Future Value: The future value is value of present amount compounded at an interest rate until a particular future date. The following formula is used to calculate the future value of an amount: Future value of an amount = Present value × ( 1+ Interest rate ) Number of periods To Determine: The accumulated amounts withdraw by J. To Calculate: The future value of a single amount (if the interest compounded annually).

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Answer 1

Question

Chapter AG, Problem G.1BE

To determine

Future Value: The future value is value of present amount compounded at an interest rate until a particular future date. The following formula is used to calculate the future value of an amount:

Future value of an amount = Present value×(1+ Interest rate)Number of periods

To Determine: The accumulated amounts withdraw by J.

To Calculate: The future value of a single amount (if the interest compounded annually).

Expert Solution & Answer

Explanation of Solution

Step 1: Calculate the amount of simple interest.

Simple interest =( Principal amount×Interest rate× Number of periods)=($6,000×5%×12 years)=$3,600

Step 2: Calculate the accumulated amount.

Accumulated amount = (Invested amount + Interest amount)=($6,000+$3,600)=$9,600

Therefore, the accumulated amount withdraw by J is $9,600.

J invested $6,000 at 5% interest rate for 12 years. He withdrew the accumulated amount of money after 12 years. In that, he earned the interest amount of $3,600 from the investment (using simple interest method). Therefore, the accumulated amount withdraw by J is $9,600.

The future value of the amount is determined as follows:

Future value of an amount=( Invested amount × Future value of 12thyear at 5%interest (future value factor))=$6,000×1.79586=$10,775.16

J invested $6,000 at 5% interest rate for 12 years. If the interest amount compounded annually then the future value of a 12^th year at 5% interest would be 1.79586 (Refer table 1 for the future value of money). Therefore, the amount earn by J is $10.775.16. Therefore, the future value of an amount is $10.775.16.

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Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 Activities Beginning inventory Sales March 14 July 30 March 15 October 5 October 26 Purchase Sales Purchase Sales 410 units 455 units Units Acquired at Cost 255 units @ $12.20 = @ $17.20 @ $22.20 Units Sold at Retail $ 3,111 210 units @ $42.20 = 7,052 350 units @ $42.20 10,101 430 units @ $42.20 Purchase Totals 155 units 1,275 units $27.20 = 4,216 $ 24,480 990 units Ending inventory consists of 50 units from the March 14 purchase, 80 units from the July 30 purchase, and all 155 units from the October 26 purchase. Using the specific identification method, calculate the following. a) Cost of Goods Sold using Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Date Activity # of units Cost Per Unit # of units sold Cost Per Unit Cost of Goods Sold Ending…

Answer 2

Question

Chapter AG, Problem G.1BE

To determine

Future Value: The future value is value of present amount compounded at an interest rate until a particular future date. The following formula is used to calculate the future value of an amount:

Future value of an amount = Present value×(1+ Interest rate)Number of periods

To Determine: The accumulated amounts withdraw by J.

To Calculate: The future value of a single amount (if the interest compounded annually).

Expert Solution & Answer

Explanation of Solution

Step 1: Calculate the amount of simple interest.

Simple interest =( Principal amount×Interest rate× Number of periods)=($6,000×5%×12 years)=$3,600

Step 2: Calculate the accumulated amount.

Accumulated amount = (Invested amount + Interest amount)=($6,000+$3,600)=$9,600

Therefore, the accumulated amount withdraw by J is $9,600.

J invested $6,000 at 5% interest rate for 12 years. He withdrew the accumulated amount of money after 12 years. In that, he earned the interest amount of $3,600 from the investment (using simple interest method). Therefore, the accumulated amount withdraw by J is $9,600.

The future value of the amount is determined as follows:

Future value of an amount=( Invested amount × Future value of 12thyear at 5%interest (future value factor))=$6,000×1.79586=$10,775.16

J invested $6,000 at 5% interest rate for 12 years. If the interest amount compounded annually then the future value of a 12^th year at 5% interest would be 1.79586 (Refer table 1 for the future value of money). Therefore, the amount earn by J is $10.775.16. Therefore, the future value of an amount is $10.775.16.

