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Molodets [167]
3 years ago
11

Mr. Hopper expects to retire in 30 years, and he wishes to accumulate $1,000,000 in his retirement fund by that time. If the int

erest rate is 12 percent per year, how much should Mr. Hopper put into his retirement fund at the end of each year in order to achieve this goal? a) $8,287.32 b) $12,483.17 c) $4,143.66 d) $4,000.00
Business
1 answer:
larisa86 [58]3 years ago
7 0

Answer:

Annual payment = $4,143.66 (Approx)

Explanation:

Given:

P = $1,000,000

r = 12% = 0.12

n = 30

Find:

Annual payment

Computation:

Annual\ payment=P[\frac{(1+r)^n-1}{r} ] \\\\Annual\ payment=1,000,000[\frac{(1+0.12)^{30}-1}{0.12} ] \\\\ Annual\ payment=4143.66

Annual payment = $4,143.66 (Approx)

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Sporting goods charges .85 percent interest per month. what rate of interest are its credit customers actually paying?
seraphim [82]
To answer this item, we assume that the interest rate is simple, such that the yearly rate was only divided by 12 months in order to determine the rate per month. Hence, to answer this item, we simply have to multiply the given percent by 12.

                          rate of interest/year = (12)(0.85%) = 10.2%

Therefore, the answer is 10.2%. 
8 0
3 years ago
Please help!!
satela [25.4K]
I believe your answer would be D.) A female accountant with a Master's degree in Business Administration.

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5 0
3 years ago
A relocation of a short stretch of rural highway feeding into Route 390 northwest of Dallas is to be made to accommodate new gro
jonny [76]

Answer:

Incremental B/C = 0.72

∴ 0.7, East should be constructed

Explanation:

See workings attached

8 0
2 years ago
Accounts Receivable As of December 31, 2016, Nala Incorporated reported accounts receivable for $275,000 less allowance for doub
juin [17]

Answer:

A.

1. Dr Accounts receivable $180,000

Cr Sales $180,000

2. Dr Cash $125,000

Cr Accounts receivable $125,000

3. Dr Sales returns and allowances $20,000

Cr Accounts receivable $20,000

4. Dr Allowance for doubtful accounts $35,000

Cr Accounts receivable $35,000

5. Dr Accounts receivable $2,500

Cr Allowance for doubtful accounts $2,500

Dr Cash $2,500

Cr Accounts receivable $2,500

B. Dr Bad debt expense $27,500

Cr Allowance for doubtful accounts $27,500

Explanation:

A1. To record the sale on account we will debit accounts receivable as our collectible to customer and credit sales in the amount of $180,000

A2. To record the collection, we will recognize the receipt of cash so we have to debit cash and credit accounts receivable to deduct the collectible balance in the amount of $125,000

A3. When the company receives returns from the customers, it will be charged to sales returns and allowances account so we have to debit it and credit accounts receivables in the amount of $20,000 to deduct collectibles to suppliers. Said, sales returns and allowances account is a contra account of sales. Thus, any amount recorded under it will be charged against (deduction) our sales.

A4. During the write off, we will debit allowance for doubtful accounts and credit accounts receivables to reduce its amount from the worthless receivables that is deemed to be uncollectible.

A5. Collection of previously written off receivables will resort to 2 entries. First, reversal of the original entry we made during the write off. So we debit Accounts receivable and credit allowance for doubtful accounts in the amount of $2,500. Next is to record the cash we received from the customer. So debit cash and credit accounts receivable in the same amount of $2,500.

B. To record the bad debt expense, we need to compute first the ending balance of the accounts receivable.

Beg $275,000 plus sales on account of $180,000 less collection $125,000, sales return of $20,000 and write off $35,000 = $275,000.

Bad debts is 10% of the Accounts receivable, so $275,000 x 10% = $27,500

Entry:

Dr bad debt expense $27,500

Cr allowance for doubtful accounts $27,500

7 0
3 years ago
Airlines utilize _____ because there is constant communication and back-and-forth between gate agents, ticket agents, baggage ha
solniwko [45]

Hey there!

Your answer is reciprocal independence.

In reciprocal independence, different areas of a company are constantly communicating with each other.

Sequential independence means that one area is dependent on the actions of another, which is not what this is describing.

In pooled independence, different parts of the business are very separate and don't really interact with others, which is definitely what this is describing.

Hope this helps!

4 0
3 years ago
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