
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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How did you get 55,800. I got 54,800
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- I am stuck on what my utility expense for my income statement. I had $30K utilities the first year and incurred an additional $35K and would assume the expense is $65K. Where am I going wrong?arrow_forwardIn 2007, the median cost of a new home was $235,500 (source. https//www census gov/const/uspric emon.pdf). If the CPI in 2007 was 100, and the CPI in 2017 was 137.27, what would the cost of a new home in 2007 be in 2017 dollars? Do not include a dollar sign in your answer. Round your answer to two (2) decimal places if necessaryarrow_forward53 )arrow_forward
- Vipkarrow_forwardMio was transferred from New York to Germany. He lived and worked in Germany for 359 days in 2022. Mio's salary for 2022 is $204,800. Assume a 365-day year. In your computation, round any division to four decimal places before converting to a percentage. For example, 0.473938 would be rounded to 0.4739 and converted to 47.39%. If required, round your final answer to the nearest dollar. What is Mio's foreign earned income exclusion?arrow_forwardIf you earned $80, 000 this year, you would pay more CPP than your brother, who earned $ 60,000. Agree or disagree and explain your answer.arrow_forward
- Your mom just checked on findmassmoney.gov and found out that she has unclaimed property that is worth $3015.54 today. She figured out that she had invested $866 years ago and she calculated that she earned a return of 28.08% on her money. How many years ago did your mom invest that money? Include up to 2 decimal places.arrow_forwardHow do I work this problem in excel? You have been offered $3,000 in 4 years for providing $2,000 today into a business venture with a friend. If interest rates are 10%, is this a good investment for you?arrow_forwardTom went to the store and bought two shirts for $50 each, socks for $10 and pants for $30. If the sales tax was 6%, what was the total purchase price? Round to the nearest cent (two decimal places). Your answer will look like this: 50.25 For your answer, do NOT include words, symbols, commas, etc.arrow_forward
- so Cardi borrowed $13,000 at 29% interest. if making $400 payments, how much will she pay back in total. including interest, for those purchases?arrow_forwardPlease elaborate on how you got the 6,120,000 and $195,840. I cannot figure out how you got these numbers. Thank you!arrow_forwardI solved the problem, but please put the information you provided in an excel spreadsheet to get the answers I have please and explain the steps/formula used. 1. John won a $45 million lottery today. The payout is the following: John gets $1.5 million today and $1.5 million each year for the next 29 years. How much money worth today for the lottery assuming John’s federal tax rate is 39.6%, state tax is 8.5% and his annual discount rate is 12%? Annual Discount Rate = 12% Annual Income = 1.5 million Annual Federal Tax = 39.6% * 1.5 million = 0.594 million Annual State Tax = 8.5% * 1.5 million = 0.1275 million Annual Net Income = 1.5 million - 0.594 million - 0.1275 million = 0.7785 million Calculate Total Present Value by using the PVOA Formula. Annuity Factor i = 12% ; time = 29 years ; Factor = 8.0218 PVOA = PMT x Annuity Factor = 0.7785 x 8.0218 = 6.244971 million Total PV = Initial Net Income + PVOA = 0.7785 million + 6.244971 million = 7.02 millionarrow_forward
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