The selling price per case is $58. Selling Price = Cost Price + Profit Margin is the selling price formula. The cost price is the price paid by the retailer for the product. The profit margin is calculated as a percentage of the cost price.
What is selling price?The unit selling price formula To calculate the price per unit from an income statement, divide sales by the number of units or quantity sold. For example, assuming annual sales of $80,000 and 2,000 units sold, the price per unit is $40. (80,000 divided by 2,000). The cost price of an item is the amount paid to purchase it or the price at which it is manufactured. The cost price is abbreviated as C.P. Selling Price: The selling price exist as the price at which an article is sold.Therefore,
For desiring the profit, we have to assume the selling price per case be X.
Anticipated number of cases sold × selling price per case
= Fixed cost + Desired profit + Anticipated number of cases sold × variable cost per case + Anticipated number of cases sold × selling price per case × variable selling expenses percentage
800,000 × X = $9,600,000 +$6,000,000, + 800,000 × $24 + 800,000 × X × 25%
800,000X = $9,600,000 + $6,000,000, + $19,200,000 + 200,000X
800,000X = $34,800,000 + 200,000X
800,000X - 200,000X = $34,800,000
600,000X = $34,800,000
X = $58
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on january 1, 2020, chamberlain corporation pays $658,000 for a 60 percent ownership in neville. annual excess fair-value amortization of $23,000 results from the acquisition. on december 31, 2021, neville reports revenues of $542,000 and expenses of $367,000 and chamberlain reports revenues of $755,000 and expenses of $403,000. the parent figures contain no income from the subsidiary. what is consolidated net income attributable to chamberlain corporation?
If the parent figures contain no income from the subsidiary. The consolidated net income attributable to chamberlain corporation is $338,200.
Consolidated net incomeNet income for neville
Net income = $542,000 - $367,000
Net income = $175,000
Net income for chamberlain
Net income = $755,000 - $403,000
Net income = $352,000
Now let determine the consolidated net income ( chamberlain corporation)
Consolidated net income = ($175,000 + $352,000 -$23,000) - ($175,000 - $23,000 × (1-.60)
Consolidated net income =( $175,000 + $352,000 -$23,000) - ($175,000 - $23,000 × .40)
Consolidated net income = $504,000 - $165,800
Consolidated net income = $338,200
Therefore the amount of $338,200 was attributed to chamberlain .
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a building was purchased for $69,500. the asset has an expected useful life of eight years and depreciation expense each year is $6,000 using the straight-line method. what is the residual value of the building?
The residual value of the building is $21,500.
What is residual value?Residual value, also called residual value, is the estimated value of an item of property, plant, and equipment at the end of the lease term or useful life. In a leasing situation, the lessor uses residual value as one of the primary ways to determine how much the lessee will pay in regular lease payments.The salvage value of the car is the value of the car at the end of the lease term. Salvage value is also how much you can buy the car at the end of the term. When you sign a car lease, we provide a residual percentage so that you can calculate the value of your car at the end of the leaseResidual value is the estimated value of an asset after it has been fully depreciated. Generally, the lease term or useful life of an asset is inversely proportional to its residual value.To learn more about residual value from the given link :
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the salary paid to the assembly line supervisor would normally be classified as: multiple choice a period cost. direct labor. a prime cost. a general and administrative expense. indirect labor.
The salary paid to the supervisor of an assembly line would normally be classified as indirect labor.
What is indirect labor ?
Employees who undertake duties that improve the functioning of the business without directly generating goods or services are referred to as performing "indirect labour." They are employed in departments including the administrative, accounting, and engineering ones.
What is an example of indirect labor?
For instance, the maintenance workers and the receptionist who assist the hair stylists at a salon in providing haircuts and other services are considered indirect labor whereas the former are called direct labor.
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question content area during periods of decreasing costs, the use of the lifo method of costing inventory will result in a lower amount of net income than would result from the use of the fifo method. true false
The fifo approach would produce more net income at times of declining expenses, while the lifo method would produce less net income during the same times. So the correct response is true.
