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Author: admin | Category: Auto Car Loan Calculator | Date: 01.07.2016

And incidentally all of this was already previously discussed by Zero Hedge, precisely two months ago, when at the height of the market we made a very clear explanation why A Few Quick Reminders Why NOTHING Has Been Fixed In Europe. With banks such as Danske, SHB, Swebank, DnB, and Nordea literally at 200% Loan-to-Deposits, but most other European banks too, even the tiniest outflow in deposit cash (ala what is happening in the PIIGS) will send the system into yet another liquidity spasm.
And judging by the market's reaction today, more muppets, pardon, people are starting to grasp this.
Alas, we were too quick to judge the muppets, which continue to fall for every BS rumor over and over.
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Forests need to burn every once and a while to keep the levels of combustible materials low. State insurance can -- we saw that in 2008, when the most reckless criminals the world ever has seen got free insurance from their henchmen running the government.
Without sharing my personal take on whether it's a good idea, capital punishment does not appear effective as a deterrent, no.
Given that Europe had been following US lead since Draghi came into the ECB, I actually think the rumors make sense. Sorry if this is a stupid question, but is the loan-to-deposit ratio meaningful as a stand alone measure, if you don't know the size of the banks equity at the same time? Nice clear road map by a trader a respect using cycles and patterns to map out these markets.
Reserve requirements in a fiat currency system with an infinite repo backstop is an anachronism. A hundred years ago, in 1913, the first Australian currency note (10 Shillings) was issued (as a blue banknote). Today the Australian dollar is not redeemable for Gold, it is not pegged at a fixed exchange rate against other currencies and the number created doesn't have a fixed limit (a la Bitcoin), today most Australian dollars are borrowed into existence. I have seen it suggested that a bank must receive a deposit from which it can then lend a majority portion. When a bank lends money, the deposit ends up in the hands of the borrower without anybody else having less, hence we have just seen an increase in the total money available. Australian dollars can be borrowed into existence by the government running a deficit (borrowing to spend more than it receives in revenue) or via the private sector.
As can be seen in the above chart, private debt has been a much larger contributor to money growth over the last 40 years. With private debt having increased at an alarming rate over the last two decades to levels not yet seen in Australia's history (relative to GDP) it should be no surprise that the government and banks are making preparations to socialise the losses across all bank depositors, should the need ever arise. That wouldn't be so bad (breaking even, maintaining purchasing power with the money they put aside for spending later), that is if CPI was an accurate measure of the rate at which their purchasing power was declining. To measure loss of purchasing power you really need to have a look at how the value of your savings has performed relative to what you intended to purchase with those savings. Many Gold bugs make the argument for a return to a Gold standard, however one has to question the need for this if individuals are able to maintain their own personal Gold reserves to protect their purchasing power.
What attributes make Gold the best monetary asset to free up for individuals use to protect purchasing power?
The short term price of Gold is dictated on an exchange where paper based contracts trade in place of physical metal, so price stability is not something afforded to Gold in the present climate.
The capital gains tax renders it inconvenient to use gold and silver as currency.We should repeal the capital gains tax on gold and silver. First scenario: A family buys a $300k property in Suburb A, prices rise to $400k and they want to move to Suburb B which is also $400k and risen by the same amount.
Third scenario: A family is saving for a home in Australian dollars from 1998 to 2013, their purchasing power in order to buy a home has been decimated due to prices rising well above the level of official inflation and the after tax return on their savings.
Fourth scenario: A family is saving in Gold (with intent to purchase a home) from 2005 to 2013 and as a result of doing so their purchasing power has increased due to a strong gain in Gold relative to house prices. Australia's Gold is stored with the Bank of England (as previously discussed on this blog). Precious metals are often traded in widely recognised investment forms which don't meet the strict scope defined by the Australian Taxation Office.
While this section in the Banking Act 1959 has been suspended since 1976, there are provisions in Part IV to confiscate Gold from Australian citizens (as described in detail here by Bron Suchecki). Where an individual is using Gold (or any other investment grade bullion) as a savings vehicle or medium of exchange, no capital gains tax would be applicable. FHA recently announced changes to mortgage insurance premium for home loans insured by the agency. If you got a 15 Year Fixed loan with a Loan to Value (LTV) ratio under 78%, you could avoid paying annual mortgage insurance. For all mortgages regardless of their amortization terms, any mortgage involving an original principal obligation (excluding financed Up-Front MIP (UFMIP)) less than or equal to 90 percent LTV, the annual MIP will have to be paid until the end of the mortgage term or for the first 11 years of the mortgage term, whichever occurs first. For any mortgage involving an original principal obligation (excluding financed UFMIP) with an LTV greater than 90 percent, FHA annual MIP will have to be paid until the end of the mortgage term or for the first 30 years of the term, whichever occurs first. Best-selling author, Shashank is a mortgage lender with Arcus Lending, offering mortgage loans for home purchase and refinance in California, New Jersey, Washington and Texas.
