For a payment of $100,000 at age 65, the firm will pay the retiring professor $800 a month until death. If the professor's remaining life expectancy is 25 years. What is the effective annual rate (EAR)?
For each description below, match terms: management bias, off-balance-sheet financing, taking a bath, financial flexibility, liquidity (1) ability to get cash from sale of assets and issuance of debt or stock (2) avoiding reporting financial responsibilities on the balance sheet (3) recognizing losses in years that are already poor (4) delaying the sale of inventory […]
For each of the following events or transactions, identify the fund that will be affected. 1. A city government provides electricity services to residents for a fee. 2. A printing shop was established to handle the printing needs of a county government. 3. A philanthropist donates $1 million for zoo maintenance, only earnings can be used. 4. A city […]
For each of the following situations, indicate which inventory cost formula would be the most appropriate to use, and why. (a) KK Kars is a small automobile dealership. Each car it sells has a unique serial number, and the cars are not interchangeable. LIFO FIFO Specific Identification Weighted Average or Moving Average (b) Easyway Grocery […]
For the following transactions, calculate the credit given for the partial payment and the net amount due on the invoice Amount of Invoice 8,303.00 Terms of Sale 2/10, n/30 Partial Payment 2,500 Credit for Partial Payment 2,551.02 Net Amount Due 5,751.98
Foster Corp. completed the following transactions during 2014: 1. Purchased land for $20,000 cash. 2. Acquired $10,000 cash from the issue of common stock. 3. Received $90,000 cash for providing services to customers. 4. Paid cash operating expenses of $65,000. 5. Borrowed $20,000 cash from the bank. 6. Paid a $5,000 cash dividend to the stockholders. 7. Determined that the market value of […]
FOX Furniture received a special order for 10 dining room sets for a special price of $5,000. The materials and direct labor for each dining room set is $150. In addition, the setup, supervision and other overhead costs are $200 per dining room set. Should FOX accept the special order? Why or why not? Would it make any […]
French Hens Manufacturing Co. purchased a ten-ton draw press at a cost of $180,000 with terms of 5/15, n/45. Payment was made within the discount period. Shipping costs were $4,600, which included $200 for insurance in transit. Installation costs totaled $12,000, which included $4,000 for taking out a section of a wall and rebuilding it because the press was […]
From a management perspective why do you think budgets are so important AND give an example, that relates specifically to your major, of how you will use budgets in your field. in-text citations.
From these which are Short term liabilities and which are long term liabilities Salary $2000 New Home Cost $100,000 Gas/Heating $100 Electric $125 Water $60 Internet/Cable $150 Home Phone $50 Cell Phone $200 Food $250 Mortgage Payment $796 Car Insurance $165 Savings Balance $500 Checking Balance $1,000 Lawn Service $100 Auto Loan Payment $262 […]