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Question -
a) A person wants to buy a life insurance policy which would yield a large enough sum of money to provide for 25 annual payments of $60,000 to surviving members of the family. The payments would begin 1 year from the time of death. It is assumed that interest could be earned on the sum received from the policy at a rate 9 percent per year compounded annually.
i) What amount of insurance should be taken out so as to ensure the desired annuity?
ii) How much interest will be earned on the policy benefits over the 20-years?
b) An investment company wants to establish a sinking fund to pay off debts of $85 million which come due in 10 years. The company can earn interest at the rate of 9 percent per year compounded annually. If the first deposit is made at the end of this year, what annual deposit will be required to accumulate the $85 million?
Direct Labor was 50 % of prime costs for October. Given the manufacturing overhead for the month was 70,000 and the direct materials costs was 40,000 what is the direct labor cost?
List and discuss at least five points that the internal auditor must consider when communicating with the auditee.Communication with the auditee
What is the dollar and percent increase or decrease in revenue/sales? What factors led to the changes? Use the MD&A to discuss this
How much will KCSB's monthly profits change if it accepts the proposal for the 850 bicycles and uses the idle resources to produce the 70 racing bicycles?
Under the 2 methods of Process Costing, why is the FIFO method considered superior to the Weighted Average method?
Date of Acquisition Consolidation Eliminating Entries Pennant Corporation acquired 80 percent of Saylor Company's common stock for $12,000,000 in cash.
Ella is claimed as a dependent by her parents. How much of Ella's income will be taxed at her parent's highest marginal tax rate
What responsibilities does Michael have with respect to Thomas when deciding whether to rely on the work of Thomas?
Locust Company purchased merchandise on account from supplier. Under a perpetual inventory system what account is credited by Locust Company to record return?
What inventory cost flow method does Tootsie Roll Industries use for U.S. inventories? What method does it use for foreign inventories?
Standard variable overhead rate per machine hour: $8.50. What is Rich's variable overhead efficiency? What is Rich's fixed overhead budget variance
Construct allocations of the lump-sum purchase price to the separate assets purchased, Prepare the journal entry to record the purchase
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