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maria [59]
3 years ago
14

You are hoping to buy a new boat 3 years from now, and you plan to save $5,800 per year, beginning one year from today. You will

deposit your savings in an account that pays 5.2% interest. How much will you have just after you make the 3rd deposit, 3 years from now
Business
1 answer:
sweet-ann [11.9K]3 years ago
3 0

Answer:

FV= $17,701.6

Explanation:

Giving the following information:

Annual deposit (A)= $5,800

Interest rate (i)= 5.2%

<u>To calculate the future value after the third deposit, we need to use the following formula:</u>

<u></u>

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

A= annual deposit

FV= {5,800*[(1.052^2) - 1]} / 0.052 + 5,800

FV= $17,701.6

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TransactionsUnitsUnit Cost a. Inventory, Beginning 4,000 $24 For the year: b. Purchase, March 5 10,000 25 c. Purchase, September
Komok [63]

Answer:

Explanation:

1. Number of goods available for sale = Beginning Inventory + Purchase, March 5 + Purchase, September 19 = 4,000+10,000+6,000 = 20,000 units

Cost of goods available for sale = Beginning Cost of inventory + Cost of Purchase, March 5 + Cost of Purchase, September 19 = 4,000×24 + 10,000×25 + 6,000×27 = 96,000+250,000+162,000 = $508,000

2. Number of units in ending inventory = Number of units available for sale - Number of units sold = 20,000-4,200-9,000 = 6,800 units

3.  Calculations are attached

4.

Income statement FIFO:

Sales $937,800 (4,200×69 + 9,000×72)

Less: Cost of Goods Sold ($326,000)

Gross profit  $611,800

Less Operating expense $602,000

Net income $9,800

Income statement LIFO:

Sales $937,800 (4,200×69 + 9,000×72)

Less: Cost of Goods Sold ($342,000)

Gross profit  $595,800

Less Operating expense $602,000

Net loss $($6,200)

Income statement LIFO:

Sales $937,800 (4,200×69 + 9,000×72)

Less: Cost of Goods Sold ($334,092)

Gross profit  $603,708

Less Operating expense $602,000

Net income $1,708

**Cost of goods sold:-

Under FIFO = 96,000+5,000+225,000 = $326,000

Under LIFO = 105,000+162,000+75,000 = $342,000

Under weighted average method = 103,782+230,310 = $334,092

6. LIFO method minimize taxes

3 0
3 years ago
Anderson Corporation has provided the following production and average cost data for two levels of monthly production volume. Th
nata0808 [166]

Answer:

Option (D) is correct.

Explanation:

Calculation of total manufacturing overhead:-

4000 units manufacturing overhead:

= Production volume ×  Manufacturing overhead

= 4,000 × $94

= $376,000

5000 units manufacturing overhead:

= Production volume ×  Manufacturing overhead

= 5,000 × $77.60

= $388,000

Variable cost per unit:

=\frac{5000\ units\ manufacturing\ overhead-4000\ units\ manufacturing\ overhead}{1000}

=\frac{388,000-376,000}{1000}

= 12

Fixed cost = Total cost - variable cost

                 = $388,000 - 5,000 × 12

                 = $388,000 - $60,000

                 = $328,000

So total monthly fixed manufacturing cost is $328,000.

7 0
3 years ago
What are the cons of using new residential sales/new home sales as a economic indicator?
rodikova [14]

Answer:

New home sales and existing home sales are released each month at about the same time. Many comparisons are made between the two series, but before doing any comparisons, one must be aware of some definition differences that affect the timing of the statistics.

The Census Bureau collects new home sales based upon the following definition: "A sale of the new house occurs with the signing of a sales contract or the acceptance of a deposit." The house can be in any stage of construction: not yet started, under construction, or already completed. Typically about 25% of the houses are sold at the time of completion. The remaining 75% are evenly split between those not yet started and those under construction.

Existing home sales data are provided by the National Association of Realtors®. According to them, "the majority of transactions are reported when the sales contract is closed." Most transactions usually involve a mortgage which takes 30-60 days to close. Therefore an existing home sale (closing) most likely involves a sales contract that was signed a month or two prior.

Given the difference in definition, new home sales usually lead existing home sales regarding changes in the residential sales market by a month or two. For example, an existing home sale in January, was probably signed 30 to 45 days earlier which would have been in November or December. This is based on the usual time it takes to obtain and close a mortgage.

Effective with January 2005, the National Association of Realtors created a new monthly series to overcome the lagging effect of the existing home sales definition. This new series is called Pending Home Sales and is based on sales of existing homes where the contract has been signed but the transaction has not been closed, making it roughly equivalent to the new home sales definition. Monthly estimates are expressed as an index where the year 2001 has been set to equal 100.0.

Explanation:

8 0
3 years ago
Emy is at dinner with her group of friends when one of them pulls out a new pen that not only writes but takes pictures. It also
eduard

Answer:

Late Majority.

Explanation:

The adoption of a product by consumers is divided into five categories, namely, <u>innovators, early adopters, early majority, late majority, and laggards</u>. Such customers are known as adopters who adopt to new technology differently. The category of adopters was proposed by Everett Rogers in 1962.

In the given scenario, Emy exemplifies Late majority adopter.

Late Majority adopters are those adopters who adopts new innovation or technology after observing that the product has been adopted fruitfully by the majority of society. They rank on the second last position of the adopters. They are more skeptical to the product before adopting it. So, Emy fits the late majority category of adopters as she is skeptical about the fancy device shown by her friend.

7 0
3 years ago
The total fixed overhead variance is:a. the difference between actual and budgeted fixed overhead costs. b. the difference betwe
kondaur [170]

Answer:

a. the difference between actual and budgeted fixed overhead costs.

Explanation:

As we know that

The variance is shows the difference between the actual amount and the budgeted amount or estimate amount

So, the total fixed overhead variance is the difference between the actual fixed overhead costs and the budgeted fixed overhead costs i.e to be fixed in nature

Hence, the first option is correct

3 0
3 years ago
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