Write an account on lifo method of costing inventory.Utilizing the lifo method of costing inventories will produce less net income than doing so using the fifo approach during periods of declining costs.
When the expenses of making a product or acquiring inventory have been rising, the COGS (Cost of Goods Sold) computation uses the LIFO approach. Inflation may be to blame.
Although a company's profits may decline as a result of using the LIFO accounting system, it may also result in a reduction in the amount of corporate tax due. These savings could be substantial for a corporation if the cost rises persist for a while.
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Five manufacturing industries in Nigeria and two raw materials each
Answer:
Flour Mills of Nigeria
Unilever Nigeria -
PZ Cussons
DUFIL Prima Foods
Lafarge Cement
Explanation:
listed below are selected rules of conduct and ethical problems. match the rule with the problem to which it applies. (one rule of conduct may apply to more than one ethical problem.) rules a. independence b. integrity and objectivity c. general standards d. compliance with standards e. accounting principles f. contingent fees g. acts discreditable h. advertising and other forms of solicitation i. commissions and referral fees j. form or practice and name
Though your question is incomplete, I hope you have the second part of the question where the following ethical problems must be answered:
1. If an audit client owes the CPA past-due audit fees, the rule of conduct that must be applied is F. Contingent Fees
2. If there is a member that violates rules issued by the Accounting and Review Services Committee, then it's G. Acts Discreditable.
3. If the CPA accepts a percentage of the client's loan as an audit fee, then it must be I. Commissions and Referral Fees
4. If a CPA robs a service station, then it's D. Compliance with Standards
5. If auditors fail to qualify their opinion on financial statements that do not properly apply FASB standards, the it has to be E. Accounting Principles
Ethical problems related to accounting and auditing of a business can be solved by Rule of Conduct. There are codes, rules and regulations that must be followed to regulate companies and to avoid losses, frauds, as well as other criminal deeds like money-laundering and embezzlement.
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Listed below are selected Rules of Conduct and ethical problems. Match the rule with the problem to which it applies.
(One Rule of Conduct may apply to more than one ethical problem.)
Rules:
A. Independence
B. Integrity and objectivity
C. General standards
D. Compliance with standards
E. Accounting principles
F. Contingent fees
G. Acts discreditable
H. Advertising and other forms of solicitation
I. Commissions and referral fees
J. Form or practice and name
Rules:
1. An audit client owes the CPA past-due audit fees.
2. A member violates rules issued by the Accounting and Review Services Committee.
3. A CPA accepts a percentage of the client's loan as an audit fee.
4. A CPA robs a service station.
5. The auditors fail to qualify their opinion on financial statements that do not properly apply FASB standards.
managers must conduct a review of the company's internal control system and issue a report of their effectiveness. this was enacted as part of sox in an attempt to .
To Reduce the opportunity for error and fraud.
Reduce the likelihood of error and fraud, combat the incentives for fraud, and emphasize the value of managers and employees' moral character.
What is the Sarbanes-Oxley Act and what does it do?Federal legislation known as the Sarbanes-Oxley Act of 2002 established stringent financial and auditing standards for publicly traded companies. To help shield shareholders, employees, and the general public from accounting mistakes and dishonest financial practices, legislators created the legislation.The law imposes stringent reforms to enhance corporate financial disclosures and stop accounting fraud. Additionally, it addresses topics like improved financial disclosure, corporate governance, internal control evaluation, and auditor independence.To learn more about : Sarbanes-Oxley Act
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explain why market power leads to deadweight loss. part 2 firms with market power create deadweight loss because they part 3 a. charge a price that is equal to marginal cost to maximize economic surplus. b. produce more than a perfectly competitive industry would to maximize profits. c. charge a price that is less than marginal cost to maximize profits. d. charge a price that is greater than marginal cost to maximize profits. e. produce where marginal revenue is greater than marginal cost to maximize profits.
The correct answer is option A that is Charge a price that is greater than marginal cost to maximize profits.
