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3 years ago

Finley Company

Business

1 answer:

aleksley [76]3 years ago

3 0

Answer:

d. debit Retained Earnings, $3,000; credit Dividends, $3,000.

Explanation:

The journal entry to close the dividend account should be

Retained earnings Dr $3,000

To Dividend $3,000

(being the closing of the dividend account is recorded)

here the retained earning is debited as it decreased the stockholder equity and dividend is credited as it is closed

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2. A couple would like to take a cruise to Alaska, 15 months from now. They have $1500 in a savings account. The savings account

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Answer:

a.- $ 3,529.82

b.- $ 3,512.11

c.- $ 132,77

Explanation:

In each case, we must calculate the value of their current savings and the additional investment.

The saving are the same for each scenario so let's calculate that first:

$Principal \: (1+ r)^{time} = Amount$

Principal 1,500.00

time 15 years

rate 0.01000

$1500 \: (1+ 0.01)^{15} = Amount$

Amount 1,741.45

Then we add the funds generated from the investment:

a.- 110 annuity due for 15 month:

$C \times \frac{(1+r)^{-time} -1}{rate}(1+r) = FV\\$

C $ 110

time 15 months

rate 0.01

$110 \times \frac{(1+0.01)^{15} -1 }{0.01} = FV\\$

FV $1,788.3651

We add the savings and get a total of: $ 3,529.82

b.- 110 ordinary annuity

$C \times \frac{(1+r)^{time} -1}{rate} = FV\\$

C $ 110

time 15 months

rate 0.01

$110 \times \frac{(1+0.01)^{15} -1}{0.01} = FV\\$

FV $1,770.6585

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c.-

If they need 3,900 then the fund must cover the difference between these and the savings future value:

3,900 - 1,741.45 = 2,158.55

Now we calculate the PMT, considering the payment are at the beginning:

$FV \div \frac{(1+r)^{time} -1 }{rate}(1+r) = C\\$

FV $ 2,158.55

time 15

rate 0.01

$2158.55 \div \frac{(1+0.01)^{15} -1}{0.01} (1+0.01) = C\\$

C $ 132.770

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Last year, you purchased a $1,000 par value bond with a 7.5% annual coupon and a 20-year maturity. At the time of the purchase,

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Answer:

Rate of return = 6.64%

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