Ask question

Ask question

All categories

3 years ago

10

What is the amount you can withdraw at the end of 20 years if you make $1,500 monthly deposit at a nominal annual rate of 6% com

pounded monthly?

1 answer:

musickatia [10]3 years ago

4 0

Answer:

$693,061.34 (±6,500)

Explanation:

You might be interested in

The following selected transactions were taken from the records of Shipway Company for the first year of its operations ending D

alexdok [17]

Answer:

The year-end adjusting entries for the uncollectible accounts will be:

April 13:

Debit Allowance for doubtful accounts $6,530

Credit Accounts receivable $6,530

<em>(To record write-off of accounts receivable - Dean Sheppard)</em>

May 15:

Debit Cash $3,270

Credit Accounts receivable $3,270

<em>(To record collection on account - Dan Pyle)</em>

Debit Allowance for doubtful accounts $5,410

Credit Accounts receivable $5,410

<em>(To record write-off of accounts receivable - Dan Pyle)</em>

July 27:

Debit Accounts receivable $6,530

Credit Allowance for doubtful accounts $6,530

<em>(To re-establish accounts receivable from Dean Sheppard)</em>

Debit Cash $6,530

Credit Accounts receivable $6,530

<em>(To record collection on account - Dean Sheppard)</em>

December 31:

Debit Allowance for doubtful accounts $13,330

Credit Accounts receivable $13,330

<em>(To record write-off of accounts receivable - Miscellaneous)</em>

Explanation:

April 13: Shipway Company wrote-off account of Dean Sheppard, this means there would be a reduction in both allowance for doubtful accounts and accounts receivable.
The receipt on May 15 of $3,270 reduced the accounts receivable but increased cash. However, the write-off of $5,410 caused a reduction in both the allowance account and accounts receivable.
When there was a receipt of $6,530 on July 27, the accounts receivable would be reinstated and then adjusted for the cash receipt.
Lastly, the write-off of the uncollectible accounts from miscellaneous customers were added up to arrive at $13,330.

8 0

3 years ago

Discuss reasons why a business needs funding ?

castortr0y [4]

Answer:

Firms need finance to:

start up a business, eg pay for premises, new equipment and advertising.

run the business, eg having enough cash to pay staff wages and suppliers on time.

expand the business, eg having funds to pay for a new branch in a different city or country.

3 0

3 years ago

I The indirect and direct methods of preparing the statement of cash flows are identical except for

NemiM [27]

The cash flow statement (CFS) measures how well a company manages its cash position, meaning how well the company generates cash to pay its debt obligations and fund its operating expenses. The cash flow statement complements the balance sheet and income statement and is a mandatory part of a company's financial reports since 1987.1

In this article, we'll show you how the CFS is structured, and how you can use it when analyzing a company.

KEY TAKEAWAYS

A cash flow statement is a financial statement that summarizes the amount of cash and cash equivalents entering and leaving a company.

The cash flow statement measures how well a company manages its cash position, meaning how well the company generates cash to pay its debt obligations and fund its operating expenses.

The cash flow statement complements the balance sheet and income statement and is a mandatory part of a company's financial reports since 1987.1

The main components of the cash flow statement are cash from operating activities, cash from investing activities, and cash from financing activities.

The two methods of calculating cash flow are the direct method and the indirect method.

4 0

3 years ago

Create a business decision based on the company where you work (can be any company), a small business you hope to own someday or

Naya [18.7K]

The correct answer to this open question is the following.

The business decision based on the company where you work would be this. To open a new small branch of the fast-food restaurant as a concession in the municipal stadium.

The incremental cost is the future costs as a result of this business decision. This means that we have to consider extra money on a monthly basis to pay for the rent of the concession booth at the Municipal stadium.

The opportunity cost is that instead of opening our branch in the new downtown mall, we decided to move with the stadium option. Having decided to be at the mall could have allowed us to have more clients on a daily basis, especially on weekends.

The sunk cost is a cost from the past, an historical cost that really is not important in the present time to make a decision. Maybe, just a reference to a case in the past. And that's it.

Here we can refer to a cost when we opened the first location of the restaurant, but it was five years ago. Those were different situations, necessities, and conditions.

8 0

3 years ago

Mystic Laboratories reported total assets of $11,200,000 and noncurrent assets of $1,480,000. The company also reported a curren

Anastasy [175]

Answer:

$6,480,000

Explanation:

The computation of the amount of the current liabilities is shown below:

Total assets of $11,200,000

Less: Noncurrent assets $1,480,000

Current Assets = $9,720,000

Now as we know that

Current ratio = Current Assets ÷ Current Liabilities

Current Liabilites is

= $9,720,000 ÷ 1.5

= $6,480,000

hence, the current liabilities is $6,480,000

3 0

4 years ago