Marginal Cost may be defined as the cost that is referred to the increase in the cost of production that is generated from the additional production of certain units. It is also known as the Marginal Cost of production. The formula for the Marginal cost is ratio of change in cost and change in quantity. We know that the more is the market power of a company, the more it will tend to act like a monopoly. For example, Apple is not considered a monopoly not because it is the only smartphone manufacturing company in the world, but because its market power in the smartphone manufacturing is so large that it dominates the industry.
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an independent business segment where the manager is expected to earn profits appropriate for their level of assets would be an example of which type of responsibility center?
This is an example of investment center.A business unit known as an investment center is one that a company uses to make money with its own resources.A typical illustration of an investment center is the financing division of a retailer or vehicle manufacturer.
What are examples of investment centers?A business unit known as an investment center is one that a company uses to make money with its own resources.A typical illustration of an investment center is the financing division of a retailer or vehicle manufacturer. Return on Investment (ROI), Residual Income (RI), and Extra Value Added (EVA) are three commonly used metrics to assess the effectiveness of investment centers (EVA). Offering guidance to governments and businesses on how to address their financial issues is the main objective of an investment bank.Finance, research, trading, sales, wealth management, asset management, IPOs, mergers, securitized products, hedging, and These are two significant and well-liked metrics for evaluating the success of investment centers.They are residual income and return on investment (ROI) (RI).The written-down value of the fixed assets or their gross value may be used to calculate net operating investment. other services are provided by investment banks to their clients. The manager of the investment division is liable for the assets' acquisition costs, revenues, and sales.The performance of the investment division is measured using a variety of methods, including return on investment (ROI), residual income (RI), and economic value added (EVA).To learn more about investment centers refer
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if a firm has a debt to asset ratio of 0.6, and total assets of $100, what is the value of the firm's liabilities? (do not include $ sign) selected answer: 60 correct answer: 60 answer range /- 0 (60 - 60 )
The debt/asset ratio, or total liabilities divided by total assets, shows how much of a company's assets are financed by debt.
The majority of the company's assets are financed by equity if the ratio is less than 0.5.The majority of the company's assets are financed by debt if the ratio is greater than 0.5.
What does it imply to have a debt-to-asset ratio of 0.6?
A debt ratio of 0.4 or lower is considered better from a pure risk perspective, whereas a debt ratio of 0.6 or higher makes it more difficult to borrow money. A company with too little debt carries risk, even though a low debt ratio indicates greater creditworthiness.
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which of the following is a disadvantage of venture capital? companies that receive venture capital are prohibited from issuing an ipo once they become successful. receiving venture capital can send a message to other investors that your company is unlikely to succeed. venture capital investors may place restrictions on company operations, such as setting salary caps. venture capitalists only receive a return on their investment if the company is eventually purchased for a large sum.
Venture capital investors may place restrictions on company operations, such as setting salary caps is a disadvantage of venture capital.
Venture capital is a shape of private fairness financing this is supplied through undertaking capital corporations or budget to startups, early-stage, and rising businesses which have been deemed to have excessive boom ability or which have validated excessive increase.
Innovation and entrepreneurship are the kernels of a capitalist financial system. New groups, but, are often especially-volatile and fee-intensive ventures. As a end result, external capital is regularly sought to unfold the hazard of failure. In go back for taking in this hazard thru funding, investors in new corporations are able to attain equity and voting rights for cents on the capability greenback. undertaking capital, consequently, permits startups to get off the ground and founders to fulfill their imaginative and prescient.
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there are two charts presented in the screenshot below. the top chart was produced from the data range a1:e7, and the bottom chart is from data range a1:e4. column a is the name of a series of fishing boats, and columns b through e show their revenue generation by quarter. why did excel change the format of the chart?
The lower chart has more quarters than boats.
The names of several fishing boats are listed in Column A, and
Their revenue generation is displayed in columns B through E by quarter.
What is charts?
A chart manages to combine text, symbols, and/or graphics to illustrate how various data sets relate to one another. They are a widely used technique for information sharing in various contexts. For example, a bar diagram could display the evolution of ice cream sales of a specific flavour over the previous five years. Each bar's length would represent that year's sales. Most presentations include charts, frequently more than one. There's a reason for this: charts make it possible for businesspeople to act more swiftly and decisively because they can rapidly convey a lot of information and aid viewers in remembering the data presented.
