Answer:
$118.83 per month that Zach must save.
Explanation:
This is a future value annuity as we know the cruise will cost $16500 in 4 years time as estimated by Zach for the cruise.
Fv is the future value for the annuity which is $16500
we also have i the interest rate which is 3.99% monthly
n is the number of periods in which the monthly amount is saved 4 x 12 =48
now we will substitute to the following formula and solve for C the monthly payments that Zach saves for the cruise:
Fv =C [((1+i)^n -1)/ i] now we substitute
$16500 = C[((1+3.99%)^48 -1)/3.99%)] then solve for C
$16500/[(1+3.99%)^48 -1)/3.99%] = C
C = $118.83 that Zach must save per month for 4 years to afford the cruise.
My best guess is B. Transfer money online from her savings account to her checking account. But not certain about my answer. :(
Answer: Debit Petty cash $408; Credit Cash $408.
Explanation: Petty cash is a small amount of fund set aside for immediate or urgent minor expenses. In most organizations, there is a limit to the petty cash amount that a business unit can have. And someone is always saddled with the responsibility of managing the fund. It has its business rule in the sense that the amount should not be withdrawn beyond zero balance to throw it into debit.
In the instance of the question, the petty cash is $460 and within September, total expenses of $316 were incurred and paid for, leaving a balance of $144. However, the accountant determines that this cash should be increased by $92 on 1 October, so reimbursement to the fund would be the amount already spent ($316) and the proposed increment ($92), making $408.
Answer:
An S corporation.
Explanation:
The S corporation was formed by Congress, for use by small business owners, offering the best characteristics of both a C corporation and a partnership.
It has become the most popular business entity type in recent years. Numerous studies indicate lower overall taxes are paid when an S corporation is utilized.
Common Characteristics of S and C Corps:
-Same liability protection
-Separate legal entities
-The owners are shareholders
-Long standing case law
-Easy transfer of ownership
-Broader range of deductible expenses
Answer:
a. $15,500
Explanation:
Based on LIFO, cost of 1500 unit sold will be entirely from the Purchases (year X1). Therefore, we have:
Value of units purchases (year X1) outstanding after sales = (2,000 - 1,500) * $11 = 500 * $11 = $5,500
Therefore, we have
LIFO Inventory on 12/31/X1 = Value of beginning Inventory (1/1/X1) + $5,500 = $10,000 + $5,500 = $15,500.