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Following completion of an accounting cycle, a business may close its books for the period. Purchase the 2016-2017 Edition of the Financial Accounting Textbook (Chapters 1 through 16 including problem sets) for $89.95 here.
Purchase the Financial Accounting Workbook 2016-2017 Edition (Chapters 1 through 16) for $39.95 here. Purchase the Financial Accounting Solutions Manual 2016-2017 Edition (Chapters 1 through 16) for $49.95 here.
The previous chapter presented adjustments that might be needed at the end of each accounting period. If England attempts to prepare its financial statements based only on the unadjusted trial balance, the reported information would be incomplete and incorrect. Most of the time, a company will prepare its trial balance, analyze the trial balance for potential adjustments, and develop a list of necessary adjusting entries.
The adjusted trial balance is ordinarily sufficient to facilitate preparation of financial statements.
Occasionally, one may desire to prepare financial statements that take into account necessary adjustments, but without actually updating journals and ledgers. After all adjusted trial balance amounts have been extended to the appropriate financial statement columns, the income statement columns are subtotaled. The companion website includes a linked animation that presents the development of the worksheet on a step-by-step basis, and may further aid understanding of the worksheet's construction.
It appears that the accounting cycle is completed by capturing transaction and event information and moving it through an orderly process that results in the production of useful financial statements.
Closing is a mechanism to update the Retained Earnings account in the ledger to equal the end-of-period balance. The effect of the above entries is to update the Retained Earnings account and cause a zero balance to occur in the temporary accounts.
The post-closing trial balance reveals the balance of accounts after the closing process, and consists of balance sheet accounts only.
Reversing entries are optional accounting procedures which may sometimes prove useful in simplifying record keeping. The net impact with reversing entries still records the correct amount of salary expense for 20X4 ($2,000 credit and $5,000 debit, produces the correct $3,000 net debit to Salaries Expense). Current Assets include cash and those assets that will be converted into cash or consumed in a relatively short period of time; specifically, those assets that will be converted into cash or consumed within one year or the operating cycle, whichever is longer. Property, Plant, and Equipment includes the land, buildings, and equipment productively in use by the company. Other Assets is the section used to report asset accounts that just don't seem to fit elsewhere, such as a special long-term receivable. Just as the asset side of the balance sheet may be divided, so too for the liability section. Current Liabilities are those obligations that will be liquidated within one year or the operating cycle, whichever is longer. Long-term Liabilities relate to any obligation that is not current, and include bank loans, mortgage notes, certain deferred taxes, and the like. The appropriate financial statement presentation for equity depends on the nature of the business organization for which it is prepared. Retained Earnings should be familiar, representing the accumulated income less the dividends. There is nothing that requires that a business activity be conducted through a corporation. Of course, care should be taken in drawing blanket conclusions about a firm's condition based solely upon an examination of a single number.


On January 9, 2015, the Federal Housing Administration (FHA) officially announced that annual Mortgage Insurance Premium (MIP) rates will soon be reduced for FHA loans with terms greater than 15 years. Currently FHA loans with a loan-to-value ratio greater than 95% require that the borrower pay monthly mortgage insurance based on an annual rate of 1.35%.