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which elasticity of demand measures how the quality demanded of one good responds to a change in price of another good? income elasticity of demand compared elasticity of demand revenue elasticity of demand cross-price elasticity of demand g
The cross elasticity of demand measures how the quality demanded of one good responds to a change in price of another good.
Cross elasticity of demand or cross-fee elasticity of call for measures the share exchange of the quantity demanded for a great to the proportion alternate inside the price of every other accurate, ceteris paribus.
Cross elasticity of demand for refers to the share alternate in the amount demanded of a given product due to the proportion alternate in the price of another "related" product. instance: the pass elasticity of demand of butter with recognize to margarine is zero.eighty one, so 1% growth inside the fee of margarine will growth the call for for butter by means of zero.81%. implies items are enhances. clients buy much less B when the charge of A will increase.
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An asset turnover ratio of 2.5 means that for every $1 in assets, the firm generates _____ in sales.
An asset turnover ratio of 2.5 means that for every $1 in assets, the firm generates $2.5 in sales. A company's sales or revenues are compared to the value of its assets using the asset turnover ratio.
The asset turnover ratio can be used to gauge how effectively a business uses its assets to produce income. The more effectively a corporation uses its assets to generate revenue, the greater its asset turnover ratio. A corporation is not effectively employing its assets to produce sales if it has a low asset turnover ratio, on the other hand. Investors can use this measure to gauge how well a company is utilising its resources to drive sales.
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jerome corporation has fixed costs of $500,000 and a contribution margin ratio of 40%. currently, sales are $3,000,000. what is jerome's margin of safety?
Jerome corporation has fixed costs of $500,000 and a contribution margin ratio of 40%. jerome's margin of safety is
MS=$1,750,000
What are fixed costs?Generally, Fixed costs, also known as indirect costs or overhead expenses, are business expenses that are not dependent on the number of goods or services that are produced by the business. Fixed costs are discussed in accounting and economics.
Other names for fixed costs include indirect costs and overhead costs. They are often expected on a regular basis, such as the payment of rent or interest on a monthly basis. These expenses are also often classified as capital costs.
In conclusion,
Breakeven=Fixed expenses/Contribution margin
Where Breakeven is BE
BE=500,000/0.4
BE=$1250000
The Margin of safety is mathematically given as
MS=Total sales-Breakeven sales
Hence
MS=3,000,000-1250000
MS=$1,750,000
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candice is looking for a specific book for her macroeconomics research project. what is the first thing she should do to most effectively conduct her library search?
The first thing she should do to most effectively conduct her library search is ask a librarian.
What is library search?A search option for books, articles, periodicals, newspapers, and editorials ought to be included on the homepage. It typically sits at the very top of a website. The computers should be configured with the library's homepage as their default setting. If not, enter the online address for the library into your computer's internet browser. An overview of a topic can be found in a reference source, which is frequently a great place to start your study, especially if you are not familiar with the subject in-depth. To elucidate ideas and give context for a topic, reference materials can be obtained.The first thing she should do to most effectively conduct her library search is ask a librarian.To learn more about library search refer to:
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According to the coase theorem, which situation would most likely result in a private bargaining solution and yield an efficient market?.
According to the Coase theorem. When Externalities are present in a private bargaining and yield an efficient market.
What is Coase Theorem?A Coase Theorem describes the economic efficiency of a particular economic allocations, The Coase theorem is applicable under ideal economic conditions when there is a conflict in property rights. One of the important features of Coase theorem is that bargaining cost should be costless.
What are Externalities?An externality refers to a cost or benefit imposed on a third party which is not included in the final price. The two types of externalities are
Positive Externality: There are two types of positive externalities they are positive production externality and positive consumption externalityNegative Externality: There are two types of negative externalities are negative consumption externality and negative production externalityTo know more about Externalities, visit:
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According to the Coase theorem, the private market will need government intervention in order to reach an efficient outcome when externalities are present.
