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LUCKY_DIMON [66]

2 years ago

12

Trent is 25 years old and works for a company that matches his 401(k) contribution up to 5%. The interest rate for his 401(k) is

7.3%. If he puts away 10% of his $32,000 salary every year, what would the total of his 401(k) be in 10 years? Round your answer to the nearest cent.

1 answer:

Tpy6a [65]2 years ago

7 0

Answer:

The answer is A.

Explanation:

Just took test

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Assume that Mahmood Corp. lends Ahmad $10,000 in exchange for a $10,000,

kolezko [41]

Answer:

1) the present value of the note:

PV of face value = $10,000 / (1 + 8%)³ = $7,938.32

PV of interest payments = $1,000 x 2.5771 (PV annuity factor, 8%, 3 periods) = $2,577.10

PV of note = $10,515.42

2) Dr Notes receivable 10,515.42

Cr Cash 10,000

Cr Discount on notes receivable 515.42

3) assuming the loan was made January 2, 2021

Date Cash flow Discount Balance

January 2, 2021 -$10,000 $10,515.42

January 2, 2022 $1,000 $171.81 $10,343.61

January 2, 2023 $1,000 $171.81 $10,171.80

January 2, 2024 $11,000 $171.80 $0

4) December 31, accrued interest on notes receivable

Dr Interest receivable 1,000

Dr Discount on notes receivable 171.81

Cr Interest revenue 1,171.81

7 0

2 years ago

Assume a company had the following production costs: Direct labor $ 2 per unit Direct material $ 3 per unit Variable overhead $

Mamont248 [21]

Answer:

Total production cost $ 14 per unit Under absorption costing True

The total product cost per unit when 4,000 units are produced would be $22.50 False

Explanation:

Direct labor $ 2 per unit

Direct material $ 3 per unit

Variable overhead $ 4 per unit

Total variable $ 9 per unit

Fixed overhead ($50,000/10,000 units) $ 5 per unit

Total production cost $ 14

Production Costs involve the fixed costs under absorption Costing. So the total Product cost under absorption costing is $ 14.

When 4,000 units are produced the production costs are as follows

Absorption Costing: 4,000 * 14= $ 56,000

Variable Costing : 4000 * 9= $ 36,000

So the second statement is false.

3 0

2 years ago

Maxim manufactures a cat food product called Green Health. Maxim currently has 10,000 bags of Green Health on hand. The variable

Rudik [331]

Answer: $92,880

Explanation:

The Gross Profit can be calculated by simply removing the cost from the sales amount.

It is stated that the additional processing will yield 10,000 bags of Premium Green and 3,600 bags of Green Deluxe, which can be sold for $7.55 and $5.55 per bag.

Sales figure is therefore,

= (10,000 * 7.55) + (3,600 * 5.55)

= 75,500 + 19,980

= $95,480

Subtracting the cost to get,

= 95,480 - 2,600

= $92,880

The total gross profit would is $92,880.

7 0

2 years ago

Manufacturing overhead data for the production of Product H by Shakira Company are as follows.Overhead incurred for 45,100 actua

Fittoniya [83]

Answer:

Total overhead cost variance $

Standard fixed overhead cost ($9 x 45,100 hrs) 405,900

Less: Actual fixed overhead cost <u>411,000 </u>

Total overhead cost variance <u> 5,100 (A)</u>

Explanation:

Total overhead variance is the difference between standard fixed overhead cost and actual fixed overhead cost. Standard fixed overhead cost is overhead rate multiplied by actual direct labour hours. Overhead rate is the total of variable overhead and fixed overhead rate ($8 + $1 = $9).

8 0

3 years ago

Consider the market for mobile applications, smartphones, and conventional phones. Each pair are they complements or substitutes

madam [21]

Explanation:

Complements and Substitutes are basically the goods or services. Complements are the goods which are used with one another, and with the increase of price of one good, the demand of other good falls. On the other hand, substitutes are the goods which are used in place of other goods and with the increase in the price of one good, the demand of other product increases.

In this question, Mobile Applications and Smart Phones are Complements, and Smart Phones and Conventional Phones are Substitutes, and Mobile Applications and Conventional Phones are substitutes.

5 0

3 years ago