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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?
Why would it not be appropriate to expend [the component of] payments made towards repaying the principal on a loan? Is the repayment of a loan recorded in the income statement or in the balance sheets?
Bruce Industries manufactures 200,000 components per year. An outside supplier has offered to sell the component for $3.40. If Bruce purchases the component from the outside supplier, the manufacturing facilities would be unused and could be rented o..
Including manufacturing overhead costs in product costs ensures that each product will earn a profit. Normally a job cost sheet is not prepared for a job until after the job has been completed. In a job-order costing system, the incurrence of indirec..
Explain the meaning of each of the Johnson Company ratios above. State which company performed better for each ratio. Calculate the overall overstatement or understatement of net income if the above adjusting entries were not made.
Austin Inc. reported the following pretax income (loss) and related tax rates during the years 2011–2017. Prepare the journal entries for the years 2014-2016 to record income taxes payable (refundable), income tax expense (benefit), and the effects o..
The following data have been taken from the budget reports of Sequioia Company, a merchandising company, which purchases merchandise inventory and sells to customers. The information on the sales to customers and the purchase of the inventory is give..
santana rey is considering the purchase of equipment for business solutions that would allow the company to add a new
Describe what valuation method you believe companies should use to value pension assets – Market-Rated Value or Fair Value. State at least three reasons for your position.
What is the ROI for the couch division (rounded to the nearest tenth of a percent). The following information is for two divisions at Wiley Company. Couch Division Sales and Chair Division Sales.? $6,000,000 operating income ? $560,000 operating prof..
Why Alibaba does or does not have Transfer pricing? "As we know that Services Company does not do transfer price" Please discuss and explain?
Prepare the journal entry to record Regis's (employer) payroll taxes resulting from the January 8 payroll.
Nathan Company's plant operates five days per week with a daily payroll of $50,000. Employees are paid every Tuesday for the prior week's work (Monday through Friday). The last day of the month is Tuesday, April 30. What effect does the accrual at Ap..
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