What is the Coase theorem?The Coase theorem describes the economic efficiency of a financial allocation or outcome in the presence of externalities in law and economics. According to the theory, if trade in an externality is available and transaction costs are sufficiently low, bargaining will result in a Pareto optimal solution regardless of the original allocation of property. In practice, negotiating impediments or poorly defined property rights might prohibit Coasean bargaining.
Externalities
Externalities are costs or benefits placed on a third party that is not included in the final price. Externalities are classified into two types:
Positive Externality: Positive externalities are classified into positive production externality and positive consumption externality.Negative Externality: Negative externalities are classified into two types: negative consumer externality and negative production externality.To learn more about the Coase theorem, click
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which of the following statements about ratio analysis is true? a. ratio analysis determines the causes of variances between planned goals and actual results. b. as part of a loan agreement, creditors may require hospitality businesses to maintain specific ratio standards. c. managers, creditors, and investors have the same purposes in using ratio analysis. d. ratios are always expressed as percentages
Creditors may stipulate in the terms of a loan arrangement that hospitality enterprises must maintain particular ratio analysis.
By examining a company's financial documents, such as the balance sheet and income statement, ratio analysis is a quantitative technique for gaining ratio analysis insight into its liquidity, operational enterprises effectiveness, and profitability. A crucial component of fundamental equity analysis is ratio analysis.
Ratio analysis is a tool that analysts and investors use to assess a company's financial standing by carefully examining both its historical enterprises and current financial records. Comparative data can be used to predict ratio analysis expected future performance and show how a company is doing over time. This information can be used to compare a company's financial performance to sector averages and gauge how it compares to rivals in the same industry.
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suppose the adult population over the age of 16 is 237.8 million and the labor force is 153.9 million. what is the labor force participation rate? round your answer to the nearest tenth.
The labor force is divided into employed persons and unemployed persons, the number of unemployed persons is 153.9 - 139.1 = 14.8 million.the adult population has the 83.9/237.8 = 35.3% persons out of the labor force.
All individuals who meet the qualifications to be counted as employed (civil employment plus active duty in the armed forces) or jobless are considered to be part of the labor force, also known as the currently active population. The armed forces comprise individuals from the metropolitan area who were enlisted during the time under review and were selected from the pool of all available labor force. People who are unemployed are those who are not now employed but are actively looking for jobs. This indicator is measured in individuals and is seasonally adjusted. The pool of people who are either employed or unemployed is referred to as the workforce or labor force.
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In an open economy, what is the source of supply of dollars in the foreign-currency exchange market?.
In an open economy, the net capital outflow is the supply of dollars in the foreign-currency exchange market.
What is an open economy?
An open economy is a form of economy in which organizations from other countries trade in goods in addition to domestically produced goods (goods and services). The exchange of management, the transfer of technology and the exchange of a wide variety of goods and services are all examples of trade.
What is foreign exchange market?
The transfer of money or foreign currency from one country to another to settle accounts is the basic and most obvious function of the foreign exchange market. In essence, the market is turning one currency into another.
The supply of dollars exchangeable in foreign currencies arises from the net outflow of capital. Since the net capital outflow does not depend on the real exchange rate, the supply curve is vertical.
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thornton universal sales' cost of goods sold (cogs) average $2,000,000 per month, and it keeps inventory equal to 50% of its monthly cogs on hand at all times. using a 365-day year, what is its inventory conversion period? a. 14.4 days b. 16.7 days c. 13.0 days d. 15.2 days e. 11.7 days
The inventory conversion period will be 15.2 days
Cost of goods per month = $2,00,0000
Calculating the cost of goods for a year -
= 12 × 2000000 ( There are 12 months in a year)
= $24,00,0000
Since inventory is 50% of monthly COGS
Therefore,
Average inventory
= 50 % of 2,00,0000
= $10,00,000
Calculating COGD per day -
= 24,00,0000/365 ( There are 365 days in a year)
= 65753.42
Calculating inventory conversion period -
Average Inventory/COGS per day
= 10,00,000/65753.42
= 15.20
The inventory conversion period will be 15.2 days
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preferred stock has preference over common stock in the:multiple select question.portfolios of individual investors.payment of dividends.number of votes given.distribution of corporate assets.
