All categories

3 years ago

Alex

Business

1 answer:

GaryK [48]3 years ago

5 0

Answer:

hello your question lacks some vital information hence I will make valid assumptions to aid the solution 

answer : $583333.33

Explanation:

22 yrs old

pre tax income = $35,000 per year

savings = $200/month

Determine how much you will need to retire at 67

lets assume : Interest rate = 6% per annum

annual withdrawable amount per year after retirement = $35,000

∴ amount to be saved up by 67 years = 35,000 / 6% = $583333.33

hence amount needed to retire at age 67

target amount = $583,333.33

interest rate = 6%

number of years = 67 - 22 = 45

savings per year needed = 583,333.33 / 45 = $12962.96

Note : saving $200 per month would not give the required amount needed to retire at age 67

The required monthly savings = 12962.96 / 12 = $1080.25

You might be interested in

What is a sole proprietorship?

DanielleElmas [232]

Answer: A sole proprietorship, also known as the sole trader, individual entrepreneurship or proprietorship, is a type of enterprise that is owned and run by one person and in which there is no legal distinction between the owner and the business entity.

3 0

3 years ago

Read 2 more answers

In 2019, Felicity's business use of her vehicle fell to less than 50%. Regular MACRS depreciation had been used in prior years.

Flauer [41]

Answer:

(d) Straight-line method (SL), the same convention as used in the first year of depreciation, ADS recovery period

Explanation:

The straight line method is the best to use, the convention to be used is the same as what was used in the first year of depreciation and the recovery period in 2019 is the ADS recovery period.

To decrease annual deduction, it is standardized that ADL is used with straight line method with 31 plus years for a recovery period that is longer.

5 0

2 years ago

Luther Corporation Consolidated Balance Sheet December 31, 2006 and 2005 (in $ millions) Assets 2006 2005 Liabilities and St

jeyben [28]

Answer:

Luther Corporation

Current Ratio for 2006 is closest to:

1.1 : 1

Explanation:

a) Data and Calculations:

Total Current Assets = $144 million

Total Current Liabilities = $132 million

Current Ratio = Current Assets/Current Liabilities

= $144/$132

= 1.1 : 1

b) Luther Corporation's current ratio is a liquidity measure that shows Luther's ability to pay off short-term obligations worth $132 million or those due within one year with its current assets of $144 million. The ratio tells investors and analysts of Luther Corporation how Luther can use its current assets to pay off its current debts. Since Luther's current ratio is higher than 1, it is considered good, depending on the industry average. This means that Luther's current ratio of 1.1 : 1 should not be considered in isolation, but in comparison with other firms in the industry and its performance over a number of years.

6 0

3 years ago

Cost of Units Completed and in Process The charges to Work in Process—Assembly Department for a period, together with informatio

MrRissso [65]

Answer:

Cost of completed WIP: 30,240

Total cost of tranferreed-out: 729,990

Explanation:

We assume it works with weighted-average process costing

Beginning 9,000 50% = 4,500 $22,050

Finished goods 207,000 units

Direct Materials 212,000 units at $1.6

Direct labor $276,000

Overhead $ 107,400

Total Overhead $383,400

started 212,000 units

finished 207,000 units

ending 5,000 units at 75%

EU Conversion Cost 207,000 + 5,000 x 75% = 210,750

Cost per equivalent unit: 383,400 / 210,750 = 1,819217

Cost of beginning WIP comepleted

22,050 beginning + 1.82 x 4,500 = 30,240

Cost of the units transferred to finished goods:

22,050 beginning WIP balance

+ 207,000 x $1.6 materials

+ 207,000 x $1.82 conversion cost

Total: 729,990

7 0

3 years ago

A company calculated the predetermined overhead based on an estimated overhead of $70,000, and the activity for the cost driver

Ivenika [448]

Answer:

$68,600

Explanation:

Activity Based Overhead Rates = Estimated Overhead / Expected Use of Cost Drivers per Activity (Hours)

Activity Based Overhead Rates = $70,000 / 2,500

Activity Based Overhead Rates = $28

Overhead Assigned = Overhead Rate * Hours Utilized

Product A Overhead Assigned = $28 * 1,350 hours

Product A Overhead Assigned = $37,800

Product B Overhead Assigned = $28 * 1,100 hours

Product B Overhead Assigned = $30,800

Total Overhead Assigned = Product A Overhead Assigned + Product B Overhead Assigned

Total Overhead Assigned = $37,800 + $30,800

Total Overhead Assigned = $68,600

5 0

3 years ago