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Answer 3

Question

Chapter AG, Problem G.1BE

To determine

Future Value: The future value is value of present amount compounded at an interest rate until a particular future date. The following formula is used to calculate the future value of an amount:

Future value of an amount = Present value×(1+ Interest rate)Number of periods

To Determine: The accumulated amounts withdraw by J.

To Calculate: The future value of a single amount (if the interest compounded annually).

Expert Solution & Answer

Explanation of Solution

Step 1: Calculate the amount of simple interest.

Simple interest =( Principal amount×Interest rate× Number of periods)=($6,000×5%×12 years)=$3,600

Step 2: Calculate the accumulated amount.

Accumulated amount = (Invested amount + Interest amount)=($6,000+$3,600)=$9,600

Therefore, the accumulated amount withdraw by J is $9,600.

J invested $6,000 at 5% interest rate for 12 years. He withdrew the accumulated amount of money after 12 years. In that, he earned the interest amount of $3,600 from the investment (using simple interest method). Therefore, the accumulated amount withdraw by J is $9,600.

The future value of the amount is determined as follows:

Future value of an amount=( Invested amount × Future value of 12thyear at 5%interest (future value factor))=$6,000×1.79586=$10,775.16

J invested $6,000 at 5% interest rate for 12 years. If the interest amount compounded annually then the future value of a 12^th year at 5% interest would be 1.79586 (Refer table 1 for the future value of money). Therefore, the amount earn by J is $10.775.16. Therefore, the future value of an amount is $10.775.16.

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Answer 4

Question

Chapter AG, Problem G.1BE

To determine

Future Value: The future value is value of present amount compounded at an interest rate until a particular future date. The following formula is used to calculate the future value of an amount:

Future value of an amount = Present value×(1+ Interest rate)Number of periods

To Determine: The accumulated amounts withdraw by J.

To Calculate: The future value of a single amount (if the interest compounded annually).

Expert Solution & Answer

Explanation of Solution

Step 1: Calculate the amount of simple interest.

Simple interest =( Principal amount×Interest rate× Number of periods)=($6,000×5%×12 years)=$3,600

Step 2: Calculate the accumulated amount.

Accumulated amount = (Invested amount + Interest amount)=($6,000+$3,600)=$9,600

Therefore, the accumulated amount withdraw by J is $9,600.

J invested $6,000 at 5% interest rate for 12 years. He withdrew the accumulated amount of money after 12 years. In that, he earned the interest amount of $3,600 from the investment (using simple interest method). Therefore, the accumulated amount withdraw by J is $9,600.

The future value of the amount is determined as follows:

Future value of an amount=( Invested amount × Future value of 12thyear at 5%interest (future value factor))=$6,000×1.79586=$10,775.16

J invested $6,000 at 5% interest rate for 12 years. If the interest amount compounded annually then the future value of a 12^th year at 5% interest would be 1.79586 (Refer table 1 for the future value of money). Therefore, the amount earn by J is $10.775.16. Therefore, the future value of an amount is $10.775.16.

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Answer 5

Chapter AG, Problem G.1BE

To determine

Future Value: The future value is value of present amount compounded at an interest rate until a particular future date. The following formula is used to calculate the future value of an amount:

Future value of an amount = Present value×(1+ Interest rate)Number of periods

To Determine: The accumulated amounts withdraw by J.

To Calculate: The future value of a single amount (if the interest compounded annually).

Expert Solution & Answer

Explanation of Solution

Step 1: Calculate the amount of simple interest.

Simple interest =( Principal amount×Interest rate× Number of periods)=($6,000×5%×12 years)=$3,600

Step 2: Calculate the accumulated amount.

Accumulated amount = (Invested amount + Interest amount)=($6,000+$3,600)=$9,600

Therefore, the accumulated amount withdraw by J is $9,600.