The option that preferred stock has preference over common stock is option B and D:
The distribution of corporate assetsThe payment of dividends.What is preferred stock?Preferred stock typically receives dividend payments before common stock. The corporation must pay the indicated preferred stock dividends before or simultaneously with any dividends on common stock, even though the preference does not guarantee the payment of dividends.
Note that The primary distinction between preferred and common stock is that common stock grants stockholders voting rights, whilst preferred stock does not. Preferred shareholders receive dividend payments prior to common shareholders since they have priority over the company's income.
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independent review and appraisal a.origination of initial entry into accounting system b.accounting and cash collection is properly separated c.one department should check on another d.blank checks are locked at all times when not in use e.specific authority is given by management for the performance of activities
The practice of independent review and appraisal is mostly related to when "one department is required to check on another".
What is an independent review and appraisal?In accounting, an independent appraisal of activity within an organisation for review of accounting, financial and other business practices is also called as an internal audit. This audit, as a financial practice is done to check the internal control systems, accounting systems as well as to check for any frauds and errors in the financial statements in advance.
In conclusion, an internal audit serves as an independent appraisal function created within an organization to examine or evaluate its activities as a service to the organization.
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Elaine just accepted a new job and is working with the company's HR department to fill out
paperwork. Which of the following steps is she responsible for?
a. Determine how much tax to withhold from her paychecks based on W-4 information
b. Complete a W-4 form
c. Send withholding amounts to the
federal government
d. Complete a W-2 form
As a new person that has been accepted to the new Job that has to fill the HR of the company, what she is going to be responsible for would be to Complete a W-4 form.
What is a W-4 form?W-4 form is the term that is used to refer to the form that thet the people that are employed in a particular organization would have to fill. The form would have to tell the amount of money that the employee is to withhold from your pay as the tax that you are to pay to the government as your income.
The other term that the form is used to be called is the employee withholding certificate because of the work that the form is meant to achieve.
Hence we would have to say that the steps that Elaine is going to be responsible for filling would be the employee withholding for the business to take her federal taxes for the government.
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why do consumers make a choice by looking at both the marginal utility (mu) and the price for a product (mu/p) rather than just the price or just the marginal utility?
Consumers always try to equate marginal utility of a good to its price which is a marginal cost of consumption.
What is marginal utility and why consumers make a choice by looking at both mu and price?So economically a utility is a kind of benefit that a consumer gets by buying a product of choice.Now marginal utility is the benefit one gets by buying an additional unit of consumption except the first product bought.Here the question is asked about the consumer taking notice of both marginal utility and price while buying goods.Hence consumers watch for the marginal utility and price of the good both to equate the marginal utility to its price which is a marginal cost of consumption.To know more about marginal utility visit:
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the maybe pay life insurance co. is trying to sell you an investment policy that will pay you and your heirs $40,000 per year forever. suppose a sales associate told you the policy costs $485,000. at what interest rate would this be a fair deal?
The maybe pay life insurance co. is trying to sell you an investment policy that will pay you and your heirs $40,000 per year forever. At 8.25% interest rate would this be a fair deal.
Interest rate (In case of Perpetuity)
Interest rate = [Annual payment / Total policy costs] x 100
= [$40,000 / $485,000] x 100
= 8.25% (Rounded to 2 decimal)
“Hence, the Interest rate will be 8.25%
life insurance is a agreement among an coverage coverage holder and an insurer or assurer, where the insurer promises to pay a chosen beneficiary a amount of money upon the demise of an insured man or woman. depending at the agreement, other occasions including terminal illness or essential infection also can trigger price.
Existence insurance is a contract among you and an coverage organisation . essentially, in trade in your top class payments, the insurance corporation can pay a lump sum referred to as a demise advantage to your beneficiaries after your death. Your beneficiaries can use the cash for some thing purpose they choose.
