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egoroff_w [7]
3 years ago
6

You have just received notification that you have won the $3 million first prize in the Centennial Lottery. However, the prize w

ill be awarded on your 100th birthday (assuming you’re around to collect), 78 years from now.What is the present value of your windfall if the appropriate discount rate is 10 percent? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Business
1 answer:
Oksanka [162]3 years ago
7 0

Answer:

Present Value= $1,772.115

Explanation:

Giving the following information:

You have won the $3 million first prize in the Centennial Lottery.

However, the prize will be awarded on your 100th birthday, 78 years from now. What is the present value of your windfall if the appropriate discount rate is 10 percent.

We need to use the following formula:

PV= FV/[(1+i)^n]

PV= present value

FV= final value

PV= 3000000/(1.10^78)= $1,772.115

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The adjusted trial balance for China Tea Company at December 31, 2021, is presented below:
olchik [2.2K]

Answer:

Kindly check attached picture

Explanation:

Given the details below

Accounts Debit Credit

Cash $16,000

Accounts receivable 162,000

Prepaid rent 10,000

Supplies 31,000

Equipment 370,000

Accumulated depreciation $129,000

Accounts payable 11,000

Salaries payable 3,500

Interest payable 1,900

Notes payable (due in two years) 37,000

Common stock 210,000

Retained earnings 176,100

Dividends 27,000

Service revenue 360,000

Salaries expense 150,000

Advertising expense 75,000

Rent expense 18,000

Depreciation expense 32,000

Interest expense 2,500

Utilities expense 35,000

Totals $928,500 $928,500

Prepare an income statement for China Tea Company for the year ended December 31, 2021

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3 years ago
Farrick and Kenley want to form a business in which they invest money in exchange for stock ownership in their organization. Wha
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Answer:

Limited liability company

Explanation:

In simple words, A limited liability corporation (LLC) is a type of private company structure. It's among the most frequent legal structures for forming a company. In a comprehensive partnerships all members are accountable for the firm and have unlimited accountability for its obligations.

Thus the limited liability structure is most suitable for the two.

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3 years ago
The definition of market equilibrium states that at the _______________, the quantity of labor demanded by employers will equal
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The definition of market equilibrium states that the quantity of labor demanded by employers will equal the quantity supplied at an equilibrium wage.

<h3>What is an equilibrium?</h3>

The point at which the forces of demand and supply are equal from both the sides, and there is an expression of a perfect competition in the market, such point is known as an equilibrium.

Hence, option B holds true regarding equilibrium.

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2 years ago
Question Content Area The journal entry to record the receipt of inventory purchased for cash in a perpetual inventory system wo
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The journal entry to record the receipt of inventory purchased for cash in a perpetual inventory system would be (D)

Jan. 1    Inventory                    1,500

                     Cash                                              1,500

<h3>What are journal entries?</h3>
  • A journal entry is an act of keeping or producing records of any economic or non-economic transaction.
  • An accounting journal, which shows a company's debit and credit balances, records transactions.
  • The journal entry can be made up of multiple records, each of which is either a debit or a credit.
  • Otherwise, the journal entry is termed unbalanced if the sum of the debits does not equal the total of the credits.

Inventory purchase journal entry:

  • Say you purchase $1,000 worth of inventory on credit.
  • Debit your Inventory account $1,000 to increase it.
  • Then, credit your Accounts Payable account to show that you owe $1,000.
  • Because your Cash account is also an asset, the credit decreases the account.

Therefore, the journal entry to record the receipt of inventory purchased for cash in a perpetual inventory system would be (D)

Jan. 1    Inventory                    1,500

                     Cash                                              1,500

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The question you are looking for is here:

The journal entry to record the receipt of inventory purchased for cash in a perpetual inventory system would be

(A) Jan. 1    cash                    1,500

                     Account receivables                    1,500

(B) Jan. 1    Purchases                    1,500

                     Account payable                          1,500


(C) Jan. 1    Inventory                    1,500

                     Office Supplies                             1,500

(D) Jan. 1    Inventory                    1,500

                     Cash                                              1,500

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What is insurance fronting​
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Answer:

Fronting policy is a risk management technique in which an insurer underwrites a policy to cover a specific risk, but then cedes the risk to a reinsurer. Fronting policies are most commonly used by large organizations, and is a type of alternative risk transfer

Explanation:

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