You have decided to invest $15,000 in a money market fund that pays you interest at the annual rate of 6% and compounds interests monthly. Your plan is to take out your money in a year and pay taxes on the interest earned. If the corresponding tax rate is 20%, how much money in total will you expect to receive in a year after paying taxes.

Answers

Answer 1

Answer:

$15,869.66

Explanation:

The formula for determining the future value of the amount invested is :

FV = PV x (1 + r / m)^mn

FV = Future value  

PV = Present value  

R = interest rate  

N = number of years

m = number of compounding

$15,000 x (1+ 0.06/12)^12 = $15,925.17

Interest earned = future value - present value

$15,925.17 - $15,000 = $925.17

Tax paid on interest earned = 0.06 x  $925.17 = $55.51

Interest after taxes = $925.17 - $55.51 = $869.66

Total amount expected = $15,000 + $869.66 = $15,869.66


Related Questions

Marge owns land and a building (held for investment) with an adjusted basis of $75,000 and a fair market value of $250,000. The property is subject to a mortgage of $400,000. Because Marge is in arrears on the mortgage payments, the creditor is willing to accept the property in return for canceling the amount of the mortgage.
a. How can the adjusted basis of the property be less than the amount of the mortgage?
b. If the creditor's offer is accepted, what are the effects on the amount realized, the adjusted basis, and the realized gain or loss for Marge?
c. Does it matter in (b) if the mortgage is recourse or nonrecourse?

Answers

Answer:

A. The amount deducted for Depreciation may be higher than the amortized amount of the mortgage principal.

Decrease in the value of the property after they granted the mortgage

Bi $400,000

ii. $75,000

iii. $325,000

C.No

Explanation:

a. The adjusted basis of the property can be tend to be lesser than the amount of the mortgage due to the fact that in the beginning of an asset life the amount that was deducted for Depreciation may be more higher than the amortized amount of the mortgage principal .

Secondly the adjusted basis of the property can be tend to be lesser than the amount of the mortgage when their is Decrease in the value of the property after they granted the mortgage .

Lastly the adjusted basis of the property can be tend to be lesser than the amount of the mortgage when the fair market value of Property are been given instead of the Adjusted basis of the property.

b. Calculation for the effects on the amount realized, the adjusted basis, and the realized gain or loss for

i. Based on the information given the amount that was realized will be the amount of $400,000

ii. Based on the information given the Adjusted basis will be the amount of $75,000

iii. Realized gain=$400,000 − $75,000

Realized gain= $325,000

c.No it don't not matter if the mortgage is recourse or nonrecourse since the amount that was realized was the amount of $400,000 and

to justify the nonrecourse mortgage is that the taxpayer has already enjoy some benefit when the mortgage was acquired due to the increase in Adjusted basis of the property.

3. You are considering investing in a startup company called Minions Technologies. After careful analysis, you determine that Minions will be able to generate $100,000 in cash flow at the end of each year for the first 5 years. Then, Minions will generate cash flow of $400,000 at the end of the 6th year, after which it will grow at 11% per year forever. Using a discount rate of 18%, what is the amount you would be willing to invest

Answers

Answer:

$2,810,467

Explanation:

we need to determine the enterprise value of Minions Technologies

first, the terminal value at year 5 = $400,000 / (18% - 11%) = $5,714,286

then we must find the present value of all future cash flows, including the terminal value

PV of 5 five cash flows = $100,000 x 3.127 (PV annuity factor, 18%, 5 periods) = $312,700

PV of terminal value = $5,714,286 / 1.18⁵ = $2,497,767

total enterprise value = $2,810,467

An analysis of the company's insurance policies provided the following facts.

Policy Date of Purchase Months of Coverage Cost

A April 1, 2017 24 $10,824
B April 1, 2018 36 9,576
C August 1, 2019 12 8,424

The total premium for each policy was paid in full (for all months) at the purchase date, and the Prepaid Insurance account was debited for the full cost. (Year-end adjusting entries for Prepaid Insurance were properly recorded in all prior years.)

Required:
So what would my adjusting journal entry be?

Answers

Answer:

Adjusting Journal in the year of payment:

December, 2017: Policy A

Debit Insurance Expense $4,059

Credit Prepaid Insurance $4,059

To record the insurance expense for the year (9 months).