For example an FHA loan of $150,000 currently has a monthly mortgage insurance premium of $168.75. As a result, for borrowers with higher credit scores and low debt to income ratios, it has typically been more advantageous to finance with a conventional Fannie Mae or Freddie Mac loan with private mortgage insurance. With the new reduced mortgage insurance premiums many borrowers who could not qualify for an FHA loan because of the high mortgage insurance premiums, but didn’t qualify for a conventional loan because of more stringent credit score and debt to income ratios, may now take a second look at the FHA loan program. While the new rates are not effective until January 26, 2015, FHA has announced that they will temporarily approve case number cancellation requests for loans in process which have already had case numbers assigned, but have not yet closed. The following table shows the existing and new annual MIP rates amortization term, base loan amount and loan-to-value ratio. The Marimark Mortgage Newsletter will keep you informed with important events in the mortgage industry that could impact your finances. Real estate agents, and other professionals in the industry, will receive an ongoing wealth of information that will help them serve their clients. Whether you are buying a home or refinancing, you can save with a mortgage from Marimark Mortgage! Surprisingly little is known about the importance of mortgage payment size for default, as efforts to measure the treatment effect of rate increases or loan modifications are confounded by borrower selection. Well, all this is fine and dandy but the fact of the matter is when the socio economics of this country are falling faster than rain it does not make a hill of beans when it comes to ARM’s.
The information on this website is for informational purposes only and is not to be construed as legal advice. This work is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License. Only this time, since what little unencumbered assets remaining have already been pledged to the ECB, there will be no quick LTRO collateral-type fix this time. Buy some FaceBook, follow with a Netflix chaser, and then finish with a Greenmountain coffee. Deposit to Liquid Cash ratio is really the thing to look at when people are pulling deposits.
Payable in Gold, the note was equal to a half sovereign gold coin (3.99g of 22k Gold, roughly A$165 spot value today). In fact when someone borrows money from a bank, the bank can create new money (or credit) out of thin air. In today's monetary system 'money is debt', it is backed by the ability of borrowers to repay their loans, that is something that should strike fear into the hearts of savers given the reckless abandon with which banks lend today.
The rise in the ratio before the 1890s was due to colonial government mass construction of public infrastructure. Private sector debt includes household borrowing (primarily for mortgages), investment & business loans amongst other sources. For those intending to save money and purchase property in the future, their purchasing power has been eroded more significantly.
Those saving in Australian dollars over the last 15 years, with the intention to purchase property, have been severely disadvantaged by the drop in their purchasing power.
The need for fiat currency to be backed by Gold becomes irrelevant if anyone can save or exchange Gold freely with no red tape and taxes. However, Gold does offer long term stability in price as shown by consistently returning to similar valuations relative to goods and other asset classes (including, but not limited to house prices, oil & stocks). If the paper dollar serves our modern economy better than gold then people will continue to choose it.
Should they have to pay tax on the $100k profit (when they sell the first house to buy the next) even though they are not better as a result (and in fact will be worse off only due to moving suburbs)?
While saving to purchase the laptop the Australian dollar plunges in value and as a result he is able to purchase the laptop for $80 less, should he have to pay tax on this material gain?
Tax isn't always appropriate, especially in a situation where people are using Gold (or another currency for that matter) as a medium of exchange or savings vehicle.
With only 1 tonne (of 80) on loan there seems little point leaving the Gold on foreign soil. The first three are specifically defined for taxation purposes in Australia as "investment grade bullion" (providing they meet required finesse). Even though suspended, repealing this part of the Banking Act would be a show of good will that the government has no intention of confiscating the Gold of Australian citizens in the future. The chart below explains the changes So if you are considering getting an FHA loan in California and rest of the country, it will make sense to do it before the new guidelines take effect.
He has won many industry awards and is frequently tapped by local and national media for his mortgage expertise. These adjustments were necessary to bring a company's books and records current in anticipation of calculating and reporting income and financial position.
In the process of preparing its financial statements for the year ending December 31, 20X3, England determined that various adjusting entries were needed. Take time to trace the amounts from England's adjusted trial balance to the following statements.
Once the adjusting entries have been prepared and entered, every accounting software package will race through the steps of processing the data to produce the financial statements. Likewise, Revenue is an income statement account with a credit balance; notice that it is extended to the income statement credit column. Importantly, one is left with substantial records that document each transaction (the journal) and each account's activity (the ledger). Keep in mind that the recording of revenues, expenses, and dividends do not automatically produce an updating debit or credit to Retained Earnings. In essence, by zeroing out these accounts, they are reset to begin the next accounting period.
The post-closing trial balance is a tool to demonstrate that accounts are in balance; it is not a formal financial statement.
It may seem odd to credit an expense account on January 1, because, by itself, it makes no sense. In examining a balance sheet, always be mindful that all components listed in a balance sheet are not necessarily at fair value. Importantly, some long-term notes may be classified partially as a current liability and partially as a long-term liability. Businesses generally may be organized as sole proprietorships, partnerships, or corporations.