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the risk-free rate is 6% and the expected rate of return on the market portfolio is 10%. calculate the required rate of return on a security with a beta of 1.24. note: do not round intermediate calculations. enter your answer as a percent rounded to 2 decimal places. if the security is expected to return 16%, is it overpriced or underpriced?
If the expected rate of return on the market portfolio is 10% and the risk-free rate is 6%, a security with a beta of 1.24 must return 10.96%.
The profit or loss on an investment over time is known as a rate of return. In other terms, the rate of return is the increase in value relative to the cost of the initial investment, usually given as a percentage. When market portfolio the ROR is positive, the investment is said to have made a profit, and when it is negative, it has suffered a loss.
the security's required return is equal to 6% plus 1.24*(10 - 6%) the security's required return is equal to 10.96%
If the expected return is 16%, the asset is underpriced.
The rate of return is used to calculate the overall profit or loss on an market portfolio investment. The RoR statistic can be used to a wide range of assets, including bonds, real estate, fine art, and stocks.
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5. turnkey systems, inc. began the month of june, 2014 with a prepaid expenses balance of $240,000. during the month, debits totaling $110,000 and credits totaling $80,000 were made to the prepaid expenses account. what was the june, 2014 ending balance of prepaid expenses? a debit balance of $210,000 a credit balance of $210,000 a debit balance of $270,000 a credit balance of $270,000
The net residual balance in an account is the finishing balance. It is typically measured as part of the closing process at the conclusion of a reporting period. The process of calculating an ending balance involves adding the amount of all transactions in an account to the initial balance.
The following formula can be used to determine the final balance of prepaid expenses:
Beginning balance plus debit entries minus credit entries equals the final balance. We are informed of the following:
Start-Up Balance: $240,000
$110,000 in total debit entries
$80,000 total credit entries
Consequently, the ending balance is 24000+110000-80000, or 270,000.
$270,000 will be the final sum of prepaid expenses.
An item that has been paid for in advance but has not yet been recorded as an expense by a corporation is documented at a specific point in time. In other words, prepaid expenses are outlays that are made during one accounting period but won't be recorded until a subsequent one.
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a company determines that the number of units sold is the cost driver for its variable selling and administrative expense budget. the product of its variable selling and administrative rate and budgeted unit sales will be .
The product of the company's variable selling and administrative rate and budgeted unit sales will be the company's variable selling and administrative expense budget.
What is budget?
A budget is an estimate of income and expenditures for a given future period of time, and it is typically created and updated on a regular basis. A person, a group of people, a business, a government, or pretty much anything else that makes and spends money can all have budgets. Budgeting is essential if you want to control your monthly spending, be ready for life's unforeseen events, and be able to buy expensive items without going into debt. It doesn't have to be tedious, you don't have to be good at math, and keeping track of your income and expenses doesn't mean you can't purchase the items you want. Simply put, it indicates that you will have more financial control and knowledge of your spending.
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beth owns a 20-pay life participating policy. she has decided that the dividends should be applied toward future premiums. which dividend option did she choose?
Dividend options include the Paid-Up Option and the Application to Reduce Premiums. Beth has a participating 20-Pay Life insurance policy. She has selected the Settlement Option, which ensures payments over a predetermined time period and applies dividends toward future premiums.
What alternative for settlement is more typical? A one-time payment. The simplest and most typical type of life insurance settlement is a lump sum payment.The method through which a beneficiary selects to receive death benefits payable on a life insurance policy is referred to as a settlement option. In general, a recipient has the option of receiving the proceeds in one lump payment or over time.Options for Life Insurance Settlements : The life insurance policy's beneficiaries may decide how they want to receive the death benefit if there is no predetermined settlement option available at the time of the insured's passing. Lump Sum: The entire death benefit will be paid to the beneficiary all at once.The Beneficiary Chooses a Payment Method : The beneficiary has the option of choosing a lump payment or one of the other accessible alternatives. The portion of the death benefit given to the assignee in cases where the policy is pledged as collateral for a bank loan is paid in one lump amount.To Learn more About Settlement Option refer to:
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