<u>Part A</u>
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<u>Answer:</u>
$207,021
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<u>Explanation:</u>
The balance on the account at the end of the year 2020 is $1,000,000
The question asks us to calculate the balance on the account at the end of the year 1970, which is exactly 50 years ago.
We would simply discount the $1,000,000 by using an interest rate of 3.2%
=
= $207,021
<u>Part B</u>
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<u>Answer:</u>
$17,892.88
<u>Explanation:</u>
We have the value at year 1970 which is $207,021
Now to calculate the annual payment (PMT) we would plug the following values in the financial calculator,
PV = 0
N = 10
FV =207021
I/Y = 3.2
PMT = ?
PMT = $17,892.88
https://www.calculator.net/finance-calculator.html?ctype=contributeamount&ctargetamountv=207021&cyearsv=10&cstartingprinciplev=0&cinterestratev=3.2&ccontributeamountv=1000&ciadditionat1=end&printit=0&x=102&y=11
Answer:
Miller's retained earnings on December 31, 2016 is $9,000,000.
Explanation:
Miller's retained earnings on 31 December 2016 = retained earnings on January 1, 2016 + net income - declared dividends
= $8,000,000 + $1,500,000 - $500,000
= $ 9,000,000
Therefore, Miller's retained earnings on December 31, 2016 is $9,000,000.
Answer:
DIVISION OF LABOUR
Explanation:
Division of labour is : allocating different subparts of a task process to different people, to attain better efficiency. Better efficiency is attained by - labourers being specifically specialised in that subsection task, which increases their individual & hence organisation efficiency.
Elisa: opening her new business & assigning tasks to employees - is an example of the same.
All other options are inapt because: Management departmentalisation is dividing organisation into specialised niche departments. Mass production economies is cost reduction due to bulk quantity production. Specialisation of priorities is developing competitive advantage by research & innovation.
Answer:
The correct option is B
Explanation:
In this question, we are asked to calculate the cash payment to suppliers total.
To calculate this, we employ a mathematical approach.
Mathematically;
Cash Payment to supplier
= cost of goods sold - decrease in inventory +decrease in account payable
From the question, we identify;
Cost of goods sold = $183,000
Decrease in inventory =$8,000
Decrease in account payable =$4,000
Plugging these values in the equation, we have;
Cash payment to supplier = 183000 - 8000+4000
= $ 179000
Answer:
The distinction between the two is that the product business sells a physical, tangible product, while the service business owner sells skills as the primary product.