How much money will be in the account on your 18th birthday if you never withdraw any money until that day?
Q: Required information [The following information applies to the questions displayed below] A+T…
A: The income statement is a financial statement that shows the earnings generated by the business from…
Q: Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the…
A: Cost of goods sold Cost of goods sold is the amount determined for the goods that are disposed of by…
Q: • Last year, J&H Corp. reported a book value of $700 million in current assets, of which 15% is…
A: Non-interest-bearing current liabilities - an obligation or a liability that is to be settled by the…
Q: Current Attempt in Progress This information is for Carla Vista Co. for the year ended December 31,…
A: CASH FLOW STATEMENT Cash flow statement is additional information to user of financial statement.…
Q: Pecan Co, produced and sold 40.000 units last year, per unit revenue and costs were as shown in the…
A: Operating Income - Operating Income are derived from the operating activities of the company. It is…
Q: CT1.2 Tenrack is a fairly large manufacturing company located in the southern United States. The…
A: A company working on a large scale, having many products and working in many divisions, have…
Q: What is an Asset impairment in accounting and what are the factors for considering an impairment?
A: The question is based on the concept of Financial Accounting. An asset impairment is the subsequent…
Q: Job 910 was recently completed. The following data have been recorded on its job cost sheet: Direct…
A: Job cost is a method of ascertaining the total cost of a specific job. It can be calculated on the…
Q: Problem 9-15 (Static) Inventory errors [LO9-7] You have been hired as the new controller for the…
A: Inventory systems are defined as the methods adopted by an entity to note the transactions…
Q: What is the unadjusted bank balance on December 31? a. P316,750 b. P363,500 c. P322,750 d. P366,500
A:
Q: Jake Company has three product lines, one of which has the following results: Sales…
A: The accounting profit that is left over after a company has paid all of its expenses is known as net…
Q: Maintenance Equipment tenance Equipment $5,000 $5,000 $7,000 stenance Workers $10,000 Expense and…
A: Answer : Cost driver = 1000 Patient days Fixed cost = Supervisor salary + Depreciation = $3000+$5000…
Q: You are paid £3,500 annually for 8 years, with the first payment due in one year and the last…
A: Present value is the current worth of a future payment or stream of payments, taking into account…
Q: Rolex Company's bank statement for the month of March included the following information: Ending…
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…
Q: Dale Corporation began fiscal year 2014 with the following balances in its inventory accounts.…
A: Total Manufacturing Cost :— It is the total cost incurred in the manufacturing of product during the…
Q: During February, direct labor cost totaled P13,000 and direct labor cost was 40% of prime cost. If…
A: Prime cost is total of direct labour, direct material and direct expenses. Manufacturing cost…
Q: Solomon Company started year 1 with $270,000 in its cash and common stock accounts. During year 1,…
A: Assets :— It is the resources owned by company on specific date. Cost of Goods Manufactured :— It…
Q: $280,000; and Tulip, $200,000. ournal entries to record the retirement of Tulip under the following…
A: Answer : 1.Assuming Tulip has been paid $200,000 for her equity using partnership cash Date…
Q: E4.1 (LO 1, 2), AP Saddle Inc. has two types of handbags: standard and custom. The controller has…
A: Overhead rates - are the rates used to allocate the cost of overhead to the products produced by the…
Q: Cash and cash equivalents, December 31 prior year-end Cash and cash equivalents, December 31 current…
A: A cash flow statement provides data regarding all cash inflows that a company receives from its…
Q: You have set up your tax preparation firm as an incorporated business. You took $79,000 from the…
A: Corporate tax: The tax that an incorporate pays on the taxable income to the federal government are…
Q: David Ltd manufactures and sells a single product. The standard selling price per unit is $120. The…
A: MARGINAL COSTING INCOME STATEMENT Marginal Costing Income Statement is One of the Important Cost…
Q: TB Problem 5-163 (Algo) Roadmaster Tires produces a variety... Roadmaster Tires produces a variety…
A: Overheads: The indirect cost required to manufacture the goods and services is recorded as the…
Q: tio is 1.8:1, current ratio is 2.7:1 and current liabilities are $60,000, while the prepaid expense…
A: Answer : Quick ratio= 1.8 = Current assets - Inventory / Current liability Current ratio = Current…
Q: The following data pertains to Hermes Company on December 31: Bank statement balance…
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…
Q: Account Title Example: Account Receivable 1. Building 2. Cash 3. Computer Equipment 4. Copyrights 5.…
A: Short-term assets that can be quickly sold and utilized for a company's urgent requirements, are…
Q: Calli is 25 and a recent graduate of MSU. She completed HDFS 238 her senior year and realized there…
