FINANCIAL ACCT.F/UNDERGRADS-W/ACCESS
1st Edition
ISBN: 9781618531612
Author: Wallace, Nelson, Christensen, Ferris
Publisher: Cambridge
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Question
Chapter E, Problem 2AE
To determine
Calculate the future value, if present value of deposited money is $3,000, compounded annual rate of interest is 8%, and accumulated for 3 years.
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The audited accounts of Lindsay Co. for year-end August 31, 2014 show a profit of
$3,115,000 after charging the following:
Depreciation 430,000
Rent 175,000
Legal fees 1,350,000
Audit fees 88,000
Donations 119,000
Bad debts 242,000
Foreign Travel 395,750
Interest payments 62,375
Other Information:
Legal fees are as follows:
Expenses in respect of recovery of debts, $585,000
Expenses related to the increase private share capital, $765,000
Lindsay Co. donated $65,500 to UTECH University and $53,500 to HELP, a
private charity registered under the Charities Act.
Bad debts are as follows:
A loan of $76,130 to Derek Stan who failed to repayit.
$63,017, owed by Simplicity Ltd. which was declared bankrupt.
The balance is a percentage of receivables at year end which is deemed to be
bad.
Foreign travel expense included $268,210 for a vacation package for the
marketing manager’s and his family plane tickets. The remaining amount was for
a business trip to meet with potential suppliers.…
Chapter E Solutions
FINANCIAL ACCT.F/UNDERGRADS-W/ACCESS
Ch. E - Prob. 1SSQCh. E - Prob. 2SSQCh. E - Prob. 1AECh. E - Prob. 2AECh. E - Prob. 3AECh. E - Prob. 4AECh. E - Prob. 5AECh. E - Prob. 6AECh. E - Prob. 7AECh. E - Prob. 8AE
Ch. E - Prob. 9AECh. E - Prob. 10AECh. E - Prob. 11AECh. E - Prob. 12AECh. E - Prob. 13AECh. E - Prob. 14AECh. E - Prob. 15AECh. E - Prob. 1BECh. E - Prob. 2BECh. E - Prob. 3BECh. E - Prob. 4BECh. E - Prob. 5BECh. E - Prob. 6BECh. E - Prob. 7BECh. E - Prob. 8BECh. E - Prob. 9BECh. E - Prob. 10BECh. E - Prob. 11BECh. E - Prob. 12BECh. E - Prob. 13BECh. E - Prob. 14BECh. E - Prob. 15BE
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