The investors become the owners of the company, and that ownership interest is represented by shares that can be transferred to others (without further involvement by the company). In essence, it is the profit that has been retained and plowed back (reinvested) into expansion of the business.
Inadequate liquidity can spell doom, even for a company with bright long-term prospects and significant noncash assets. The illustration for Classy Company revealed current assets of $450,000 and current liabilities of $150,000. Thus, the current ratio (which includes inventory) could signal no problem, all the while the company is struggling to pay its bills. Price to Cash Flow number indicates the amount of dollars paid on the stock market for one dollar of cash flow. See the chart below for the affect on future mortgage payments, which could help boost the housing market. Effective with FHA case numbers ordered on or after January 26, 2015, that rate will be reduced to .85%. This significant increase over the years has made the FHA program a less attractive and less affordable program for many home buyers. Fannie Mae also recently announced a reduction in the required down payment from 5% to 3%, making the conventional loan even more attractive to first time homebuyers. This will allow borrowers whose loan is in process to take advantage of the new lower mortgage insurance premium rates. And, we continually share the information we share with our clients, because we believe informed consumers are the best consumers. Due to market fluctuations, interest rates are subject to change at any time and without notice. After waiting for 2 months for another lender who kept promising we’d “close soon”, you got the job done in less than 2 weeks and at a better rate. We study a sample of hybrid adjustable-rate mortgages that have experienced large rate reductions over the past years and are largely immune to these selection concerns. European banks already have the highest loan-to-deposit loan-to-deposit ratio in the world. The chart [above] explains why not only is Europe's several asset constrained, it is also running out of funding, in the form of depositor cash: the most critical bank liability. It's great that your haven't loaned the deposits out, but what did you do with the cash instead?


Australia formally departed from the Gold standard during the great depression in the early 1930s when the Commonwealth Bank Act of 1932 made Australian currency notes no longer convertible into Gold.
Most economists, notably Nobel Prize winner Paul Krugman, are opposed to any form of gold standard. What about if the Australian dollar had strengthened and he had to pay $80 more, should he be able to claim that as a capital loss or tax deduction?
You even "question the need" for a gold standard, so why not just sell it all in London?
This chapter begins by illustrating how such adjustments would be used to actually prepare financial statements. It usually requires hands-on review by someone who is very knowledgeable about the business.
As such, one might be inclined to discount the need to understand how to move amounts from an adjusted trial balance into a set of financial statements. A manager may desire monthly financial reports even though the business may not formally prepare and book adjusting entries every month. One may wonder how the worksheet would be influenced by a beginning retained earnings balance. It is no wonder that the basic elements of this accounting methodology have endured for hundreds of years.
In contrast, asset, liability, and equity accounts are called real accounts, as their balances are carried forward from period to period.
Recall that beginning retained earnings, plus income, less dividends, equals ending retained earnings; likewise, the closing process updates the beginning retained earnings to move forward to the end-of-period balance. All of the revenue, expense, and dividend accounts were zeroed away via closing, and do not appear in the post-closing trial balance. This eliminates the need to give special consideration to the impact of any prior adjusting entry.
Some assets are carried at historical cost, and other assets are not reported at all (such as the value of a company's brand name, patents, and other internally developed resources). The portion classified as current would be the principal amount to be repaid within the next year (or operating cycle, if longer). In actuality, the legalese of stock issues can become quite involved, and one is apt to encounter expanded capital stock related accounts (such as preferred stock, common stock, paid-in-capital in excess of par, and so on).
If the preceding classified balance sheet illustration was instead being prepared for a sole proprietorship, it would look the same except that the equity section would consist of a single owner's capital account (instead of capital stock and retained earnings). Notes are used to describe accounting policies, major business events, pending lawsuits, and other facets of operation.
To a corporate giant, $1,000,000 is but a drop in the bucket and that amount of working capital could signal the end. In addition to the increasing monthly MIP rates, changes to the rules requiring how long borrowers had to continue to pay those premiums also went into effect in 2013.
