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Aliun [14]
3 years ago
14

How much must be deposited today into the following account in order to have 35000

Business
1 answer:
almond37 [142]3 years ago
8 0

Answer:

$21,691.43

Explanation:

We are to determine the present value of 35,000

the formula for determining present value is :

PV = FV (1 + r)^-nm

FV = Future value  

P = Present value  

R = interest rate = 8%/ 12  

N = number of years

m = number of compounding = 12

35,000( 1 + 0.00667)^-72 = $21,691.43

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Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepa
skad [1K]

Answer and Explanation:

The Preparation of income statement, retained earnings statement, and balance sheet is prepared below:-

<u>                                           Elliptical Consulting</u>

<u>                                            Income statement</u>

<u>                            For the Year Ended June 30, 2016</u>

<u>Particulars                                    Amount</u>

Revenue      

Fees earned                                 $60,000  

Less:

Expenses      

Salary expense               $32,375    

Supplies expense           $2,100    

Depreciation expense    $1,500    

Miscellaneous expense $2,000    

Total expense                                 $37,975  

Net income                                      $22,025

<u>                                        Elliptical Consulting</u>

<u>                                        Retained earning</u>

<u>                             For the Year Ended June 30, 2016</u>

<u>Particulars                                            Amount</u>

Opening balance                                 $52,200  

Add:Net income for the year               $22,025  

Total                                                       $74,225  

Less: Dividends                                       $2,000  

Closing balance of retained

earnings                                                  $72,225

<u>                                     Elliptical Consulting</u>

<u>                                       Balance Sheet</u>

<u>                         For the Year Ended June 30, 2016</u>

<u>Particulars                                            Amount</u>

Assets

Cash                             $27,000  

Accounts receivable   $53,500  

Supplies                       $900  

Total current assets                             $81,400  

Property plant and equipment

Office Equipment      $30,500  

Less:Accumulated

Depreciation              $6,000             $24,500  

Total Assets                                         $105,900  

Liabilities & Stockholder's Equity

Accounts payable     $3,300

Salaries payable        $375

Total liabilities                                      $3,675

Stockholder's Equity    

Common Stock        $30,000  

Retained earnings    $72,225  

total stockholders Equity                    $102,225  

Total liabilities and Stockholder's

Equity                                                    $105,900

8 0
3 years ago
Solemon Company has total fixed cost of $15,000, variable cost per unit of $6, and a price of $8. If Solemon wants to earn a tar
mojhsa [17]

Answer:

If Solemon wants to earn a targeted profit of $3,600, the number of units must be sold are 9,300 units.

Explanation:

In Solemon Company:

Contribution margin per unit = Sales price – Variable cost per unit = $8-$6=$2

The number of units must be sold to meet the target profit figure are calculated by using following formula:

The number of units must be sold = (Total fixed cost + Targeted profit) / Contribution margin per unit.

In there: Total fixed cost are $15,000

Targeted profit are $3,600

The number of units must be sold = ($15,000 + $3,600)/$2 = $18,600/$2 = 9,300 units.

8 0
3 years ago
Which one of the following best exemplifies unsystematic risk?
Vanyuwa [196]

Answer:

C. Unexpected increase in the variable costs for a firm.

Explanation:

Unsystematic risk is the risk that is inherent in a specific company or industry leading to loss of revenue for the firm. Example could be a labour strike action by the workers of the any given firm.

6 0
3 years ago
One disadvantage of the corporate form of business ownership is the: Multiple Choice1. limited liability of its shareholders for
djyliett [7]

Answer:

2. double taxation of distributed profits

Explanation:

Corporation is a business entity that is formed by the issuance, sale and purchase of shares or stock. It is owned by people known as shareholders and their liability is limited to the shares or stock held.

Considering all the options given, the only disadvantage in a corporation is double taxation of distributed profits. as the company incurs company income tax (CIT) and the dividend paid to shareholders attracts other forms of tax such as withholding tax.

4 0
3 years ago
What are the costs of inflation? Which of these costs do you think are most important for the U5. economy?
vesna_86 [32]

Explanation:

Menu cost, shoe leather cost, losing money and wealth redistribution from creditors to debtors through inflation.

Most people cut down their spending when they are not making enough money or when there is continuous increase in price, during this period people are mindful of what they spend money on, this will lead to lowered economic growth over a long period of time.

The most important will be the effect of money losing it's value, the fact that money loses its purchasing power which will lead to decrease in demand for goods and services as well as lack of savings will increase the bottleneck on welfare services as people will rely more on them, this will hurt US the most.

5 0
3 years ago
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