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AfilCa [17]
2 years ago
14

At age 37 you start saving for retirement if your investment plan pays an APR of 6% and you want to have $.09 million when you r

etire in 28 years, how much should you deposit monthly?
Business
1 answer:
r-ruslan [8.4K]2 years ago
7 0

Answer:

Monthly deposit= $1,036.116

Explanation:

Giving the following information:

Future Value (FV)= $900,000

Number of periods= 28*12= 336 months

Interest rate (i)= 6% = 0.06/12= 0.005

<u>To calculate the monthly deposit, we need to use the following formula:</u>

FV= {A*[(1+i)^n-1]}/i

A= monthly deposit

Isolating A:

A= (FV*i)/{[(1+i)^n]-1}

A= {900,000*0.005) / [(1.005^336) - 1]

A= $1,036.116

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Sunland Co. at the end of 2017, its first year of operations, prepared a reconciliation between pretax financial income and taxa
Rzqust [24]

Answer:

Deferred Tax Liability= $564,000

Explanation:

The question is to determine the deferred tax liability to recognize by Sunland Co. at the end of the year 2017.

Step 1 :

We determine what the Income tax expense is for the year

Income tax expense= Pretax financial income x Income Tax rate

Income tax expense= $1,410,000 x 0.30 = $423,000

Step 2:

Although we recognized receivables as well as instalmental sales for reporting purposes under the accrual method. However, these will be subject to tax when we decide to recognize it in the future.

As such Deferred tax liability = Future Tax Liability

Deferred Tax liability for Sunland Co= Instalmental Sales x Income tax expense

= $1,880,000 x 0.3= $564,000

4 0
2 years ago
Harding, Jones, and Sandy, a partnership, is in the process of liquidating. The partners have the following capital account bala
Radda [10]

Answer: <em><u>Cash to be distributed to  Harding = $ 17000,  Jones = $ 3000 </u></em>

Explanation:

It has been indicated that the ($9,000) deficit will be covered with a forthcoming contribution

∴ The Remaining Capital Balance is = (24000 + 24000) = $48000

∵Total cash Available = $20000

Loss = 48000 - 20000 =  $ 28000

Loss will be shared between Harding & Jones in ratio = 16:48

∴  Harding Capital balance = \frac{(24000 - 28000)\times16}{16+48} = $ 17000

∴ Jones Capital balance =  \frac{(24000 - 28000)\times48}{16+48} = $ 3000

Cash will be Distributed in their capital balance ratio

Therefore,

<u><em>Cash to be distributed to  Harding = $ 17000,  Jones = $ 3000 </em></u>

7 0
3 years ago
Milano Gallery purchases the copyright on an oil painting for $300,000 on January 1, 2017. The copyright legally protects its ow
murzikaleks [220]

Answer and Explanation:

According to the situation, the solution of journal entries are as follows

1. Copyright Dr $300,000

             To Cash $300,000

(being the purchase of copyright is recorded)

Here, we debited the copyright as it increased the assets and credited the cash as it decreased the assets

2. Amortization expense Dr ($300,000 ÷ 12 years) $25,000

             To Accumulated amortization $25,000

(being the annual amortization is recorded)

Here we debited the amortization expense as it increased the expenses and credited the accumulated amortization as it decreased the assets

5 0
3 years ago
A production possibilities frontier can shift outward if a. resources are shifted from the production of one good to the product
Eduardwww [97]

Answer:

d. there is a technological improvement.

Explanation:

a) replacing production of one good in favor of another will be a move across the PPF

b) abandon inefficient production will bring the production to the PPF from a place below it.

c) has no relationship it will simply put inflationary pressure.

<em>d) the technological improvement will make a better use of the factor thus, increasing productivity and making possible more production with the same amount of materials.</em>

7 0
3 years ago
Ahngram Corp. has 1,000 defective units of a product that cost $3.30 per unit in direct costs and $6.80 per unit in indirect cos
OLga [1]

Answer:

If the units are reworked, income will increase by $5,800.

Explanation:

Giving the following information:

Number of units= 1,000

Sell as-is= $4.3

Rework cost= $2.8

Selling price= $12.9

<u>Because the original cost will remain constant in both options, we will not take them into account.</u>

Sell as-is:

Effect on income= 1,000*4.3= $4,300

Rework:

Effect on income= 1,000*(12.9 - 2.8)

Effect on income= $10,100

If the units are reworked, income will increase by $5,800.

4 0
2 years ago
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