Remember: without incremental deposits, banks can not invest in new assets, unless they generate cash from operations, and thus grow shareholder equity. In 1931 the Australian currency was pegged to the British Pound, in the 1970s it was pegged to the US Dollar, followed by a basket of trade weighted currencies before being floated in 1983. That gives you some idea of how significant the 1998 methodological shift in the CPI was in disguising housing inflation and creating a feedback loop with lower monetary policy. Gold often has a high price because people believe that other people believe that it’s worth a lot. Such legal tender coins which trade as a function of spot price (consistently trade at spot + x% premium) would be made exempt from GST. As a practical matter, a company should not allow everyone to have access to the accounting system for purposes of entering year-end adjustments; too many errors and rogue entries will appear. In some respects that is true, just as it is true that one does not need to know how to add and subtract if they own a calculator.
Notice how the expenses of $39,600 exceed revenues of $38,600 as evident in the income statement columns.
The entry on that date required a debit to Salaries Payable (for the $2,000 accrued at the end of 20X3) and Salaries Expense (for $3,000 earned by employees during 20X4).
On the following payday, January 15, 20X5, the entire payment of $5,000 is recorded as expense.
Reversing entries would ordinarily be appropriate for those adjusting entries that involve the recording of accrued revenues and expenses; specifically, those that involve future cash flows. Nevertheless, careful examination of the balance sheet is essential to analysis of a company's overall financial condition.
If several persons are involved in a business that is not incorporated, it is likely a partnership.
The principle of full disclosure means that financial statements result in a fair presentation and that all facts which would influence investors' and creditors' judgments about the company are disclosed in the financial statements or related notes. For instance, the firm may have a standby letter of credit at a bank that enables it to borrow money as needed to meet near-term obligations. Under those rules, many borrowers became obligated to pay those premiums over the 30-year life of the loan.
Our estimates imply that cutting a borrower’s payment in half reduces his hazard of becoming delinquent by about two-thirds, an effect that is approximately equivalent to lowering the borrower’s combined loan-to-value ratio from 145 to 95 (holding the payment fixed). There is a problem: as the final chart below shows, Europe, and especially Scandinavia which has consistently remained off the radar, is literally off the charts when it comes to LTD ratios. However even without coercive laws, people choose cars over horses and mobile phones over telegraphs. Instead, a company will usually have a defined process where proposed entries are documented on a form (sometimes called a journal voucher).
Of course, there is value in understanding addition and subtraction even with a calculator. The information in the first two sets of columns is combined to generate the adjusted trial balance columns. To complete the worksheet, the amount of net income or loss is entered in the lower portion of the income statement columns in a manner which causes total debits to equal total credits.
The $1,000 balancing amount is reflected as a credit in the income statement and a debit to the retained earnings column. Very simply, the computer can mine all transaction data and pull out the accounts and amounts that relate to virtually any requested interval of time. To facilitate proper analysis, accountants will often divide the balance sheet into categories or classifications.
Again, the balance sheet would be unchanged except for the equity section; the equity section would be divided into separate accounts for each partner (representing each partner's residual interest in the business). These findings shed light on the driving forces behind default behavior and have important implications for public policy. Think the ECB can credibly backstop Europe's €11 trillion deposit market, with Germany's agreement?
It would be geared to the small bank accounts, stopping the plebs from fleeing in panic and rioting. In the same light, please consider that understanding the flow of transactions into financial statements is essential.
The last three pairs of columns are the appropriate financial statement extensions of amounts from the adjusted trial balance columns. England Tours had a $2,600 net income, and a debit is needed to balance the income statement pair.
Consider a fast food restaurant that has virtually no receivables (most sales are for cash) and a very low inventory (bread and milk don't store well). The approved journal vouchers then serve as supporting documents to authorize data entry into the accounting system. The terminology used to describe entity forms and equity capital structure also varies considerably around the world, but there is very little substantive difference in the underlying characteristics or the general appearance and content of the balance sheet. This credit represents income for the year that must be added to retained earnings to complete the preparation of a formal statement of retained earnings. Nevertheless, they may have current liabilities in the form of significant accounts payable and short-term debt. This experiment will solve the mystery, and liberate people to hold and spend their money as they choose. As you've suggested, the real issue is that today, savers coerced into saving in debt, rather than gold. Within the retained earnings columns, the subtotal indicates that ending retained earnings is $1,600 (noted by the excess of credits ($2,600) over debits ($1,000)); this amount is debited in the retained earnings columns and credited in the balance sheet columns, thereby bringing both sets of columns into balance.
The velocity of their cash flow may be very fast, as they hopefully turn large volumes of business at high profit margins. This enables the spinning of enough free cash flow to pay obligations as they come due and have money left over to reinvest in growing other business locations.



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