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You are a 22 year old college graduate and have just landed your first professional job. Your new employer sponsors a matching 401(k) plan. Suppose you've actually been paying attention in class and will earn a $50,000 salary to start and you therefore elect to defer 15% of your salary into your 401(k), and that your employer will match your contributions, but only up to 6% of your salary. REQUIRED: Assume an annual interest rate of 9% compounded monthly. Determine how much you and your employer will be contributing each month. If you continue to fund your 401k monthly at this exact same amount until you reach the age of 65, how much will your 401(k) portfolio be valued at?
Jenny Kanne and Cindy Travis borrowed $21,840 on a 7-month, 5% note from Golden State Bank to open their business, KT’s Coffee House. The money was borrowed on June 1, 2014, and the note matures January 1, 2015. Prepare the entry to record the receip..
There has been a global crisis, and your company's board of directors has announced that the company is going bankrupt. No one could have seen this coming. Your CEO has called you into his office to start the insolvency process. Construct a worksheet..
Is the company violating the accounting principle of consistency by using different deprecia-tion methods in its financial statements than in its income tax returns? Explain.
Discuss the strategies used to get the policies passed. Describe In what ways the service recipients may have influenced the policy
Tesla Motors You work in the long-run strategic planning group of a large automotive firm and are tasked with following the development of electric vehicles. Your firm has electric cars in development but has not yet decided to enter the battery-powe..
Della Bee Company purchased a manufacturing plant building 10 years ago for $1,300,000. The building has been depreciated using the straight-line method with a 30 year useful life and 10% residual value. Determine whether an impairment loss should be..
The first semi-annual interest payment on December 31, 2014, and the amortization of the bond discount, using the straight-line method.
Only quantitative outcomes are relevant in capital budgeting analyses. Do you agree or disagree? Explain. How the trouble with discounted cash flow methods cans is that they ignore depreciation. Do you agree or disagree? Explain.
insured personal casualty losses (arising from one casualty). Wally also had $42,000 AGI for the year before considering the casualty.
Determine the taxable amount of social security benefits for the following situations. Erwin and Eleanor are married and file a joint tax return. They have adjusted gross income of $39,600, no tax-exempt interest, and $13,860 of Social Security benef..
An example of a management participation threat is:
Sirhuds Inc., a maker of smartwatches, reports the information below on its product. The company uses absorption costing and has a target markup of 40% of absorption cost per unit. Compute the target selling price per unit under absorption costing.
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