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Marybeth and Anneal are beginning to contemplate retirement. They have saved a total of $ 500,000 for retirement and they are each just 45 years old. They realize that they have not saved sufficiently to be able to retire early, fully retire without some part-time employment, or replace 100% of their preretirement income. But they are willing to explore different avenues. Marybeth and Anneal have a combined annual income of $ 125,000 and believe that their salaries will keep pace with inflation at 4% per year. They are also comfortable assuming that the effective annual rate of return for their retirement assets will be 9% before retirement and 6.5% after retirement. For now, Marybeth wants to keep the planning simple, projecting that they will both die in exactly 40 years and that their retirement assets will be depleted with the exception of $ 100,000 to cover funeral and burial costs. Lastly, they do not want to continue saving after they retire (either partly or fully). As their financial planner, provide some assistance with these calculations. The two primary options are listed below. Considering all previous information, which outcome requires the lowest monthly (end-of-month) contribution if they also require that their retirement annuity grow by 4% per year to keep pace with inflation? (Ignore the effects of income taxes and social security on the answer.)
a. To retire at age 55 with an income replacement ratio of 60%.
b. To retire at age 65 with an income replacement ratio of 100%.
Illustrate who discovered the fraud? Did external auditors discover or fail to discover the fraud? Were external auditors implicated in the fraud?
Felix, a single taxpayer, claimed $180 of state tax as an itemized deduction on his 2013 tax return. The total itemized deductions on his tax return were $6,215. In 2014, he received a $25 refund from the state. What is the amount Felix has to report..
Scotch Company plans to sell 400,000 units of finished product in July 20x1. Management (1) anticipates a growth rate in sales of 5% per month thereafter and (2) desires a monthly ending finished-goods inventory (in units) of 80% of the following mon..
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1. what is the campanys revenue recongnition policy?2. assuming that 50 million of cost of sales was due to non
Cardinal pays Dove Electric Company $500,000 to handle this part of renovation. At all times title to apartment complex remains with Don. Who has DPGR and in what amount?
McCarthy Company has inventory of 8 units at a cost of $200 each on October 1. On October 2, it purchased 20 units at $205 each. 11 units are sold on October 4. Using the FIFO perpetual inventory method, what is the value of inventory after the Octob..
Hoosier Food, Inc. is a producer of frozen meals. Its current line of stir fries are selling excellently. However, in order to cope with the foreseeable competition with other similar frozen meals, HF spent $150,000 to develop a new line of frozen pr..
There are differences between a REA diagram and an ER diagram. In a 1-2 page paper, describe at least 3 differences and 3 similarities between the two diagrams.
situation 1.presented below are four unrelated situations involving equity securities that have readily determinable
Great Northern Fishing Company is contemplating the purchase of a new smoker.
During the year Stone reported $280,000 in net income and paid dividends of $50,000. What is the balance in the non controlling interest account on Palm's balance sheet on December 31, year 1?
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