A: Assets are categorized as tangible or intangible in presence terms and fixed or current in nature.…
Q: What is "The units-of-output method" and "The staright-line method" in accounting? What are their…
A: Depreciation is the decrease in the value of an asset due to wear and tear, effluxion of time, use…
Q: Presented below is information related to equipment owned by Bramble Company at December 31, 2025.…
A: Loss on impairment = Cost - Accumulated depreciation - Fair value, net of disposal costs
Q: The first time Paul worked on a puzzle it took him 6(1)/(4) hours. Last week, Paul completed a…
A: Time taken for first puzzle= 6 1/4 hr Time taken for second puzzle = 2 1/6 hr
Q: Pacific Packaging's ROE last year was only 2%, but its management has developed a new operating plan…
A: Asset turnover ratio :— It is calculated by dividing total sales by total assets. Return on equity…
Q: 1. What amount of warranty expense would be charged against 2021 revenue? 2. What amount of…
A: warranty expenses for 2021 : Total warranty costs =P510(parts) + P660(labour)…
Q: Ionik 5 Car valued at $80.000,- CFR where duties and taxes levied as follows: a. Customs Charges /…
A: The customs duty is a part of indirect taxes, It is generally levied when the goods are transported…
Q: Which of the following is a resource constraint? 1. machine hours available 2. sales commissions…
A: Resources are the things which are needed to make a product in an organisation. Few examples of…
Q: Current Attempt in Progress Daniel Cullumber is the sole shareholder of Cullumber Inc., which is…
A: The concept of debt restructuring is where the lender or creditor allows the borrower to take…
Q: Which statement below accurately describes Hope's gross wages? COMPANY NAME Some Corporation 123…
A: The whole amount of compensation received by employees, whether on an hourly or monthly basis,…
Q: During periods of declining prices, when comparing LIFO and FIFO inventory methods: A. LIFO…
A: FIFO is first in first out inventory valuation method which says that inventory which is purchased…
Q: Century Company has a bonus agreement which provides that the general manager shall receive an…
A: Income after bonus and tax :— It is the difference between income before tax and income tax expense.…
Q: For Wesland Company, a mixed cost is $15,000 plus $18 per direct labor hour. The following diagram…
A: Cost accounting refers to the forms of the managerial accounting that aims in capturing the…
Q: ! Required Information [The following information applies to the questions displayed below.]…
A: LEDGER ACCOUNT Ledger Account is a Journal in which Company maintain data of All the transaction.…
Q: Management accounting considers these factors more important than others. a. verifiability,…
A: Management accounting is also referred to as managerial accounting. This is a type of accounting…
Q: Problem 10. The balance in Kalanchoe Co.'s accounts payable account at December 31, 2021 was…
A: The accounts payable represents the amount due to be paid to the suppliers. The accounts payable are…
Q: Bergo Bay's accounting system generated the following account balances on December 31. The company's…
A: Factory overhead It is the costs incurred during the manufacturing process and it is not including…
Q: ay for plastic components over a 5-ye year 1, what uniform annual amount c eplete the entire budget?…
A: Answer: Available Amount = $110,000 Payment to be done = Over 5 Year Rate of interest = 11% First…
Q: Record adjusting journal entries for each separate case below for year ended December 31. Assume…
A: An adjusting journal entry is an entry in a company's general ledger that occurs at the end of an…
Q: Louis Company had the following account balances at December 31, 2021: Cash in Metrobank 1,875,000…
A: Cash is one of the important current asset being used in business. This will be reported under…
Q: common fixed expenses
A: Expenses that persist no matter the number of departments or divisions of the business are called…
Q: E3.6 (LO 3, 4), AP The Cutting Department of Cassel Company has the following production and cost…
A: The equivalent units are calculated on the basis of the percentage of the work completed during the…
Q: You are the Accountant for a Custom Furniture company. The company uses a job order costing system…
A: Job order costing Job order costing is a technique of costing where the costs incurred on each job…
Q: Record adjusting journal entries for each separate case below for year ended December 31. Assume…
A: Adjusting entries are the types of entries that are prepared on a year-end basis to update the…
-
When you were born, your grandparents put $5,000 in to a
money market account to help with your college education. The bank gave them a guaranteed interest rate of 6% per year until you turned 18. How much money will be in the account on your 18th birthday if you never withdraw any money until that day?$11,417.20
$54,138.00
$1751.50
$14,271.50
Solution
Calculate the Future value of the Investment
FV = PV ( 1 + r )n
FV = Future Value of investment
PV = Present Value Of Investment
r = Annual Interest Rate
n = End of the year
So as per this problem :
FV = PV(1 + r )n
PV = $5000
r = 6% or 0.06
