Reference no: EM13974122
Question 1: ABC Company wants to have $79,596 in three years. The company intends to accumulate that amount by making equal semi-annual cash deposits every six months for three years into a bank account that pays 8% interest compounded semi-annually. Would each deposit have to be $12,000?
Question 2: The following selected account balances were taken from Buckeye Company's general ledger at January 1, 2005 and December 31, 2005:
January 1, 2005 December 31, 2005
Accounts receivable 50,000 71,000
Inventory 39,000 28,000
Accounts payable 45,000 54,000
Salaries payable 7,000 3,000
Investments 59,000 46,000
Common stock 110,000 130,000
Retained earnings 21,000 45,000
The following selected information was taken from Buckeye Company's statement of cash flows for 2005:
Cash collected from customers $385,000
Cash paid to purchase inventory 199,000
Cash paid to employees 80,000
Cash received from sale of investments 15,000
Cash paid for dividends 30,000
Calculate the amount of salaries expense reported in Buckeye Company's 2005 income statement. Would the expense be 76,000?
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: Calculate the amount of salaries expense reported in Buckeye Company's 2005 income statement. Would the expense be 76,000?
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