pursuant to a complete liquidation, Oriole Corporation distributes to its shareholders land with a basis of $450,000 and a fair market value of $550,000. The land is subject to a liability of $600,000. What is Orioles's recognized gain or loss on ..
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