Using the sinking fund Table 13.3, complete the following: (Do not round intermediate calculations. Round your answer to the nearest cent.)Required amount - 25,700Frequency of payment - Quarterly Length of time - 5 years Interest rate 8%Payment amount end of each period - LE13-3Period2%3%4%5%6%8%10%fund table based on $11.00001.00001.00001.00001.00001.00001.00000.49510.49260.49020.48780.48540.48080.47620.32680.32350.32030.3172о31410.30800.30214.0.24260.23900.23550.23200.22860.22190.21550.19220.18840.18460.18100.1774017050.16380.15850.1546Q.15080.14700.14340.13630.12960.13450.13050.12660.12280.11910.11210.10548.0.11650.11250.10850.10470.10100.09400.08749.0.10250.09840.09450.09070.08700.08010.0736100.09130.08720.08330.07950.07590.06900.0627110.08220.07810.07410.07040.06680.06010.0540120.07460.07050.06660.06280.05930.05270.0468130.06810.06400.06010.05650.05300.04650.0408140.06260.05850.05470.05100.04760.04130.0357150.05780.05380.04990.04630.04300.03680.0315160.05370.04960.04580.04230.0390003300.0278170.05000.04600.04220.03870.03540.02960.0247180.04670.04270.03900.03550.03240.02670.0219190.04380.03980.03610.03270.02960.02410.0195200.04120.03720.03360.03020.02720.02190.0175240.03290.02900.02560.02250.01970.01500.0113280.02700.02330.02000.01710.01460.01050.0075320.02260.01900.01590.01330.01100.00750.0050360.01920.01580.01290.01040.00840.00530.0033400.01660.01330.01050.00830.00650.00390.002323

Solution: Required future value = $25,700 Nos of quarterly period = 5*4 = 20 Quarterly interest rate = 8% / 4 = 2% Payment amount end of each period = Future value * Fund table At 2% for 20 periods = $25,700*0.0412 = $1,058.84

Business

Accounting

Using the sinking fund Table 13.3, complete the following: (Do not round intermediate calculations. Round your answer to the nearest cent.) Required amount - 25,700 Frequency of payment - Quarterly Length of time - 5 years Interest rate 8% Payment amount end of each period -

Using the sinking fund Table 13.3, complete the following: (Do not round intermediate calculations. Round your answer to the nearest cent.) Required amount - 25,700 Frequency of payment - Quarterly Length of time - 5 years Interest rate 8% Payment amount end of each period -

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Income Statement

Income Statement also commonly called a profit and loss statement, one of the key financial statements (considered together with balance sheet and cash flow statement) which shows the revenues and expenses, as well as the gains and losses of a company for a given period. In other words, it presents the financial performance/profitability of a business over a specified accounting period.

Question

100%

LE
13-3
Period
2%
3%
4%
5%
6%
8%
10%
fund table based on $1
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
0.4951
0.4926
0.4902
0.4878
0.4854
0.4808
0.4762
0.3268
0.3235
0.3203
0.3172
о3141
0.3080
0.3021
4.
0.2426
0.2390
0.2355
0.2320
0.2286
0.2219
0.2155
0.1922
0.1884
0.1846
0.1810
0.1774
01705
0.1638
0.1585
0.1546
Q.1508
0.1470
0.1434
0.1363
0.1296
0.1345
0.1305
0.1266
0.1228
0.1191
0.1121
0.1054
8.
0.1165
0.1125
0.1085
0.1047
0.1010
0.0940
0.0874
9.
0.1025
0.0984
0.0945
0.0907
0.0870
0.0801
0.0736
10
0.0913
0.0872
0.0833
0.0795
0.0759
0.0690
0.0627
11
0.0822
0.0781
0.0741
0.0704
0.0668
0.0601
0.0540
12
0.0746
0.0705
0.0666
0.0628
0.0593
0.0527
0.0468
13
0.0681
0.0640
0.0601
0.0565
0.0530
0.0465
0.0408
14
0.0626
0.0585
0.0547
0.0510
0.0476
0.0413
0.0357
15
0.0578
0.0538
0.0499
0.0463
0.0430
0.0368
0.0315
16
0.0537
0.0496
0.0458
0.0423
0.0390
00330
0.0278
17
0.0500
0.0460
0.0422
0.0387
0.0354
0.0296
0.0247
18
0.0467
0.0427
0.0390
0.0355
0.0324
0.0267
0.0219
19
0.0438
0.0398
0.0361
0.0327
0.0296
0.0241
0.0195
20
0.0412
0.0372
0.0336
0.0302
0.0272
0.0219
0.0175
24
0.0329
0.0290
0.0256
0.0225
0.0197
0.0150
0.0113
28
0.0270
0.0233
0.0200
0.0171
0.0146
0.0105
0.0075
32
0.0226
0.0190
0.0159
0.0133
0.0110
0.0075
0.0050
36
0.0192
0.0158
0.0129
0.0104
0.0084
0.0053
0.0033
40
0.0166
0.0133
0.0105
0.0083
0.0065
0.0039
0.0023
23

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