Answers
Answer: $4,379.83
Explanation:
Given the following details:
Periodic payment = $550
Interest rate = 11%
Number of periods = 20 years
Present Value (PV) = P[(1 - (1 + r)^-n) / r]
Where
P = periodic payment = $550
r = Interest rate = 11% = 0.11
n = number of periods = 20
PV = 550[(1 - (1 + 0.11)^-20) / 0.11]
PV = 550[(1 - (1.11)^-20) / 0.11]
PV = 550[(1 - 0.1240339) / 0.11]
PV = 550[0.8759660 / 0.11]
PV = 550(7.9633281)
PV = 4379.8304
PV = 4379.83
Related Questions
A 15-year annuity pays $1,300 per month, and payments are made at the end of each month. The interest rate is 10 percent compounded monthly for the first six years and 8 percent compounded monthly thereafter. What is the present value of the annuity
Harriet's Wimsey is a bookstore for people who love mysteries. How would a complete set of P. D. James mystery novels, a first edition copy of The Maltese Falcon, the money in the cash register, and an IOU from a loyal customer who forgot her wallet one day when she came to purchase the newest Dorothy Cannell book be listed on the store's balance sheetA. as owners' equity B. as current liabilities C. as fixed assetsD. as long-term liabilities E. as current assets
Explain what a literature review is.
Wingate Company, a wholesale distributor of electronic equipment, has been experiencing losses for some time, as shown by its most recent monthly contribution format income statement: Sales $ 1,000,000 Variable expenses 390,000 Contribution margin 610,000 Fixed expenses 625,000 Net operating income (loss) $ (15,000 ) In an effort to resolve the problem, the company would like to prepare an income statement segmented by division. Accordingly, the Accounting Department has developed the following information: Division East Central West Sales $ 250,000 $ 400,000 $ 350,000 Variable expenses as a percentage of sales 52 % 30 % 40 % Traceable fixed expenses $ 160,000 $ 200,000 $ 175,000 Required: 1. Prepare a contribution format income statement segmented by divisions. 2-a. The Marketing Department has proposed increasing the West Division's monthly advertising by $15,000 based on the belief that it would increase that division's sales by 20%. Assuming these estimates are accurate, how much would the company's net operating income increase (decrease) if the proposal is implemented? 2-b. Would you recommend the increased advertising?
Average accounts receivable (net) 100,000
Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year.
a. Accounts receivable turnover.
b. Number of days' sales in receivables. _______ days
Answers
Answer:
a. 15 times
b. 24.3 days
Explanation:
The computations are shown below:
a. Account receivable turnover ratio = Net credit sales ÷ Average accounts receivable
= $1,500,000 ÷ $100,000
= 15 times
Now the Number of days' sales in receivables would be
= Total number of days in a year ÷ Accounts receivable turnover ratio
= 365 days ÷ 15 times
= 24.3 days
Answers
Answer:
9.92%
Explanation:
First, find the Annual Percentage Rate (APR).
You can do this with a financial calculator using the following inputs;
PV = -24500
N = 60
PMT = 514.55
then CPT I/Y = 0.792% (this is a monthly rate)
APR = 0.792% *12 = 9.5%
Next, convert APR to EAR;
EAR =
whereby m= number of compounding periods per year ;12 in this case.
EAR =
= 1.0992476 - 1
=0.0992476 or 9.92%
Therefore, the effective rate on this loan is 9.92%
Answers
Answer:
Quality Control Policies and Procedures and the Elements of Quality (SQCS 8):
1. Assign management responsibilities in such a manner that commercial considerations do not override the quality of work performed.
d. Human resources
2. Establish policies and procedures for resolving differences of opinion among firm personnel that arise during professional engagements.
a. Leadership responsibilities for quality within the firm (the tone at the top)
3. Develop policies and procedures to ensure that professionals are provided appropriate professional development opportunities.