December, 2018: Policy A and B

Policy A:

Debit Insurance Expense $5,412

Credit Prepaid Insurance $5,412

To record insurance expense for the year, 12 months.

Policy B:

Debit Insurance Expense $2,394

Credit Prepaid Insurance $2,394

To record insurance expense for the year, 9 months.

December, 2019:

Policy A:

Debit Insurance Expense $1,353

Credit Prepaid Insurance $1,353

To record insurance expense for the year, 3 months.

Policy B:

Debit Insurance Expense $3,192

Credit Prepaid Insurance $3,192

To record insurance expense for the year, 12 months.

Policy C:

Debit Insurance Expense $3,510

Credit Prepaid Insurance $3,510

To record insurance expense for the year, 5 months.

Explanation:

a) Data and Calculations:

Policy  Date of Purchase  Months of       Cost   Monthly

                                          Coverage                    Cost  

A         April 1, 2017                24          $10,824      $451 ($10,824/24)

B         April 1, 2018                36              9,576    $266 ($9,576/36)

C         August 1, 2019            12              8,424    $702 ($8,424/12)

b) The insurance expenses recorded under the three policies have been determined using the monthly rates.  In each year, the months covered are taken into consideration when computing the insurance expense for the year.  In this way, only the expenses incurred for the period are accounted for, in accordance with the accrual concept of accounting.

Don James purchased a new automobile for $21,000. Don made a cash down payment of $5,250 and agreed to pay the remaining balance in 30 monthly installments, beginning one month from the date of purchase. Financing is available at a 24% annual interest rate.

Required:
Calculate the amount of the required monthly payment.

Answers

Answer:

monthly payment. = $703.24 per month

Explanation:

given data

Cost of auto = $21000

Cash Down payment = $5250

Loan amount = PV = 21000-5250

loan amount = $15,750

time period  = 30 monthly

Rate = 24% pa = 24÷12 = 2% pm

solution

we get here monthly payment that is express as

monthly payment. = [tex]\frac{P\times r\times (1+r)^n}{(1+r)^n-1}[/tex]      ...................1

put here value and we get

monthly payment. = [tex]\frac{15750\times 0.02\times (1+0.02)^{30}}{(1+0.02)^{30}-1}[/tex]

solve it we get

monthly payment. = $703.24 per month

On January 1, 2012, Sunland Company purchased for $690000, equipment having a useful life of ten years and an estimated salvage value of $40200. Sunland has recorded monthly depreciation of the equipment on the straight-line method. On December 31, 2020, the equipment was sold for $160000. As a result of this sale, Sunland should recognize a gain of

Answers

Answer:

$54,820

Explanation:

The computation of the gain is shown below;

But before that following calculations must be done

Annual depreciation as per the straight-line method

= ($690,000 - $40,200) ÷ (10 years)

= $64,980

Now accumulated depreciation for 9 years is

= $64,980 × 9 years

= $584,820

Now the book value is

= $690,000 - $584,820

= $105,180

Now the gain is

= Sale value - book value

= $160,000 - $105,180

= $54,820

Longmire & Sons made sales on credit to Alderman Sports totaling $500,000 on April 18. The cost of the goods sold is $400,000. Longmire estimates 3% of its sales to Alderman may be returned. On May 22, $9,000 worth of goods (with a cost of $7,200) are returned by Alderman. Assume Longmire uses a perpetual inventory system.

Required:
Prepare the related journal entries for Longmire & Sons.

Answers

Answer:

April 18

Dr Account receivable 500,000

Cr Cash 500,000

April 18

Dr Cost of goods sold 400,000

Cr Merchandize inventory 400,000

May 22

Dr Sales return and allowance 9,000

Cr Account receivable 9,000

May 22

Dr Merchandize inventory 7,200

Cr Cost of goods sold 7,200

Explanation:

Preparation of the related journal entries for Longmire & Sons.

