One of the benefits to retirement is __________

Imagine that your goal is to retire 34 years from today with \$1,000,000$1,000,000 in savings. Assuming that you currently (i.e.

RoseWind [281]

Answer:

Present value after 34years = 1000000

Cash flow at present= 5000

Using

PV= CF(1+R)^t

1000000=5000(1+R)^34

R=1.169-1

R=0.168(16.8%)

6 0

2 years ago

Below are the transactions for Ute Sewing Shop for March, the first month of operations.

otez555 [7]

Answer:

Part 1

March 1

Debit : Cash $1,400

Credit : Common Stock $1,400

March 3

Debit : Equipment $1,100

Credit : Note Payable $1,100

March 5

Debit : Rent Expense $440

Credit : Cash $440

March 7

No Entry

March 12

Debit : Supplies $114

Credit : Accounts Payable $114

March 15

Debit : Cash $640

Credit : Service Revenue $640

March 19

Debit : Cash $540

Credit : Deferred Revenue $540

March 25

Debit : Deferred Revenue $540

Credit : Service Revenue $540

March 30

Debit : Utilities Expense $79

Credit : Cash $79

March 31

Debit : Dividends $70

Credit : Cash $70

Part 2 and Part 3

Cash : Debit = $1,400 + $640 + $540 Credit = $440 + $79 + $70, Balance = 1,991 Debit

Common Stock : Debit = Credit = $1,400 , Balance = 1,400 Credit

Equipment : Debit = $1,100 Credit = , Balance = 1,110 Debit

Note Payable : Debit = Credit = $1,100 , Balance = 1,100 Credit

Rent Expense : Debit = $440 Credit = , Balance = $440 Debit

Supplies : Debit = $114 Credit = , Balance = $144 Debit

Accounts Payable : Debit = Credit = $114 , Balance = $114 Credit

Service Revenue : Debit = Credit = $640 + $540 , Balance = $1,180 Credit

Deferred Revenue : Debit = $540 Credit = $540 , Balance = $ 0

Utilities Expense : Debit = $79 Credit = , Balance = $79 Debit

Dividends : Debit = $70 Credit = , Balance = $70 Debit

Part 4

Sewing Shop

Trial balance as at March 31

Debit Credit

Cash $ 1,991

Common Stock $1,400

Equipment $1,110

Note Payable $1,100

Rent Expense $440

Supplies $144

Accounts Payable $114

Service Revenue $1,180

Deferred Revenue $ 0 $0

Utilities Expense $79

Dividends $70

Totals $3,864 $3,864

Explanation:

To successfully tackle the question, follow the steps :

Record journal entries
Post the Journals to Ledger Accounts
Find the Ledger Account Balances
Prepare a Trial Balance

The Trial Balance is used to check mathematical accuracy. It is a list of Debit and Credit extracted from Balances from the Ledger Accounts.

8 0

2 years ago

1. Use these sentence starters to explain how Cat Insanity is an analogy for

sveticcg [70]

Answer:

Cat Insanity

An analogy for debt repayment:

a. The multiply rate is... the compound interest rate on the principal.

b. The # of cats is... the number of debts (loans) you hold.

c. Your food scoops are... the periodic repayments of principal and interest.

d. An underfed cat is... a damaged credit rating.

e. A dead cat is... bankruptcy caused by financial distress.

Explanation:

Cat Insanity is a game that teaches students what they will get by acquiring loans which must be repaid. It compares the feeding of cats as debt repayment. The game provides practical learnings for students to be wary of student loans. It concludes that failure to feed the cats leads to damaged credit ratings, and if the cats become dead, the student declares for bankruptcy.

The authors of the game are McKinney GCD Jenny Nicholson, Art Director Kathryn Moffitt, and Copywriter Jade Stoner. Their idea is to connect with students by exposing their future in a way they do not expect it to turn when they continue to acquire more and more student loans.

6 0

2 years ago

Initially, suppose Bellissima uses 1 million hours of labor per month to produce corn and 3 million hours per month to produce j

saul85 [17]

Answer:

4 bushels, 2 bushels, Bellisima, Euphoria

Explanation:

Remember, opportunity cost as used in this context refers to the loss of other profit alternatives when one alternative is chosen. In this scenario if we consider the two neighboring countires called Acadia and Euphoria. Both have 4 million labor hours per month that they can use to produce corn, jeans, or a combination of both.

Euphoria produces 4 bushels of corn per hour and 16 pairs of jeans. Acadia produces 5 bushels of corn per hour and 10 pairs of jeans. Euphoria produces 12 million bushels of corn and 16 million pairs of jeans and Acadia produces 5 million bushels of corn and 30 million pairs of jeans.

Euphoria's opportunity cost of producing one bushel of corn is $\frac{16}{4}$ = 4 pairs of jeans and

Acadia's cost of producing one bushel of corn is $\frac{10}{5}$ = 2 pairs of jeans.

Finanlly, It is obvious that Acadia has the comparative advantage of producing corn, and Euphoria has the comparative advantage of producing jeans.

5 0

2 years ago

Bramble's Bakery makes a variety of home-style cookies for upscale restaurants in the Atlanta metropolitan area. The company's b

jolli1 [7]

Answer:

$15.51 per Double chocolate almond supreme

Explanation:

Calculate the standard cost for a pound of Mama Fran's double chocolate almond supreme cookies.

1. Standard Material Cost (Ratio Denominator = 10 + 5 + 1 = 16)

Std. Mat Cost = 10 Ounces /16 * $0.80 + 5 Ounces /16* $6 + 1/16* $18

Standard Material Cost = $3.5 per Double chocolate almond supreme

2. Standard Direct Labor Cost

Std. Labor Cost = 1 /60 Hours * $12.7 per Hour + 7/60 Hour * $19 per Hour

Std. Labor Cost = $2.4283 per Double chocolate almond supreme

3. Standard Variable Overhead Cost

Std. Variable OH. Cost = 6/60 Hours * $35.8

Standard Variable overhead cost = $3.58 per Double chocolate almond supreme

4. Standard Fixed Overhead Cost

Std. Fixed Overhead per cake = 6/60 Hours * $60 per Hour

Standard Fixed overhead cost = $6 per Double chocolate almond supreme

Now Standard cost for a pound is calculated as under:

Standard cost for a pound = 2.9375 + 2.4617 + 3.70 + 6

Standard cost for a pound = $15.51 per Double chocolate almond supreme

8 0

2 years ago

One of the benefits to retirement is ___________.