d. Human resources
4. Review engagement documentation, reports, and the client’s financial statements.
f. Monitoring
5. Develop effective performance evaluation, compensation, and advancement procedures. Identify circumstances and relationships that create threats to independence and take appropriate action to eliminate those threats or reduce them to an acceptable level.
b. Relevant ethical requirements
6. Identify whether the firm possesses the competency, capability, and resources to appropriately serve a specific client.
c. Acceptance and continuance of client relationships and specific engagements
7. Devote sufficient resources to develop, communicate, and support the firm’s quality control procedures.
d. Human resources
8. Retain engagement documentation for a sufficient period of time to satisfy the needs of the firm, professional standards, laws, and regulations.
e. Engagement performance
Explanation:
According to SQCS 8, the firm must establish and maintain a system of quality control. The six elements of the system of quality control are:
a. Leadership responsibilities for quality within the firm (the tone at the top)
b. Relevant ethical requirements
c. Acceptance and continuance of client relationships and specific engagements
d. Human resources
e. Engagement performance
f. Monitoring
Final answer:
The quality control policies and procedures in public accounting firms are categorized into six elements identified by SQCS 8. Reviewing engagement documentation and the client's financial statements is under the element of monitoring.
Explanation:
Review engagement documentation, reports, and the client's financial statements falls under the element of monitoring in the quality control policies and procedures. This involves performing internal reviews to ensure the accuracy of the work and compliance with professional standards. Developing performance evaluation and compensation procedures falls under the human resources element. Identifying threats to independence and addressing them is part of the independence and ethical requirements element.
Develop effective performance evaluation, compensation, and advancement procedures is related to the element of human resources. This includes establishing fair and objective processes for evaluating staff performance and providing appropriate rewards.
Identifying circumstances and relationships that create threats to independence and taking appropriate action is part of the element of independence and ethical requirements. This involves assessing potential conflicts of interest and ensuring that professional judgment is not compromised.
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Answers
Answer:
1. $67,500
2. $69,500
3. $69,500
Explanation:
1. The computation of bad debt expense is shown below:-
Bad debt expense = Credit sales × Debt percentage
= $4,500,000 × 1.5%
= $67,500
2. The computation of receivable written off is shown below:-
receivable written off = Allowance Beginning balance + bad debt expense - Allowance ending balance
= $42,000 + $67,500 - $40,000
= $69,500
3. The computation of bad debt expense be for 2013 is shown below:-
= receivable written off
= $69,500
Answers
Answer:
A user fee.
Explanation:
These are general fees that are known to be paid by some countries indigenous occupants which tends to commence its reading from the first of January till the 31st of December. They particularly known to be renewable in most cases. User fees confer with a financing mechanism that has two main characteristics: payment is created at the purpose of service use and there's no risk sharing. User fees can entail any combination of drug costs, supply and medical material costs, entrance fees or consultation fees. they're typically obtained each visit to a health service provider, although in some cases follow-up visits for the identical episode of illness is covered by the initial payment.
Answers
Answer:
jury of executive opinion.
Explanation:
The forecasting technique that pools the opinions of a group of experts or managers is known as jury of executive opinion.
For example, when XYZ manufacturing company decides to conduct a series of strategic meetings for its forecasting by involving its key employees such as directors, analysts, managers etc to discuss (gathering opinions, ideas, perspectives and views) before reaching a forecasting consensus. This is simply a jury of executive opinion.
Final answer:
The forecasting technique that combines the opinions of a group of experts or managers is known as the 'jury of executive opinion'. It leverages collective expertise for prediction in complex decision-making situations or when there's a lack of sufficient hard data.
Explanation:
The forecasting technique that gathers and combines the views and opinions of a group of experts or managers is called the Jury of executive opinion. This technique relies on the collective knowledge, experience, and intuition of a group of high-level managers to predict future events or outcomes. It's often used in situations where decision-making is complex, or when there aren't enough hard data available. For instance, a group of corporate executives could use their combined expertise to make forecasts about trends in their industry, the potential impact of significant new legislation, or the likely behavior of their competitors.
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