Based on the information given the related journal entries for Longmire & Sons will be :

April 18

Dr Account receivable 500,000

Cr Cash 500,000

(Being to record credit sales)

April 18

Dr Cost of goods sold 400,000

Cr Merchandize inventory 400,000

(Being to Record cost of goods sold)

May 22

Dr Sales return and allowance 9,000

Cr Account receivable 9,000

(Being to record goods return)

May 22

Dr Merchandize inventory 7,200

Cr Cost of goods sold 7,200

(Being to Record cost of goods return)

in 2001 an outbreak of hoof-and-mouth disease in europe led to the burning of millions of cattle carcasses. discuss the demand and supply implication caused by the outbreak, for an in-depth analysis of the discussion topic you may use all of the resources available to you. what impact would you expect on the supply of cattle hides, hide prices, the supply of leather goods, and the price of leather goods

Answers

Answer:

High demand

Low supply

High prices

Explanation:

The demand and supply of products, goods and services is heavily dependent on several factors ranging from economic, health and social factors. Disease and viral outbreaks have devastating effects on the market forces of demand and supply which in most cases will impact the market negatively with characteristically high prices and scarcity of products. The mouth and hoof outbreak in Europe was one which impacted the economy including farmers, leather and hides workers and all whose businesses and sustainability depends on cattles and its products. Due to the contagious nature of the disease and the ease at which it could spread if curtailment isn't effected on time, millions of cattles were slaughtered on sighting the symptoms and it's products including skins are burnt leading to losses in billions on the path of cattle rearers, shortage of lather, hides and skins, restriction in international product trade in other to avoid its spread to other parts of the world. These resulted in low supply and high demand of cattles and its products including leather goods meaning High prices for little available.

A motel had the following business on a particular week. Number Occupied Type of room Sun Mon Tues Wed Thu Fri Sat Rate per night Nightly 60 60 60 60 60 $80 5-day Week 90 90 90 90 90 $64 7-day Week 50 50 50 50 50 50 50 $48 Weekend only 130 130 $56 If there are 200 rooms and the operating costs are $20,000 plus a cleaning fee of $5 per room per day, compute the profit during the one-week period. Group of answer choices $57,360 $57,059 $64,160 $64,160

Answers

Answer:

Total profit for week = $57360

Explanation:

To calculate the profit for one-week period, we first need to calculate the revenue for one week period based on the given occupancy.

We will first calculate the revenue for every day and add it to calculate the revenue for the week.

Sunday = 60 * 80  +  90 * 64  +  50 * 48  => $12960

Monday = 60 * 80  +  90 * 64  +  50 * 48  => $12960

Tuesday = 60 * 80  +  90 * 64  +  50 * 48  => $12960

Wednesday = 60 * 80  +  90 * 64  +  50 * 48  => $12960

Thursday = 60 * 80  +  90 * 64  +  50 * 48  => $12960

Friday = 50 * 48  +  130 * 56  => $9680

Saturday = 50 * 48  +  130 * 56  => $9680

Total revenue for one week = 12960 * 5 + 9680 * 2  => $84160

To calculate the profit, we will first calculate the total cost.

Total cost = 20000 + (5 * 200 * 5 + 5 * 180 * 2)

Total cost = $26800

Total profit for week = 84160 - 26800

Total profit for week = $57360

Billed Mercy Co. $2,400 for services performed.
how to journalize this?

Answers

When a business transaction requires a journal entry, we must follow these rules:

The entry must have at least 2 accounts with 1 DEBIT amount and at least 1 CREDIT amount.

The DEBITS are listed first and then the CREDITS.

The DEBIT amounts will always equal the CREDIT amounts.

For another example, let’s look at the transaction analysis we did in the previous chapter for Metro Courier (click Transaction analysis):

1. The owner invested $30,000 cash in the corporation. We analyzed this transaction by increasing both cash (an asset) and common stock (an equity) for $30,000. We learned you increase an asset with a DEBIT and increase an equity with a CREDIT. The journal entry would look like this:

2. Purchased $5,500 of equipment with cash. We analyzed this transaction as increasing the asset Equipment and decreasing the asset Cash. To increase an asset, we debit and to decrease an asset, use credit. This journal entry would be:

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Answer:

All the journal entries illustrated so far have involved one debit and one credit; these journal entries are called simple journal entries. Many business transactions, however, affect more than two accounts. The journal entry for these transactions involves more than one debit and/or credit. Such journal entries are called compound journal entries.

Explanation:

1.  The owner invested $30,000 cash in the corporation.  We analyzed this transaction by increasing both cash (an asset) and common stock (an equity) for $30,000. We learned you increase an asset with a DEBIT and increase an equity with a CREDIT

2.  Purchased $5,500 of equipment with cash.  We analyzed this transaction as increasing the asset Equipment and decreasing the asset Cash.  To increase an asset, we debit and to decrease an asset, use credit.

3. Purchased a new truck for $8,500 cash.   We analyzed this transaction as increasing the asset Truck and decreasing the asset Cash.  To increase an asset, we debit and to decrease an asset, use credit.

4.  Purchased $500 in supplies on account.  We analyzed this transaction as increasing the asset Supplies and the liability Accounts Payable.  To increase an asset, we debit and to increase a liability, use credit.

5.  Paid $300 for supplies previously purchased.  Since we previously purchased the supplies and are not buying any new ones, we analyzed this to decrease the liability accounts payable and the asset cash.  To decrease a liability, use debit and to decrease and asset, use debit.

6.  Paid February and March Rent in advance for $1,800.  When we pay for an expense in advance, it is an asset.  We want to increase the asset Prepaid Rent and decrease Cash.  To increase an asset, we debit and to decrease an asset, use credit.

7.  Performed work for customers and received $50,000 cash.  We analyzed this transaction to increase the asset cash and increase the revenue Service Revenue.  To increase an asset, use debit and to increase a revenue, use credit.

8.  Performed work for customers and billed them $10,000.  We analyzed this transaction to increase the asset accounts receivable (since we have not gotten paid but will receive it later) and increase revenue.  To increase an asset, use debit and to increase a revenue, use credit.

9.  Received $5,000 from customers from work previously billed.  We analyzed this transaction to increase cash since we are receiving cash and we want to decrease accounts receivable since we are receiving money from customers who we billed previously and not new work we are doing.  To increase an asset, we debit and to decrease an asset, use credit.

10 Paid office salaries $900.  We analyzed this transaction to increase salaries expense and decrease cash since we paid cash.  To increase an expense, we debit and to decrease an asset, use credit.

11. Paid utility bill $1,200.  We analyzed this transaction to increase utilities expense and decrease cash since we paid cash.  To increase an expense, we debit and to decrease an asset, use credit.

Emilio’s accountant told him that if he continues to pay $50 a month on his credit card, it will take him 42 years to pay off his current balance (assuming the interest rate doesn’t change and assuming he doesn’t charge anything else on that card). His credit card interest rate is 18.99%. What is his balance?

Answers

Answer:

$3,158.40  

Explanation:

The current balance on his credit card is the present value of $50 payable per month over 42-year period as shown below:

PV=monthly payment*(1-(1+r)^-n/r

PV=the unknown

montly paymet=$50

r=monthly interest rate= 18.99%/12=0.015825

n=number of monthly payments=42*12=504

PV=$50*(1-(1+0.015825)^-504/0.015825

PV=$50*(1-(1.015825)^-504/0.015825

PV=$50*(1-0.000365827)/0.015825

PV=$50*0.999634173/0.015825

PV=$3,158.40  

Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2021. Payment was made in the form of a noninterest-bearing note requiring Lincoln to make six annual payments of $4,400 on each September 30, beginning on September 30, 2024. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided. Round your final answer to nearest whole dollar amount.) Required: Calculate the amount at which Lincoln should record the note payable and corresponding purchases on September 30, 2021, assuming that an interest rate of 9% properly reflects the time value of money in this situation.

Answers

Answer: $16,613

Explanation:

As the noninterest-bearing note required Lincoln to make six annual payments of $4,400, this is an annuity because it is a constant figure.

The amount that should be recorded is the present value of this amount.

Present value of annuity = Annuity * ( 1 - ( 1 + rate) ^ -no. of periods) / rate

= 4,400 * ( 1 - ( 1 + 9%)⁻⁶) / 9%

= $19,738

This present value is for September 30, 2023. It needs to be discounted further to September 30, 2021.

