1. Purchased a 1-year insurance policy on June 1 for $ 2,100 cash. 2. Paid $ 6,900 on August 31 for 5 months' rent in advance. On September 4, received $ 3,600 cash in advance from a company to sponsor a game 3. each month for a total of 9 months for the most improved students at a local school. Signed a contract for cleaning services starting December 1 for $ 1,200 per month. Paid for the first 2 months on November 30. (Hint: Use the account Prepaid Cleaning to record 4. prepayments.) On December 5, received $ 1,600 in advance from a gaming club. Determined that on December 31, $ 440 of these games had not yet been played. 5.
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- (b) Daniel deposits $5,000 into a fund at the end of each month in the coming five years. The fund earns 6% p.a. compounded monthly. (i) Calculate the amount in the fund at the end of the fifth year. (ii) Starting from the sixth year, $X is deducted from the fund for donation to charity at the end of each month continuing forever. Find X.. An engineer signs a contract to work in Hong Kong for 5 years. The contract specifies that at the end of his 5 years of service, he will receive $90,000 at the end of each of the following 3 years. Assume funds earn 6% compounded annually. (a) Find the amount needed at the end of his 5 years of service to fund the payments. (b) Find the end-of-year payment into a sinking fund needed to accumulate this amount. * $240,570.90; $42,677.28 $250,570.90; $45,677.28 $42,677.28; $240,570.90 Other:the happy toddlers is a property school for children 3 to 5 years old students are enrolled for our school year operation started june 21 parents can feed the full tuition fee of 70,000 pesos if at the start of the every semester june 1 to november 1 of the student hundred fifty students android hd are paid in full at the start of the year the remaining students are installment basis school runs june 12 march 1 determine the tuition fee revenue for the period december 31 this is the first year of happy toddlers operation the happy toddlers the preparatory school children 3 to 5 years old they are 10 teachers employed by tht 5 seniors teachers with salary of 30,000 pesos of a month and 5jr teachers at 15,000 there are also for administrators with average monthly salary of 35000 annual depreciation furniture and fixtures amount to 100,000 utilities starting operational totals 200thousand.
- Ethical Issue: Raffie’s Kids, a nonprofit organization that provides aid to victims of domestic violence, low-income families, and special-needs children, has a 30-year, 5% mortgage on the existing building. The mortgage requires monthly payments of $3,000. Raffie’s bookkeeper is preparing financial statements for the board and, in doing so, lists the mortgage balance of $287,000 under current liabilities because the Board hopes to be able to pay the mortgage off in full next year. Of the mortgage principal, $20,000 will be paid next year if Raffie’s pays according to the mortgage agreement. The Board members call you, their trusted professional bookkeeper confidant, to advise them on how Raffie’s Kids should report the mortgage on its Balance Sheet. 1. What is the ethical issue? 2. What is your recommendation to the Board of Raffie’s Kids?The Happy Toddlers is a preparatory school for children three to five years old. Students are enrolled for a school year. Operations started on June 1. Parents can pay the full tuition fee of P70,000 each at the start of the every semester (June 1 and November 1.) Of the 150 students enrolled, 80 are paid in full at the start of the year. The remaining students are on installment basis. One school year runs from June 1 to March 31. Required:Determine the tuition fee revenue for the period December 31. This is the first year of Happy Toddlers operations.A father has saved a fund to provide for his son's 4-year university program. The fund will pay $6310 at the end of each months for 6 months (the begin on September), plus an extra $9400 each September 1st, for 4 years. If j, = 11.34 %, what is the value of the fund on the first day of university (before any withdrawals)? %3D Answer: 68692.54
- The EZ Credit Company offers to loan a college student $6,000 for school expenses. Repayment of the loan will be in monthly installments of $304.07 for 24 months. The total repayment of money is $7,297.68, which includes the original $6,000, $1,207.04 in interest charges, and $90.64 for a required life insurance policy covering the amount of the loan. Assume monthly compounding of interest. What nominal interest rate is being charged on this loan?Financial Textbook, Pg. 14-55 Raffie’s Kids, a nonprofit organization that provides aid to victims of domestic violence, low-income families, and special-needs children, has a 30-year, 5% mortgage on the existing building. The mortgage requires monthly payments of $3,000. Raffie’s bookkeeper is preparing financial statements for the board and, in doing so, lists the mortgage balance of $287,000 under current liabilities because the board hopes to be able to pay the mortgage off in full next year. Of the mortgage principal, $20,000 will be paid next year if Raffie’s pays according to the mortgage agreement. The board members call you, their trusted CPA, to advise them on how Raffie’s Kids should report the mortgage on its balance sheet. Requirements What is the ethical issue? Provide and discuss the reason for your recommendation.Use the appropriate formula located on Illustration 10-1 on page 209 to solve the problem. At the end of every 3 months, Teresa deposits $1500 into an account that pays 6% compounded quarterly for 4 years. A) When this certificate matures, how much will Teresa have accumulated B) How much interest did Teresa earn? Show the use of the appropriate formulas for each part by indicating the evaluation of the formula with the information and provide the answer. Be sure to label the parts using the provided letters and organize your work neatly.
- A couple purchased a home and signed a mortgage contract for $500, 000 to be paid with half-yearly payments over a 25-year period. The interest rate applicable is j2 = 8.5% p.a. applicable for the first five years, with the condition that the interest rate will be increased by 4% every 5 years for the remaining term of the loan. Based on the given information, your group is required to use Excel software to: (a) Calculate the half-yearly payment required for each five-year interval (b) Calculate the loan outstanding (outstanding balance) at the beginning of each five year interval. (c) Prepare a loan amortization table for the final 12 half-years of the loan term.STUDENT ID (last 6 digits only) 145399 {A} 3.99 % {B} monthly {C} $ 145,399.00 {D} $ 163,954.00 {E} $ 156,510.00 {F} 14 months {G} quarterly {H} 5.49 % {I} semi-annually Mini-Case Jagmeet is hoping to start a non-profit organization to help families with critically-ill children pay for the travel and accommodation costs associated with seeking medical care outside of the Greater Sudbury Area. As a graduate of of the General Business program at Cambrian College, he applied for and received a large grant. During the planning phase of his venture, he invested all of this grant money at {A} compounded {B}. After two years of compound interest, the invested grant money accumulated to {C}. Conveniently, this was the exact amount needed to fund his non-profit, and to begin helping the community.. PART A What was the original grant amount…what is the correcting entry for.. purchasing equipment for $260,000, paying $60,000 cash, and signing a 5 year 10% note for the remainder