J invested $6,000 at 5% interest rate for 12 years. He withdrew the accumulated amount of money after 12 years. In that, he earned the interest amount of $3,600 from the investment (using simple interest method). Therefore, the accumulated amount withdraw by J is $9,600.

The future value of the amount is determined as follows:

Future value of an amount=( Invested amount × Future value of 12thyear at 5%interest (future value factor))=$6,000×1.79586=$10,775.16

J invested $6,000 at 5% interest rate for 12 years. If the interest amount compounded annually then the future value of a 12^th year at 5% interest would be 1.79586 (Refer table 1 for the future value of money). Therefore, the amount earn by J is $10.775.16. Therefore, the future value of an amount is $10.775.16.

Answer 6

Chapter AG, Problem G.1BE

To determine

Future Value: The future value is value of present amount compounded at an interest rate until a particular future date. The following formula is used to calculate the future value of an amount:

Future value of an amount = Present value×(1+ Interest rate)Number of periods

To Determine: The accumulated amounts withdraw by J.

To Calculate: The future value of a single amount (if the interest compounded annually).

Expert Solution & Answer

Explanation of Solution

Step 1: Calculate the amount of simple interest.

Simple interest =( Principal amount×Interest rate× Number of periods)=($6,000×5%×12 years)=$3,600

Step 2: Calculate the accumulated amount.

Accumulated amount = (Invested amount + Interest amount)=($6,000+$3,600)=$9,600

Therefore, the accumulated amount withdraw by J is $9,600.

J invested $6,000 at 5% interest rate for 12 years. He withdrew the accumulated amount of money after 12 years. In that, he earned the interest amount of $3,600 from the investment (using simple interest method). Therefore, the accumulated amount withdraw by J is $9,600.

The future value of the amount is determined as follows:

Future value of an amount=( Invested amount × Future value of 12thyear at 5%interest (future value factor))=$6,000×1.79586=$10,775.16

J invested $6,000 at 5% interest rate for 12 years. If the interest amount compounded annually then the future value of a 12^th year at 5% interest would be 1.79586 (Refer table 1 for the future value of money). Therefore, the amount earn by J is $10.775.16. Therefore, the future value of an amount is $10.775.16.

Answer 7

Chapter AG, Problem G.1BE

To determine

Future Value: The future value is value of present amount compounded at an interest rate until a particular future date. The following formula is used to calculate the future value of an amount:

Future value of an amount = Present value×(1+ Interest rate)Number of periods

To Determine: The accumulated amounts withdraw by J.

To Calculate: The future value of a single amount (if the interest compounded annually).

Answer 8

Expert Solution & Answer

Explanation of Solution

Step 1: Calculate the amount of simple interest.

Simple interest =( Principal amount×Interest rate× Number of periods)=($6,000×5%×12 years)=$3,600

Step 2: Calculate the accumulated amount.

Accumulated amount = (Invested amount + Interest amount)=($6,000+$3,600)=$9,600

Therefore, the accumulated amount withdraw by J is $9,600.

J invested $6,000 at 5% interest rate for 12 years. He withdrew the accumulated amount of money after 12 years. In that, he earned the interest amount of $3,600 from the investment (using simple interest method). Therefore, the accumulated amount withdraw by J is $9,600.

The future value of the amount is determined as follows:

Future value of an amount=( Invested amount × Future value of 12thyear at 5%interest (future value factor))=$6,000×1.79586=$10,775.16

J invested $6,000 at 5% interest rate for 12 years. If the interest amount compounded annually then the future value of a 12^th year at 5% interest would be 1.79586 (Refer table 1 for the future value of money). Therefore, the amount earn by J is $10.775.16. Therefore, the future value of an amount is $10.775.16.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. AG - Prob. G.1BE Ch. AG - Prob. G.2BE Ch. AG - Prob. G.3BE Ch. AG - Prob. G.4BE Ch. AG - Prob. G.5BE Ch. AG - Prob. G.7BE Ch. AG - Prob. G.8BE Ch. AG - Prob. G.9BE Ch. AG - Prob. G.10BE Ch. AG - Prob. G.11BE

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