FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Determine the monthly payment necessary to accumulate $30,000 in a fund paying 6% per year, compounded monthly, for 8 years. (Assume end-of-period deposits and compounding at the same intervals as deposits.) Round your answer to the nearest cent.
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- Find the periodic payments PMT necessary to accomulate the given account in an annuity account. (Assume end-of-period deposits and compounding at the same intervals as deposits. Round your answer to the nearest cent.) $20,000 in a fund paying 2% per year, with quarterly payments for 20 years. PMT = $arrow_forwardMs. Berry is employed as an Accounts Manager in the Jamaican company ADM Limited. In 2022, sheearned a monthly salary of $820,000.00. She also sits on the board of directors of FHC Company Limitedwhere she receives director’s fees of $7,500.00 per month. She contributes 10% of her grossemoluments to the Superannuation Pension Plan. Under the Jamaican Labour Laws, every employee isexpected to contribute 3% of their gross emoluments/ salaries up to a maximum of $5,000,000.00 p.a.Calculate Ms. Berry’s MONTHLY tax deduction under the PAYE system if the annual income taxthreshold $1,500,096 p.a Persons with monthly income below$500,000 pay tax at 25% and those abovepays tax at 30%.The monthly PAYE is:a. $189,748b. $162,748c. $153,061d. $164,923arrow_forwardAs the lead accountant, describe the accounting and reporting for bonds payable and explain the use of the times interest earned ratio. Respond to the discussion with a maximum of 200 words and reply to two classmates with more than 100 words.arrow_forward
- Find the periodic payments PMT necessary to accumulate the given amount in an annuity account. (Assume end-of-period deposits and compounding at the same intervals as deposits. Round your answer to the nearest cent.) $90,000 in a fund paying 3% per year, with monthly payments for 10 years, if the fund contains $30,000 at the startarrow_forwardFind the amount accumulated FV in the given annuity account. (Assume end-of-period deposits and compounding at the same intervals as deposits. Round your answer to the nearest cent.) $170 deposited monthly for 20 years at 3% per year in an account containing $11,000 at the start Find the periodic payments PMT necessary to accumulate the given amount in an annuity account. (Assume end-of-period deposits and compounding at the same intervals as deposits. Round your answer to the nearest cent.) $90,000 in a fund paying 6% per year, with monthly payments for 5 yearsarrow_forwardFind the amount necessary to fund the given withdrawals yearly withdrawals of $1150 for 10 years; interest rate is 5.6%; compounded annually the amount necessary to fund the given withdrawals is ?arrow_forward
- Find the periodic payments PMT necessary to accumulate the given amount in an annuity account. HINT [See Quick Example 2.] (Assume end-of-period deposits and compounding at the same intervals as deposits. Round your answer to the nearest cent.) $40,000 in a fund paying 3% per year, with monthly payments for 5 years PMT = $arrow_forwardDetermine the amount of the ordinary annuity at the end of the given period. (Round your final answer to two decimal places.) $500 deposited annually at 5.4% for 8 yearsarrow_forwardWhat is the future value of $117,000 invested for 5 years at 14% compounded monthly? (a) State the type. present value future value amortization ordinary annuity sinking fund (b) Answer the question. (Round your answer to the nearest cent.)arrow_forward
- Find the amount accumulated FV in the given annuity account. HINT [See Quick Example 1 and Example 1.] (Assume end-of-period deposits and compounding at the same intervals as deposits. Round your answer to the nearest cent.) $130 deposited monthly for 20 years at 3% per year in an account containing $18,000 at the startarrow_forward.arrow_forwardWhat annual deposit is necessary to have $15,000 in 7 years if all the money is deposited at 1.5% interest compounded annually? (a) State the type. amortization sinking fund ordinary annuity present value of an annuity present value (b) Answer the question. (Round your answer to the nearest cent.) $arrow_forward
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