Your friends were excited to hear you have chosen accounting for a career. They have several practical questions regarding money and interest (time value of money). Please assist your friends by answering their respective questions.For each question:A. Estimate without using a table, calculator, etc.B. Document the "step-by-step" detail showing them how you solved the question.NOTE: To solve use one of the following:• EXCELInclude all the detail steps for whichever tool you choose. For example, if using EXCEL show all formulas (copy so reader could duplicate your work). If using a business calculator, in detail in proper order show numbers and buttons you input to obtain your answer.C. Provide a one to three sentence written explanation to your friend explaining the basic time value of money concept(s) impacting the solution.Friend #4 – Saving for my kids college – I want to help my three kids pay for college. My partner and I have agreed to provide $100,000 to each of our kids. We haven't started saving yet but my kids will be attending college as follows:Kid #1 - Is six years old...assume we have 12 years to accumulate $100,000.How much will I need to put in each month if I earn 6% interest?A.C. Your friends were excited to hear you have chosen accounting for a career. They have several practical questions regarding money and interest (time value of money). Please assist your friends by answering their respective questions.For each question:A. Estimate without using a table, calculator, etc.B. Document the "step-by-step" detail showing them how you solved the question.NOTE: To solve use one of the following:• EXCELInclude all the detail steps for whichever tool you choose. For example, if using EXCEL show all formulas (copy so reader could duplicate your work). If using a business calculator, in detail in proper order show numbers and buttons you input to obtain your answer.C. Provide a one to three sentence written explanation to your friend explaining the basic time value of money concept(s) impacting the solution.Friend #3 – Home Mortgage Payment – I found my dream house in St. Paul but I am not sure I can afford it? I have the $15,000 for the down payment but it is the monthly payments that I am not sure about? What will my monthly payments be?Selling price: $215,000Down payment: $15,000Loan: 30-year $200,000 loan at 6%A.

Given: Particulars Amount Loan amount $100,000 Years 12 Interest rate 6%

Answered: Your friends were excited to hear you…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter5: Closing Entries And The Post-closing Trial Balance

Section: Chapter Questions

Problem 1ACRPB: This problem is designed to enable you to apply the knowledge you have acquired in the preceding...

See similar textbooks

Similar questions

Please I want answer for this question by your understanding and experience in this field and typing it. Thanks
Many of us apply the time value of money in our personal lives – for example when we invest dollars in a young child’s bank account earmarked for his or her eventual college education. Share an explanation of the time value of money in your own words. What criteria do accountants use to decide whether to use present or future values in accounting statements?
Give an example of accounting problem, For that problem, there should be 5 requirements or questions then write a short narrative of your analysis of the problem. Explain what theories/ concepts apply, how, and why. Then present the solution/computation. Write a short narrative explaining the meaning of the final answer - its implication to thefirm. Write a short recommendation/conclusion based on the analysis and solutions. You solved a current problem only. How can you provide for the future? What about contingencies that may arise? What proactive measures can you take?
2
Provide a accounting problem, For that problem, there should be 4 requirements or questions then write a short narrative of your analysis of the problem. Explain what theories/ concepts apply, how, and why. Then present the solution/computation. Write a short narrative explaining the meaning of the final answer - its implication to thefirm. Write a short recommendation/conclusion based on the analysis and solutions. You solved a current problem only. How can you provide for the future? What about contingencies that may arise? What proactive measures can you take? And the attached photo is an example of accounting problem.
Follow the instructions. Typewritten for an upvote. No upvote for handwritten. PLEASE SKIP IF YOU HAVE ALREADY DONE THIS. Thank you
Please answer me in typing, avoid images and handwriting. 2.In this question, each group member is requested to briefly describe how finance can play a role in their future career development while briefly describing the nature of their work position.
Please help
XYZ is considering the option to invest excess cash in short-term financial instruments. XYZ wishes to have access to the investments as quickly as possible in order to pay bills and meet employee payroll and have a return on their investment. Briefly discuss which factors you would be focusing on under each of the six (6) steps. Briefly describe the research tools available including the CCH Answer Connect and CCH Accounting Research.
Determine the most valuable aspect of this course to you and explain how you plan to apply it to your personal financial practices.Share two ways that you feel you will be able to apply the concepts you learned in this course to your current or future work position.
explain how you apply accounting in your personal life in reference to the following: 1. Give 3 examples of what you would consider to be assets. 2. Give 2 examples of what you would consider to be liabilities. 3. Assign values (they don't need to be actual values) to each of the above and show how you would determine your net worth. 4. What statement would you report all of the above accounts and amounts on? 5. Explain what would cause your net worth to change over the next month?
Give an example of accounting problem that uses margin of safety, For that problem, there should be 3 requirements or questions then write a short narrative of your analysis of the problem. Explain what theories/ concepts apply, how, and why. Then present the solution/computation. Write a short narrative explaining the meaning of the final answer - its implication to thefirm. Write a short recommendation/conclusion based on the analysis and solutions. You solved a current problem only. How can you provide for the future? What about contingencies that may arise? What proactive measures can you take?

SEE MORE QUESTIONS

Recommended textbooks for you

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

Auditing: A Risk Based-Approach (MindTap Course L…

Accounting

ISBN:

9781337619455

Author:

Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:

Cengage Learning

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

Auditing: A Risk Based-Approach (MindTap Course L…

Accounting

ISBN:

9781337619455

Author:

Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS