Your job pays you only once a year for all the work you did over the previous 12 months. Today, December 31, you just received your salary of $72,500, and you plan to spend all of it. However, you want to start saving for retirement beginning next year. You have decided that one year from today you will begin depositing 5 percent of your annual salary in an account that will earn 9 percent per year. Your salary will increase at 3.7 percent per year throughout your career. How much money will you have on the date of your retirement 40 years from today?

Answer:

$1,924,410.40

Explanation:

Calculation to determine How much money will you have on the date of your retirement 40 years from today

First step is to calculate Next year’s salary

Next year’s salary = $72,500 (1 + ..037)

Next year’s salary = $75,182.50

Second step is to calculate Next year’s deposit

Next year’s deposit = $75,182.50(.05)

Next year’s deposit = $3,759.13

Third step is to find the Present Value (PV) using this formula

PV = C{[1 / (r– g)] – [1 / (r– g)] × [(1 + g) / (1 + r)]^t}

Let plug in the formula

PV = $3,759.13{[1 / (.09 – .037)] – [1 / (.09 – .037)] × [(1 + .037) / (1 + .09)]^40}

PV = $61,268.57

Now let find the Future value (FV) using this formula

FV = PV(1 + r)^t

Let plug in the formula

FV = $61,268.57(1 + .09)^40

FV = $1,924,410.40

Therefore How much money will you have on the date of your retirement 40 years from today is $1,924,410.40

Corinne is offered a job with a salary of $70,000, which she turns down to start her own business. She uses $20,000 of her own savings to help start the business, savings that had been providing her a return of $1,000 per year. Over her first year in business, Corinne collects total revenue of $180,000 and must cover explicit costs of $105,000. During her first year in business, Corinne's accounting profit is _____, and her economic profit is _____.

Tyrell Company issued callable bonds with a par value of $18,000. The call option requires Tyrell to pay a call premium of $500 plus par (or a total of $18,500) to bondholders to retire the bonds. On July 1, Tyrell exercises the call option. The call option is exercised after the semiannual interest is paid the day before on June 30. Record the entry to retire the bonds under each separate situation.
1. The bonds have a carrying value of $15,000.
2. The bonds have a carrying value of $19,000.

Tom Jordan is a manager for a McDonald's restaurant. Many of his key responsibilities include analyzing data and making key decisions for the success of his store. Tom's store has been experiencing decreased sales for breakfast services over the past 3 months. Tom is unsure why breakfast revenues are down while lunch and dinner revenues remain unchanged. Tom believes that he can drive revenue up by implementing a few different breakfast promotions such as free coffee or hash browns with the purchase of a meal. Tom performs an extensive analysis of how continuous changes in breakfast promotions could impact his daily revenue. What type of DSS analysis is Tom performing? optimization analysis sensitivity analysis transaction analysis goal-seeking analysis

A large wine maker would like to buy new stainless steel containers for aging its wine. It is planning to purchase a number of containers for a total of $450,000. They have 9 years of usable life and lose the same value each year. The wine maker will then sell them in 3 years for an estimated $200,000 to replace with brand new ones at that time. The wine maker falls into a 40% tax rate bracket. Calculate the after-tax salvage value at the time the containers will get sold.

Solutions Inc. signs a 10-year lease for a building owned by Property Inc. that is appropriately classified as an operating lease by both the lessee and lessor. Lease payments are $150,000 per year. The building has an estimated useful life of 30 years with no salvage value. Assume that the building has a fair and carrying value of $2,000,000 at the commencement of the lease, what amount would Property Inc. recognize in its income statement (ignoring taxes) for the year ended December 31, 2020

describe the difference between real gdp and nominal gdp.​

Jessica purchased a home on January 1, 2018 for $580,000 by making a down payment of $230,000 and financing the remaining $350,000 with a 30-year loan, secured by the residence, at 6 percent. During 2018 and 2019, Jessica made interest-only payments on this loan of $21,000 (each year). On July 1, 2018, when her home was worth $580,000 Jessica borrowed an additional $145,000 secured by the home at an interest rate of 8 percent. During 2018, she made interest-only payments on the second loan in the amount of $5,800. During 2019, she made interest only on the second loan in the amount of $11,600. What is the maximum amount of the $32,600 interest expense Jessica paid during 2019 may she deduct as an itemized deduction if she used the proceeds of the second loan to finish the basement in her home and landscape her yard

Payment of $1,000 payables *
Increases an asset $1,000; decreases an asset $1,000
Decreases a liability $1,000; decreases an asset $1,000
Decreases a liability $1,000; increases owner's equity $1,000
None of the above

The required return on the stock of Moe's Pizza is 10.4 percent and aftertax required return on the company's debt is 3.28 percent. The company's market value capital structure consists of 65 percent equity. The company is considering a new project that is less risky than current operations and it feels the risk adjustment factor is minus 1.5 percent. The tax rate is 35 percent. What is the required return for the new project

Irving Corporation makes a product with the following standards for direct labor and variable overhead: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct labor 0.20 hours $ 34.00 per hour $ 6.80 Variable overhead 0.20 hours $ 7.00 per hour $ 1.40 In November the company's budgeted production was 7,300 units, but the actual production was 7,100 units. The company used 1,490 direct labor-hours to produce this output. The actual variable overhead cost was $9,834. The company applies variable overhead on the basis of direct labor-hours. The variable overhead rate variance for November is: Multiple Choice $568 U $596 F $596 U $568 F

Playoff Corporation acquired 80% ownership of Stadium Corporation on January 1, 2010 for $160,000. On that date, the fair value of the noncontrolling interest was $40,000, and Stadium reported retained earnings of $50,000 and had $100,000 of common stock outstanding. Playoff uses the equity method. On the date of acquisition, the fair value of Stadium’s depreciable assets was $50,000 more than book value and those assets had a 10 year remaining life. The pre-closing trial balance data for Playoff and Stadium on December 31, 2014, included the following:Playoff books:Stadium books:Investment in Stadium Co. Stock$188,000Dividends Declared$ 10,000Income from Subsidiary 20,000Common Stock 100,000Retained Earnings 90,000Net Income for the year 30,000Required: a. Provide all the journal entries recorded by Playoff during 2014 related to their investment in Stadium.Investment in Stadium24,000 Income from S24,000Cash8,000 Investment in Stadium8,000Income from S4,000 Investment in Stadium4,000b. Provide all workpaper entries needed to prepare a consolidation workpaper as of December 31, 2014. CAD: FV 200 – BV 150 = Diff 50 – Dep assets 50 / 10 yr life = $5,000Common Stock 100,000Retained Earnings 90,000 Investment in Stadium152,000 Noncontrolling Interest 38,000Buildings and Equipment50,000 Accumulated Depreciation25,000 Investment in Stadium NCI

What is the total number of unique triangles that can be formed with side lengths of 6.5 centimeters, 6 centimeters, and 2.5 centimeters?

Patterson Development sometimes sells property on an installment basis. In those cases, Patterson reports income in its income statement in the year of the sale but reports installment income by the installment method on the tax return. Installment income in 2021 was $240 million, which Patterson expects to collect equally over the next four years. The tax rate is 25%, but based on an enacted law, is scheduled to become 35% in 2023.
Patterson's pretax accounting income for the 2013 income statement was $530 million of this, $30 million is non-taxable revenue from proceeds of a life insurance policy. There were no differences between accounting income and taxable income other than those described above and no cumlative temporary differences existed at the beggining of the year:
1. Prepare the appropriate journal entry to record patterson's 2013 income taxes.
2. What is Patterson's 2013 net income?

Behan and his wife took title together at the same time to the same real property here in Michigan (while married to each other) and hold the real property as tenants by the entirety. Behan dies while still married to his wife. The estate is a conditional estate, not a fee simple estate. Behan's interest to the described real property, upon Behan's death:

a. escheats to the State of Michigan, under the facts of this question
b. passes back to the holder of the condition who now holds Behan's interest jointly with Behan's widow
c. passes to his wife, assuming she did not intentionally bring about Behan's death
d. passes through a probate proceeding, since Behan is now dead

The ___ function returns the year portion of the data/time available

Smith and Sons, Inc. Income Statement (in millions)

2016 2015
Net sales 10,300 9,800
Cost of goods sold (5,500) (5,200)
Gross profit 4,800 4,600
Selling and administrative expenses (2,800) (2,700)
Income from operations 2,000 1,900
Interest expense (300) (250)
Income before income taxes 1,700 1,650
Income tax expense (420) (400)
Net income 1,280 1,250

Smith and Sons, Inc. Balance Sheet

Assets
Current assets
Cash and cash equivalents 450 650
Accounts receivable 900 800
Inventory 750 900
Other current assets 400 250
Total current assets 2,500 2,600
Property, plant & equipment, net 2,350 2,250
Other assets 5,700 5,900
Total Assets 10,550 10,750

Liabilities and Stockholders' Equity
Current liabilities 3,250 3,150
Long-term liabilities 5,000 5,400
Total liabilities 8,250 8,550
Stockholders' equity-common 2,300 2,200
Total Liabilities and Stockholders' Equity 10,550 10,750

Required:
Calculate the quick ratio for Smith & Sons, Inc., for 2015 and 2016.

Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $39.4 million cash on October 1, 2021, to provide working capital for anticipated expansion. Precision signs a one-year, 9% promissory note to Midwest Bank under a prearranged short-term line of credit. Interest on the note is payable at maturity. Each firm has a December 31 year-end.

Required:
a. Prepare the journal entries on October 1, 2021, to record the issuance of the note.
b. Record the adjustments on December 31, 2021.
c. Prepare the journal entries on September 30, 2021, to record payment of the notes payable at maturity.

Using the information given calculate:______.
a. private saving,
b. public saving,
c. national saving.
(Round your solution to the nearest whole number. Be sure to include a negative sign if? necessary.)
Category. Value
Consumption $900
Government spending. 600
Taxes 100
Net Exports 400
Investment 600
GDP 1,700

Journalizing Sales, Sales Returns and Allowances, and Cash Receipts
Aug. 4 Sold merchandise on account to S. Miller for $310 plus sales tax of 4%, with 2/10, n/30 cash discount terms.
6 Sold merchandise on account to K. Krtek for $160 plus sales tax of 4%.
10 S. Miller returned merchandise purchased on August 4 for $20 plus sales tax for credit.
13 S. Miller paid the balance due on her account.
15 K. Krtek returned merchandise purchased on August 6 for $40 plus sales tax for credit.
20 K. Krtek paid the balance due on his account.

Chrzan, Inc., manufactures and sells two products: Product E0 and Product N0. Data concerning the expected production of each product and the expected total direct labor-hours (DLHs) required to produce that output appear below: Expected Production Direct Labor-Hours Per Unit Total Direct Labor-Hours Product E0 340 9.4 3,196 Product N0 1,200 8.4 10,080 Total direct labor-hours 13,276 The company is considering adopting an activity-based costing system with the following activity cost pools, activity measures, and expected activity: Estimated Expected Activity Activity Cost Pools Activity Measures Overhead Cost Product E0 Product N0 Total Labor-related DLHs $ 298,390 3,196 10,080 13,276 Production orders orders 57,587 500 600 1,100 Order size MHs 581,866 5,200 4,900 10,100 $ 937,843 The activity rate for the Order Size activity cost pool under activity-based costing is closest to:

outlinr the selection procedure as a huma resource activity​

The following budget data pertain to the Machining Department of Yolkenverst Co.: Maximum capacity 62,000 units Machine hours per unit 2.50 Variable factory overhead $ 4.20 per machine hour Fixed factory overhead $ 432,500 The company prepared the budget at 82% of the maximum capacity level. The department uses machine hours as the basis for applying standard factory overhead costs to production. During the year the Machining Department produced 50,000 units, consuming 127,500 machine hours and incurring $432,500 of fixed overhead. For the current year the department has a fixed overhead production volume variance, rounded to the nearest whole dollar, of: (Round your intermediate calculation to 2 decimal places.) rev: 10_22_2

A reserve clause binds a professional athlete to a sports franchise even if the player does not have a contract with the team that retains the rights to the player. In other words, the player can only play for a single team and other teams may not bid for the player's services even in the absence of a contract. Major League Baseball was forced to outlaw reserve clauses in 1975. As a result of the ban, we would expect that

You have 40 years left until retirement and want to retire with $5 million. Your salary is paid annually, and you will receive $50,000 at the end of the current year. Your salary will increase at 3 percent per year, and you can earn a 10 percent return on the money you invest. If you save a constant percentage of your salary, what percentage of your salary must you save each year?

While calculating the costs of products and services, a standard costing system ________. does not keep track of overhead cost traces direct costs to output by multiplying the standard prices or rates by the actual quantities uses standard costs to determine the cost of products allocates overhead costs on the basis of the actual overhead-cost rates

The management of Advanced Alternative Power Inc. is considering two capital investment projects. The estimated net cash flows from each project are as follows: Year Wind Turbines Biofuel Equipment 1 $280,000 $300,000 2 280,000 300,000 3 280,000 300,000 4 280,000 300,000 The wind turbines require an investment of $887,600, while the biofuel equipment requires an investment of $911,100. No residual value is expected from either project. Present Value of an Annuity of $1 at Compound Interest Year 6% 10% 12% 15% 20% 1 0.943 0.909 0.893 0.870 0.833 2 1.833 1.736 1.690 1.626 1.528 3 2.673 2.487 2.402 2.283 2.106 4 3.465 3.170 3.037 2.855 2.589 5 4.212 3.791 3.605 3.353 2.991 6 4.917 4.355 4.111 3.785 3.326 7 5.582 4.868 4.564 4.160 3.605 8 6.210 5.335 4.968 4.487 3.837 9 6.802 5.759 5.328 4.772 4.031 10 7.360 6.145 5.650 5.019 4.192
Required:
1a. Compute the net present value for each project. Use a rate of 6% and the present value of an annuity of $1 in the table above. If required, round to the nearest dollar.
Wind Turbines Bio Fuel Equipment
Present value of annual net cash flows $ $
Less amount to be invested $ $
Net present value $ $
1b. Compute a present value index for each project. If required, round your answers to two decimal places.
Present Value Index
Wind Turbines
Bio Fuel Equipment
2. Determine the internal rate of return for each project by (a) computing a present value factor for an annuity of $1 and (b) using the present value of an annuity of $1 in the table above. If required, round your present value factor answers to three decimal places and internal rate of return to the nearest percent.
Wind Turbines Bio Fuel Equipment
Present value factor for an annuity of $1
Internal rate of return % %

Angelique runs a business making cell-phone cases. She started her business making custom 3-D printed cases. To make those she must pay a fixed cost of $ 48 to use the library's 3-D printer along with a per-unit cost of $6 for the plastic and the time to design and print the cases. Angelique is considering purchasing a plastic mold to make the cases instead. The mold would cost $ 88 up front, but once she has purchased it her per-unit cost drops to $4. Assume that the mold will last for one month.
1. What is the smallest number of cell-phone cases Angelique needs to produce to make purchasing the plastic mold worthwhile?
If Angelique expects to produce 22 cell-phone cases over the next month, which production method should she use?
A. 3-D printing
B. plastic mold
C. Neither; she should shut down production.
D. She is indifferent; the average cost is the same.

Indicate the effect each separate transaction has on investing cash flows.

a. Sold a truck costing $42,500, with $23,000 of accumulated depreciation, for $9,000 cash.
b. The sale results in a $10,500 loss. Sold a machine costing $11,600, with $8,500 of accumulated depreciation, for $6,000 cash.
c. The sale results in a $2,900 gain. Purchased stock investments for $16,500 cash. The purchaser believes the stock is worth at least $31,000.

All of the following are examples of federal government programs available to families in need
except:
A. public housing
B. special housing for nuclear families.
C. emergency shelter grants for the homeless.
D. special housing for aging adults.

Social responsibility theories:________

a. Are generally classified as modern ethical versions of Utilitarianism
b. Determine the moral worth of an action regardless of their consequences
c. Are largely precise legalistic formulations
d. Classify corporate social responsibility as typically the corporation engaging in community and civic affairs in a prudent manner.