Prepare the following journal entry: A local college paid $13,800 by check for a future Bus Tour to Las Vegas for a conference next month.
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- Suppose someone wants to accumulate $55,000 for a college fund over the next 15 years. Determine whether the following investment plans will allow the person to reach the goal. Assume the compounding and payment periods are the same. The person deposits $60 per month into an account with an APR of 7%. Will the person meet the goal? Select the correct choice below and fill in the answer box to complete your choice. A. No, because the amount that will be in the college fund, $enter your response here, is less than the goal of $55,000. B. Yes, because the amount that will be in the college fund, $enter your response here, is more than the goal of $55,000.G Curtis Party Rentals offers party equipment such as tents, tables, chairs, and so on for outdoor events. The rental fees average $870 per event. Curtis receives a 15 percent deposit two months before the event, 60 percent the month before, and the remainder on the day the equipment is delivered and set up. Planners at Curtis estimate the following number of events for the last half of the current year: July August September October November December 260 280 330 240 200 230 Required: a. What are the expected revenues for Curtis Party Rentals for each month, July through December? Revenues are recorded in the month of the event. b. What are the expected cash receipts for each month, July through October? Complete this question by entering your answers in the tabs below.Suppose someone wants to accumulate $40,000 for a college fund over the next 15 years. Determine whether the following investment plans will allow the person to reach the goal. Assume the compounding and payment periods are the same. The person deposits $200 per month into an account with an APR of 8%. Will the person meet the goal? Select the correct choice below and fill in the answer box to complete your choice. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) OA. Yes, because the amount that will be in the college fund, S OB. No, because the amount that will be in the college fund, S is more than the goal of $40,000. is less than the goal of $40,000.
- A technology company deposited $62,580 into an account for yearly scholarships to be awarded to business students in Canada. The scholarship will be given at the beginning of every year forever, with the first scholarship to be awarded 4 years after the amount was deposited. What will be the size of these annual scholarships if the interest rate is 6.6% compounded semi-annually? Please include a well - labelled timeline diagram. Full solutions should be shown on separate sheets of paper. Submit your solutions. Round to the nearest cent.The City of Evansville operated a summer camp program for at-risk youth. Businesses and nonprofit organizations sponsor one or more youth by paying the registration fee for program participants. The following Schedule of Cash Receipts and Disbursements summarizes the activity in the program’s bank account for the year. At the beginning of 2020, the program had unrestricted cash of $26,000. Cash Basis 12 months Cash receipts: Registration fees $ 130,000 Borrowing from bank 56,000 Total deposits 186,000 Cash disbursements: Wages 70,800 Payroll taxes 9,500 Insurance (paid monthly) 6,500 Purchase of bus 65,000 Interest on bank note 1,680 Total checks 153,480 Excess of receipts over disbursements $ 32,520 The loan from the bank is dated April 1 and is for a five-year period. Interest (6 percent annual rate) is paid on October 1 and April 1 of…A financial planning service offers a college savings program. The plan calls for you to make six annual payments of $14,000 each, with the first payment occurring today, your child's 12th birthday. Beginning on your child's 18th birthday, the plan will provide $25,000 per year for four years What retum is this investment offering?
- A financial planning service offers a college savings program. The plan calls for you to make six annual payments of $16,300 each, with the first payment occurring today, your child’s 12th birthday. Beginning on your child’s 18th birthday, the plan will provide $32,000 per year for four years. What return is this investment offering?Prepare a project charter for the Fixer Upper Project. Assume the project will take six months to complete and cost about $350,000 (or agreed upon price), that you estimate you will spend $40,000 for renovations. The first three months of the project will involve finding and closing on the property, and the last three months will involve fixing up the property, finding renters (preferably two renters), and preparing financial information for you and your aunt. Assume the project starts on October 1 and finishes on April 1. Recall that the main project objectives are to find and renovate a house that your Aunt Julie would own but you would live in and be able to rent out one to three rooms. Julie has also agreed that she will let you earn equity on the house. As she has said to you a few times, "Pretend I'm your banker, and it's your home." You will do all of the renovation planning work, including creating detailed cost estimates for all of the renovations, preparing a detailed…You are the Treasurer for Short Run Sports Club and the manager asked you to prepare the financial statements for 2020 as he will need the information to apply for some grant funding You already have the following information: Receipts and payments account as at 30 June 2020 Balance b/d 120,000 Canteen creditors 145,600 Subscription 320,000 Fixtures & fittings 46,000 Entrance fees 37,600 Independence fair expenses 22,300 Rental of hall 18,000 Wages for canteen staff 68,000 Rental of lockers 8500 Laundry expenses 7600 Canteen debtors 345 200 Prizes and trophies 8,800 Independence fair 172,300 Utilities 9500 Honorarium -Admin staff 28000 Repairs 4200 Balance c/d 681,600 1,021,600 1,021,600 Additional information: 1 July 2019 30 June 2020 Club house 500,000 500,000 Fixtures and Fittings 64,000 100,000 Sports equipment 50,000 45000 Canteen debtors 105,000 85,000 Canteen creditors 66,000 59,000 Canteen stock 12,000 24,000 Subscription un arrears 11,500 6,700 Subscription in advance 2,000…
- The local bank is currently offering a new investment product, where deposits earninterest according to the following scheme:• An interest rate of r is applied on the 15th day of each month.• A bonus interest rate of t is applied on the 30th day of every odd month. (Theseare the months of January, March, May, July, September, and November.)1. Suppose that you want to deposit an amount of P dollars into the account twice:on January 1 and August 1 in 2023. If you want the value of your investment tobe S by April 30, 2024, express P in terms of S, r, and t.(Note that r and t are not APRs.)2. What is the effective annual rate of the above compounding scheme?You are a real estate agent thinking of placing a sign advertising your services at a local bus stop. Thesign will cost $4,300 and will be posted for one year. You expect that it will generate additionalrevenue of $817 a month. What is the payback period?Annabelle, a busy professional, is seeking a way to invest a fixed amount of her monthly salary into an actively-managed investment fund. She has indicated she has a surplus $500 per month to invest. Which investor service would be suitable for her? A.Automatic investment plan of $500 per month B.Automatic withdrawal plan of $500 per month C.$500 conversion privilege D.Regular withdrawal plan of $500 per month
