Within the relevant range of activity, costs:

When you were born, your dear old Aunt Minnie promised to deposit $1,000 into a savings account, bearing a 5% effective annual r

seraphim [82]

Answer: $34,502.85

Explanation:

The constant deposits are considered annuities.

The value at the end of 22 years is the future value of the annuity.

Future value of annuity = Annuity * ( (1 + rate)^number of years - 1 ) / rate

= 1,000 * ( ( 1 + 5%) ²² - 1) / 5%

= $38,505.21

Then subtract the future values of the deposits that your grandmother missed.

For the fifth birthday, the future value term will be 22 - 5 = 17 years

For the eleventh, the future value term will be 22 - 11 = 11 years

The amount in the account is:

= 38,505.21 - (1,000 * 1.05¹⁷) + (1,000 * 1.05¹¹)

= $34,502.85

5 0

3 years ago

The accountant for Eva's Laundry prepared the following unadjusted and adjusted trial balances. Assume that all balances in the

amm1812

Answer:

See the errors identified below.

Explanation:

Note: The data in this question are merged together. They are therefore sorted before answering the question. See the attached pdf file for the complete question with the sorted data.

The explanation of the answer is now given as follows:

The following errors can be identified in the accountant's adjusting entries:

1.The accountant debited the account receivable for $5,000 (i.e. $23,250 - $18,250 = $5,000) without crediting laundry revenue.

Therefore, we should have:

Correct amount of laundry revenue = Laundry revenue in trial balance + (Adjusted account receivable - Unadjusted account receivable) = $182,100 + ($23,250 - $18,250) = $187100

2. The accountant debited laundry suppliers expense instead of crediting laundry suppliers for $3,000.

3. The the accountant credited Prepaid insurance for $3,600 (i.e. $5,200 - $1,600 = $3,600). However, the insurance expense was debited for $600.

4. Instead of crediting accumulated depreciation, the laundry equipment for depreciation expense was erroneously credited by the accountant for $13,000.

5. A debit of $1,000 to wages expense was not made by the accountant.

<u>Additional Note:</u>

After correcting the errors identified above, the correct adjusted trial balance will look as the one in the attached photo.

5 0

3 years ago

Aurora and Oscar separated in 2017 and divorced in October 2019. She earned $40,000 in wages and paid more than half the cost of

Delvig [45]

Answer: The answer is C credit for other dependents

Explanation:

This is a reduction in tax liability given by the government to the tax payers for each of their children who still depends on the parent for some kind of support. The reduction in the tax liability given to parents include a sum of $500 for each of the children who still depend on their parents. This form of tax credit is given to children who is between the ages of 17- 23 years like in the case of Milo who is 17 years and unmarried. The chiidren who will enjoy this reduction in tax liability must be a students like in the case of Milo who is a full - time student working towards a degree in computer information system.

The tax credit criteria for qualification also include that the tax payers must be the one responsible for half of the dependent support, in addition, the dependent income must be low like in the case of Milo above whose income was $3,800 in wages and $400 of dividend income. This tax reduction can also be given to tax payers in respect of parents or grand parents who still depends on the tax payers for support. To also qualify for the tax reduction the dependent in question must be a United States citizens and must have a valid social security numbers like in the case of Milo above and Aurora the parent who are both U.S citizens and also they possess a valid social security numbers

5 0

4 years ago

Which of following most accurately describes when investigators pursuing U.S. Public Health Service funding are required to disc

maksim [4K]

Answer:

Investigators are required to disclose their significant financial interests no later than the time of applying for PHS funding.

Explanation:

4 0

4 years ago

Intangible assets are the rights and privileges that result from ownership of long-lived assets that:

Keith_Richards [23]

Answer:

d. do not have physical substance.

Explanation:

The total assets comprise of current assets, fixed assets, and the intangible assets

The current assets include cash, stock, account receivable, etc

Fixed assets include plant & machinery, land, equipment, furniture & fittings, etc.

And, the intangible assets include patents, copyrights, goodwill, and other intellectual properties

For the intangible assets, the amortization expense is considered, not the depreciation expense and the same is to be taken.

Like for goodwill, the impairment test is considered. These intangible assets have no physical substance that means they are not seen or even touched. It is not tangible in nature

7 0

3 years ago