Answer:
The correct answer is C.
Explanation:
Giving the following information:
Jack would like to have $1.25M to retire in 35 years. He will get $375,000 the day he retires.
He can deposit funds in a money market account which earns 6.5% interest per year, and he would like to make yearly deposits.
<u>First, we need to calculate the final value required:</u>
FV= 1,250,000 - 375,000= $875,000
Now, using the following variation of the final value formula, we can calculate the yearly deposit:
FV= {A*[(1+i)^n-1]}/i
A= annual deposit
Isolating A:
A= (FV*i)/{[(1+i)^n]-1}
FV= 875,000
n= 35
i= 0.065
A= (875,000*0.065) / [(1.065^35) - 1]= $7,054.48
The annual deposit is $7,054.48.
Answer:
The answer is an affirmative YES. Peterson Accounting should have relied on the income statement and footnote information provided by Ms. Rivera's accountant because they provided additional information on valuation and also provided a uniform framework for rigorous assessment and evaluation of the assets.
Explanation:
However, reliance should not be automatic. It should be based on the assessment of the qualification of Ms. Rivera's accountant and the internal controls in place, which helped the preparation of the income statement.
Answer:
The answer is C)Occupational Safety and Health Administration (OSHA)
Explanation:
This agency was established by the Congress and was signed into law by the president Nixon in 1970 and falls under the United States Department of Labor.
It's main purpose is to ensure the healthy and safety of working men and women are ensured by the employers, corporations and the relevant authorities.
Rest of the options are offices and administration striations that can be found in a state wise level.
The answer to your question is true.
Answer:
The Journal entry are as follows:
(i) On January 2, 2017
Accounts receivable A/c Dr. $381,000
To Sales revenue $342,000
To unearned service revenue $39,000
(To record the sale of goods)
(ii) On January 2, 2017
Cost of goods sold A/c Dr. $293,000
To Inventory A/c $293,000
(To record the cost of goods sold)