24. Jones Co. invests $10,000 @ 10% per year, compounded annually for six years. 4 points The PV of 1 is .7903 and the amount or future value of 1 is 1.7716. $_________

25. Jones Co. wants $25,000 in 6 years. The PV of 1 is .7903 and the amount of 1 is 1.7716. 4 points How much should he invest in Year 1? ____________

26. Assume you invest 1,000 each year for 5 years? How much will be in the fund on 12/31 Year 5? The FV of an annuity is 5.5256 and the PV of an annuity is 5.8019. 3 pts

$_________

28. The following is a comparative balance sheet for Top Ten Clothiers Inc. for the years 2016 and 2015: 14 points

Top Ten Clothiers Inc. Comparative Balance Sheet December 31, 2016 and 2015
Assets	2016	2015
Cash ..................................	$ 43,000	$ 240,000
Accounts receivable ...................	390,000	210,000
Inventory .............................	360,000	450,000
Long-term investments .................	0	120,000
Total assets ........................	$ 793,000	$1,020,000
Liabilities and Equities
Accounts payable ......................	$ 150,000	$ 240,000
Operating expenses payable ............	48,000	30,000
Bonds payable .........................	140,000	200,000
Common stock ..........................	250,000	250,000
Retained earnings .....................	205,000	300,000
Total liabilities and equities ......	$ 793,000	$1,020,000

The income statement for the year ended December 31, 2016, follows:

Top Ten Clothiers Income Statement For the Year Ended December 31, 2016
Sales		$1,120,000
Cost of goods sold:
Beginning inventory, January 1, 2016	$ 450,000
Purchases ...........................	660,000
Cost of goods available .............	$1,110,000
Less ending inventory, December 31, 2016 ...............................	360,000	750,000
Gross profit on sales .................		$ 370,000
Operating expenses ...		360,000
Operating income ......................		$ 10,000
Other revenues and expenses:
Loss on sale of long-term investment		(15,000)
Net loss ..............................		$ (5,000)

After paying cash dividends, the decrease in retained earnings totaled $95,000. Management is alarmed by the shrinkage in the company's cash position during 2016. Prepare a partial statement of cash flows for 2016 using the direct method.

Top Ten Clothiers Inc. Statement of Cash Flows For the Year Ended December 31, 2016
Cash flows from operating activities:
Cash receipts from customers ......?		$ ,000
Cash payments for:
Finished Goods Inventory ...... ?
Operating expenses except 18,000 were in cash..	,000	,000
Net cash used in operating activities .		$

Sales ..........................................	$ ,000
Accounts Receivable, beginning .................
Accounts Receivable, ending ....................
Cash collected from customers ................	$
Purchases ......................................	$ ,000
Accounts Payable, beginning ....................
Accounts Payable, ending .......................
Cash payments for inventory ....................	$ ,000