Is it possible to be a billionaire without getting a job, just by being an entrepreneur?

Bob and Cindy are the same age. At age 25 Cindy began saving $2,000 a year while Bob saved nothing. At age 50, Bob realized that

antiseptic1488 [7]

Answer:

Both will save the equal amount of money at the age of 75 years

Explanation:

Given:

Amount saved by Cindy per year = $2,000

Amount saved by Bob each year = $4,000

Now,

Cindy started saving at the age of 25 and till the age of 75

thus,

The total number of years for which Cindy saved = 75 - 25 = 50 years

Therefore,

The total amount saved by the Cindy

= Amount saved each year × Total number of years

= $2,000 × 50

= $100,000

and,

Bob started saving at the age of 50 and till the age of 75

thus,

The total number of years for which Bob saved = 75 - 50 = 25 years

Therefore,

The total amount saved by the Bob

= Amount saved each year × Total number of years

= $4,000 × 25

= $100,000

Hence, Both will save the equal amount of money at the age of 75 years

3 0

4 years ago

Selected data for Kris Corporation’s comparative balance sheets for Year 1 and Year 2 are as follows:

Mandarinka [93]

Answer:

Correct option : c. a decrease of $150,000

Explanation:

Based on the information given in Year 1 inventory shows the amount of $100,000 while the inventory in Year 2 shows the amount of $250,000 which simply means that inventory that is purchased is higher than the inventory that is sold which will inturn lead to outflow of cash because cash is been paid , hence cash will decreased by the amount of $150,000($100,000-$250,000).

Therefore the cash flow from accounts receivable would be recorded as:a decrease of $150,000

3 0

3 years ago

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Darina [25.2K]

Answer:

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Explanation:

8 0

3 years ago

Read 2 more answers

Indigo Corporation purchased trading investment bonds for $55,000 at par. At December 31, Indigo received annual interest of $2,

babunello [35]

Answer:

(a) the purchase of the investment

Dr. Investment in trading security $55,000

Cr. Cash $55,000

(b) the interest receive

Dr. Interest receivable $2,200

Cr. Interest on Investment (income) $2,200

Dr. Cash $2,200

Cr. Interest receivable $2,200

(c) the fair value adjustment

Dr. Unrealized Loss $2,500

Cr. Investment in trading security $2,500

Explanation:

Trading Investment Bonds are recorded as assets and these are reported at fair value. Any gain or loss arising from the fair value adjustment will be recorded. Fair value adjustment should be made at end of each reporting period and when a significant difference arose. Gain from the fair value adjustment will increase the value of Investment in trading security and loss will decrease the value.

Unrealized gain = Current Book value of Investment - Fair value

Unrealized gain = $55,000 - $52,500

Unrealized gain = $2,500

6 0

3 years ago

An online data entry program is used for original entry of vendor invoices. A batch check-writing program occasionally prepares

Aleonysh [2.5K]

<u>Answer:</u> Option 1 A record lookup for vendors during data entry.

<u>Explanation:</u>

Programmers will have the access to change the programs and data files in order to correct the errors. Vendor invoice is the document which shows the amount owed by the receiver to the supplier. On receiving the invoice it has to be uploaded using the accounting software and schedule the payment accordingly.

When data entry is done it is easy to find the errors in the system. The non sense characters in the payee field can be detected using the data entry. So data entry is considered to be the most effective programmed control.

3 0

3 years ago