= 19,738 / (1 + 9%)²

= $16,613

On January 1, 2020, Marigold Corp. purchased a machine costing $355000. The machine is in the MACRS 5-year recovery class for tax purposes and has an estimated $74000 salvage value at the end of its economic life. It's based on half year convention. Assuming the company uses the general MACRS approach, the amount of MACRS deduction for tax purposes for the year 2020 is

Answers

Answer:

$71,000

Explanation:

Note: The MARCS Table is attached below

Depreciation for 2020 = Cost*Rate%

Depreciation for 2020 = $355000*20%

Depreciation for 2020 = $71,000.

Note: MACRS depreciation disregards the salvage value and depreciates the asset to zero over the life of the asset.

Because your patented Gidgit is starting to gain attention and investors are starting to show interest, the executive committee is considering becoming a publicly held company by selling the company to the government.
True
False

Answers

Answer:

False.

Explanation:

Patent can be defined as the exclusive or sole right granted to an inventor by a sovereign authority such as a government, which enables him or her to manufacture, use, or sell an invention for a specific period of time.

Generally, patents are used on innovation for products that are manufactured through the application of various technologies.

Basically, the three (3) main ways to protect an intellectual property is to employ the use of trademarks, copyright and patents.

In this scenario, Because your patented Gidgit is starting to gain attention and investors are starting to show interest, the executive committee is considering becoming a publicly held company.

Since Gidgit is patented it cannot be sold to the government because it is a registered intellectual property that cannot be used or sold without the approval or consent of the owner.

One current answer to the historical struggle within management to balance the things of production and the humanity of production is social business, including the use of social media. Please indicate if the social media benefits listed below aid a thing of production or the humanity of production. Social media benefit Thing of production Humanity of production Improve efficiency Facilitate collaboration

Answers

Answer:

Humanity of production

Explanation:

What type of hazard could occur by wearing jewelry while preparing food

Answers

Answer:

it can fall into the food

Compare and by converting their income statements to common size. Martinez Rojo Net sales. . . . . . . . . . . . . . . . . . . . . . . . . . . $10,900 $19,536 Cost of goods sold. . . . . . . . . . . . . . . . . . 6,660 14,203 Other expense. . . . . . . . . . . . . . . . . . . 3,564 4,356 Net income. . . . . . . . . . . . . . . . . . . . . . . . . $676 $977 Which company earns more net​ income? Which​ company's net income is a higher percentage of its net​ sales?

Answers

Answer:

a. Rojo

b. Martinez

Explanation:

When converting the income statement to common size, everything is made a percentage of net sales.

                                                             Martinez                            Rojo

Net Sales                                                100%                              100%

Cost of goods sold                                (61.1% )                           ( 72.7%)

Other expenses                                     (32.7% )                         ( 22.3%)

Net Income                                               6.2%                             5.0%

Working

                                                           Martinez                             Rojo

Cost of goods                                 6,660/10,900                   14,203/19,536

Other expenses                              3,564/10,900                     4,365/19,536

Net income                                      676/10,900                         977/19,536                                

a. Company with more Net income

= Rojo

b. Company with higher net income as percentage of net sales

= Martinez

Mohawk Machining, which uses a process-costing system, adds material at the beginning of production and incurs conversion cost evenly throughout manufacturing. The following selected information was taken from the company's accounting records: Total equivalent units of materials: 8,000 Total equivalent units of conversion: 7,400 Units started and completed during the period: 6,500 On the basis of this information, the ending work-in-process inventory's stage of completion is:_____.
A- 80%.
B- 70%.
C- 60%. - 40%.
D- some other percentage not listed above.

Answers

Answer:

C. 60%

Explanation:

Equivalent unit of Materials = 8,000.00      

Equivalent unit of Conversion = 7,400.00      

Units started and completed = 6,500.00

Since Materials are entered in the beginning it means that out of 8000 Units of Materials 6500 units are in Units started and completed and remaining 1500 Units are in Closing inventory. It also means that 1500 units are in Closing Inventory of Conversion and Equivalent production of conversion part of 1500 Units are 900 Units (7400-6500).

Let % Completion be x      

X% of 1500 = 900      

X = 900*100/1500      

X = 60%.

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