Suppose you quit your job as an accountant earning an annual salary of $50,000 to buy foreclosed homes, fix them up, and then resell them. You have $200,000 of your own money to invest in this, half of which you use to purchase three homes for a combined $500,000 (borrowing the remaining $400,000), and spend the remaining $100,000 of your money on materials. Over the course of one year you fix up all three homes and resell them for a total of $700,000. Assume that your loan to purchase the homes is payable in one lump sum at the end of one year. If you can borrow and lend money at a 6% annual rate of interest, what was your total cost of renovating these three homes?

Tiana daniels enterprise’s trial balance as at december 31, 2016 did not balance. on february 15, 2017 the following errors were detected: errorsi. water rates had been undercast by $2, 000.  ii. a cheque paid to yvonne walch of $2, 680 had been posted to the credit side of her account.  iii. discount received total of $1, 260 had been posted to the debit side of the discount allowed account as $1, 620.  iv. rent paid in the amount of $24, 000 had been posted to the credit of the rent received account.  v. wayne returned goods valuing $1, 680 to daniels enterprise but had been completely omitted from the books.    required: 1. prepare the journal entries to correct the errors.  (narrations required)                    14.5 marks  2.    prepare the suspense account showing clearly the original trial balance error.          8 marks

Your father offers you a choice of $120,000 in 11 years or $48,500 today. use appendix b as an approximate answer, but calculate your final answer using the formula and financial calculator methods. a-1. if money is discounted at 11 percent, what is the present value of the $120,000?

Increases in output and increases in the inflation rate have been linked to