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denis23 [38]
3 years ago
15

Scott Rolen, major league third baseman, agrees to defer $5 million from his salary this year for 10 years at 7 percent compound

ed annually. Beginning exactly 10 years from today the team will pay the first payment of Mr. Rolen’s deferred salary as a 10-year annuity at 7 percent compounded annually. What will be the amount of this annuity payment?
Business
1 answer:
iVinArrow [24]3 years ago
7 0

Answer:

What will be the amount of this annuity payment?

$711.888

Explanation:

N Monthly principal interest Net value

                           5.000.000

1 711.888 361.888 350.000 4.638.112

2 711.888 387.220 324.668 4.250.893

3 711.888 414.325 297.562 3.836.568

4 711.888 443.328 268.560 3.393.240

5 711.888 474.361 237.527 2.918.879

6 711.888 507.566 204.322 2.411.313

7 711.888 543.096 168.792 1.868.218

8 711.888 581.112 130.775 1.287.106

9 711.888 621.790 90.097 665.315

10 711.888 665.315 46.572 (0)

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Answer:

FIFO : Ending Inventory = $6,000, Cost of Goods Sold = $36,000

LIFO : Ending Inventory = $36,000, Cost of Goods Sold = $28,000

Weighted Average Cost Method : Ending Inventory = $10,500, Cost of Goods Sold = $31,500

Explanation:

<u>FIFO</u>

Assumes that the first goods received by business will be the first ones to be delivered to the final customer.

Ending Inventory

Ending Inventory = Units left × Earliest Price

                             = 3000 units × $2

                             = $6,000

Cost of goods sold

Cost of goods sold : 2000 units × $5 =  $10,000

                                  6000 units × $4 = $24,000

                                  1000 units  × $2 =   $2,000

                                 Total                    =  $36,000

<u>LIFO</u>

Assumes that the last goods purchased are the first ones to be issued to the final customer.

Ending Inventory

Ending Inventory      2000 units × $5 =  $10,000

                                  6000 units × $4 = $24,000

                                  1000 units  × $2 =   $2,000

                                 Total                    =  $36,000

Cost of goods sold

Cost of goods sold : 4000 units × $2 =  $8,000

                                  5000 units × $4 = $20,000

                                  Total                   =  $28,000

<u>Weighted Average Cost Method</u>

The average cost of goods held is recalculated each time a new delivery of goods is received Issues are then priced out at this weighted average cost.

First Calculate the Average Cost

Average Cost = Total Cost / Total Units

                       = (2000 × $5 + 6000 × $4 + 4000 × $2) / 12,000

                       = $42,000 / 12,000

                       = $3.50

Ending Inventory

Ending Inventory = Units left × Average Price

                             = 3000 units × $3.50

                             = $10,500

Cost of goods sold

Ending Inventory = Units Sold × Average Price

                             = 9,000 units × $3.50

                             = $31,500

3 0
3 years ago
The Allowance for Bad Debts account has a debit balance of $ 7 comma 000 before the adjusting entry for bad debts expense. After
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Answer:

$17,000

Explanation:

The amount of the Allowance for Bad Debts​ account after adjustment is shown below:

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= $17,000

The journal entry is also shown for better understanding

Bad debt expense A/c Dr  $17,000

  To Allowance for doubtful debts  $17,000

(Being bad debt expense is recorded)

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Answer:

on average, each dollar will be spent five times a year.

Explanation:

Based on the information given it can generally be concluded that ON AVERAGE, EACH DOLLAR WILL BE SPENT FIVE TIMES A YEAR reason been that nominal GDP of the amount of $4,000 billion Divided by $800 billion which is the amount of money that was demanded for transactions purposes will give us 5 indicating that on average, each dollar will be spent five times a year.

Calculated as:

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Therefore it can generally be concluded that on average, each dollar will be spent five times a year.

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