n = 18 years
FV = PV (1 + r)n
= 5000 ( 1 + 0.06 ) 18
= 5000 ( 1.06 ) 18
= ( 1.06)18 = 1.06*1.06*1.06*1.06*1.06*1.06*1.06*1.06*1.06*1.06*1.06*1.06*1.06*1.06*1.06*1.06*1.06*1.06
= 2.85433
= 5000 * 2.85433
= $14271.50
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Your grandfather put some money in an account for you on the day you were born. You are now 18 years old and are allowed to withdraw the money for the first time. The account currently has $6,801 in it and pays a(n) 3% interest rate. a. How much money would be in the account if you left the money there until your 25th birthday? b. How much would be in your account if you left the money in the account until your 65th birthday? c. How much money did your grandfather originally put in the account? a. How much money would be in the account if you left the money there until your 25th birthday? The future value is $ (Round to the nearest dollar.) b. How much would be in your account if you left the money in the account until your 65th birthday? The future value is $ (Round to the nearest dollar.) c. How much money did your grandfather originally put in the account? The present value is $ (Round to the nearest dollar.)Y our great aunt put some money in an account for you on the day you were born. This account pays 8% interest per year. On your 21st birthday the account balance was $5033.83. Your Questions: 1) What is the amount of money that your great aunt originally put in the account? 2) What is the amount of money that would be in the account if you left the money there until your 65th birthday?A mother wants to invest $8 comma 000.00 for her son's future education. She invests a portion of the money in a bank certificate of deposit (CD account) which earns 4% and the remainder in a savings bond that earns 7%. If the total interest earned after one year is $ 480.00 comma how much money was invested in the CD account? The total interest earned after one year is $480.00 . How much money was invested in the CD account?
- Ever since your first birthday, your parents have been depositing $1,000 into a college savings account on every one of your birthdays. The account pays 9% interest annually. Immediately after your parents make the deposit on your 18th birthday, the amount of money in your savings account will be closest to which of the following? OA. $41,301.34 OB. $49,561.61 OC. $24,780.80 OD. $57,821.88When you were born, your dear old Aunt Minnie promised to deposit OMR500 into a savings account bearing a 5% compounded annual rate on each birthday, beginning with your first. You have just turned 21 and want the dough. However, it turns out that dear old (forgetful) Aunt Minnie made no deposits on your fifth and eleventh birthdays. How much is in the account right now? Select one: O à. OMR16,768.19 O b.OMR15,953.74 O c. OMR17,859.63 O d. OMR21,000.00 e. OMR10,500.00Your grandmother just died and left you $112,500 in a trust fund that pays 6.3% interest. You must spend the money on your college education, and you must withdraw the money in 4 equal installments, beginning immediately. How much could you withdraw today and at the beginning of each of the next 3 years and end up with zero in the account? O a. $32,689.86 O b. $7,087.50 O c. $39,812.95 O d. $30,752.46 Oe. $24,085.01
- Jake received $300 for his birthday. He must decide how much of it to save and how much to spend. His bank has a 5% interest rate. How much more money would be in his account after 5 years if he saved $300 than if he saved $250? A. $9528.31 B. $382.88 O C. $319.07 O D. $63.81 O OWhen you were born, your family started to deposit 1,000 USD each month in the bank. The bank offers an interest rate of 13 percent. Your family will withdraw the money deposited on your 18th birthday to pay your university tuition. How much money can they expect to withdraw?Your grandmother just died and left you $47,500 in a trust fund that pays 6.5% interest. You must spend the money on your college education, and you must withdraw the money in 4 equal installments, beginning immediately. How much could you withdraw today and at the beginning of each of the next 3 years and end up with zero in the account? a. $3,087.50 b. $13,865.38 c. $10,120.08 d. $16,840.23 e. $13,019.14
- Solve the problem. Suppose your father deposited in your bank account P10,000 at an annual interest rate of 0.5% compounded yearly when you graduate from kindergarten and did not get the amount until you finish Grade 12. How much will you have in your bank account after 12 years?On your first through fifth birthdays your parents placed $1,000 into your college fund (five total deposits of $1,000 each). The account has earned an average of 8.0% per year until today, your twentieth birthday. How much money is in the account today? 8/15 Qs Your choice: A: $11,733.20 B: $18,609.85 C: $17,219.70 D: $25,383.4111) Since your first birthday, your grandparents have been depositing $1200 into a savings account on every one of your birthdays. The account pays 6% interest annually. Immediately after your grandparents make the deposit on your 18th birthday, the amount of money in your savings account will be closest to ________.A) $37,086.78B) $22,252.07C) $44,504.14D) $51,921.49