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Accounting Exam - Part 4. There are 5 questions. Please help me as this is due by 10PM tonight U.S. Pacific Time. ===================================================================== Question 16

Accounting Exam - Part 4. There are 5 questions. Please help me as this is due by 10PM tonight U.S. Pacific Time.

image text in transcribed ===================================================================== Question 16 Chris Bautista needs $20,900 in 7 years. Click here to view factor tables What amount must he invest today if his investment earns 12% compounded annually? What amount must he invest if his investment earns 12% annual interest compounded quarterly? (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 458,581.) $ Investment at 12% annual interest $ Investment at 12% annual interest, compounded quarterly ===================================================================== Question 17 Newman Madison needs $237,900 in 10 years. Click here to view factor tables How much must he invest at the end of each year, at 9% interest, to meet his needs? (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 458,581.) $ Investment amount ===================================================================== Question 18 Sheffield Inc. issues $2,084,300 of 10% bonds due in 13 years with interest payable at year-end. The current market rate of interest for bonds of similar risk is 11%. Click here to view factor tables What amount will Sheffield receive when it issues the bonds? (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 458,581.) $ Amount received by Sheffield when bonds were issued ===================================================================== Question 19 The Cheyenne Inc., a manufacturer of low-sugar, low-sodium, low-cholesterol TV dinners, would like to increase its market share in the Sunbelt. In order to do so, Cheyenne has decided to locate a new factory in the Panama City area. Cheyenne will either buy or lease a site depending upon which is more advantageous. The site location committee has narrowed down the available sites to the following three very similar buildings that will meet their needs. Building A: Purchase for a cash price of $615,000, useful life 28 years. Building B: Lease for 28 years with annual lease payments of $71,570 being made at the beginning of the year. Building C: Purchase for $659,900 cash. This building is larger than needed; however, the excess space can be sublet for 28 years at a net annual rental of $6,870. Rental payments will be received at the end of each year. The Cheyenne Inc. has no aversion to being a landlord. Click here to view factor tables In which building would you recommend that The Cheyenne Inc. locate, assuming a 12% cost of funds? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.) Net Present Value Building A Building B Building C $ $ $ The Cheyenne Inc. should locate itself in ===================================================================== Question 20 On May 10, 2017, Shamrock Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2017. Greig agrees to pay the full contract price of $2,150 on July 15, 2017. The cost of the goods is $1,470. Shamrock delivers the product to Greig on June 15, 2017, and receives payment on July 15, 2017. Prepare the journal entries for Shamrock related to this contract. Either party may terminate the contract without compensation until one of the parties performs. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation (To record contract entered into) (To record sales) Debit Credit (To record cost of goods sold) (To record payment received) =====================================================================

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