Empire Company is a manufacturer of smart phones. Its controller resigned in October 2017. An inexperienced assistant accountant has prepared the following income statement for the month of October 2020.EMPIRE COMPANYIncome StatementFor the Month Ended October 31, 2020Sales revenue $780,000Less:Operating expensesRaw materials purchases $264,000Direct labor cost 190,000Advertising expense 90,000Selling and administrative salaries 75,000Rent on factory facilities 60,000Depreciation on sales equipment 45,000Depreciation on factory equipment 31,000Indirect labor cost 28,000Utilities expense 12,000Insurance expense 8,000803,000Net loss $(23,000)Prior to October 2020, the company had been profitable every month. The company’s president is concerned about the accuracy of the income statement. As her friend, you have been asked to review the income statement and make necessary corrections. After examining other manufacturing cost data, you have acquired additional information as follows.1. Inventory balances at the beginning and end of October were:October 1 October 31Raw materials $18,000 $29,000Work in process 20,000 14,000Finished goods 30,000 50,0002. Only 75% of the utilities expense and 60% of the insurance expense apply to factory operations. The remaining amounts should be charged to selling and administrative activities.Prepare a letter to the president of the company, Shelly Phillips, describing the changes you made. Explain clearly why net income is different after the changes. Keep the following points in mind as you compose your letter.1. This is a letter to the president of a company, who is your friend. The style should be generally formal, but you may relax some requirements. For example, you may call the president by her first name.2. Executives are very busy. Your letter should tell the president your main results first (for example, the amount of net income).3. You should include brief explanations so that the president can understand the changes you made in the calculations.
Answers
Answer:
Tony Ohagwam, CPA, ACCAAddress & Telephone # & Email Address
June 26, 2020
The President
Empire Company
Address USA.
Attention: Shelly Phillips
Dear Shelly,
Re-Formatted Empire Company's Income Statement for the month ended October 31, 2020
As requested I have reformatted the company's Income Statement for the month ended October 31, 2020 (see attached), with some changes made.
The Net Income (not loss) is now $2,000. This came about after taking into account the beginning and ending inventories of raw materials, work in process, and finished goods, which were not considered in the earlier version prepared internally.
The costs of Utilities and Insurance were re-classified into their factory and selling & administration elements. The revised Income Statement also shows the cost of production, making it possible to determine the unit product cost. There are also indications of the cost of sales and the gross profit.
With the re-classification of costs into factory and selling & administration expenses, you can review some of these costs to ascertain where cost-savings could be achieved.
I hope that this will encourage you to continue in business.
Yours sincerely,
Tony Ohagwam, CPA, ACCA
Explanation:
a) Utilities:
Factory, 75% of $12,000 = $9,000
Office, 25% of $12,000 = $3,000
b) Insurance:
Factory, 60% of $8,000 = $4,800
Office, 40% of $8,000 = $3,200
c) Preparation of the Income Statement for a manufacturing company should consider the various cost elements and classify them according to factory cost or cost of production, cost of sales, and cost of selling and administration.
This will help management to have a clearer picture of financial performance. From this picture, it is easier for management to evaluate the various costs and make changes that will result to cost savings in order to ensure continued operations and profitability.
Related Questions
Which is not usually a warning sign of fraud
Answers
“Which is not usually a warning sign of fraud” is a question that asks for an exception to the warning signs of fraud. Fraud is a deliberate deception to secure unfair or unlawful gain. The warning signs of fraud include things like missing documents, unexplained transactions, and unusual behavior. However, there are some things that are not usually considered warning signs of fraud such as a lack of internal controls or a lack of segregation of duties.
Explain the importance of knowing dependent and independent demand models to companies.
Answers
The importance of knowing dependent and independent demand models to companies is that it is a way for one to be able:
To understand inventory.Be able to depict the number of units of a specific product that the consumers are said to be willing to by at each price.What is independent demand and dependent demand?Independent demand is known to be the demand for a given finished product. It can be a machine, a car. etc.
The dependent demand is known to be the demand for a component area of a finished good, such as the wheels on a car.
Note that the Dependent demand is one that is obtained from the demand for a finished product.
Therefore, The importance of knowing dependent and independent demand models to companies is that it is a way for one to be able:
To understand inventory.Be able to depict the number of units of a specific product that the consumers are said to be willing to by at each price.Learn more about demand models from
https://brainly.com/question/23879110
#SPJ1
2) Company issues
to invites its members to subscribe for its
Deposit scheme. (Advertisement, Circular, Newspapers)
Answers
Answer:
Advertisement.
Explanation:
An advertisement can be defined as a strategic process or technique which is typically used to bring an announcement, information or notice to the general public.
This ultimately implies that, an advertisement is a means of communication through the use of mediums such as newspapers, blogs, magazines, television, radio, flyers, pamphlets, etc., to bring a specific information or announcement to the general public.
Generally, advertisements are considered to be a form of promoting an idea, product and services.
Hence, company issues advertisement to invites its members to subscribe for its Deposit scheme.
In a market for chemicals, the demand function is P = 200 - Q. The private marginal cost for the chemicals producers is MCP = 50+ Q. Pollution generated during the production process causes external marginal cost for the society equal to MCE = 3Q.
(a) What specific tax would result in a competitive market producing the socially optimal quantity of chemicals?
(b) Instead of taxation, what else can the government do to make sure that the market will work itself out to achieve the socially optimal output?
Answers
(a) To achieve the socially optimal quantity of chemicals in a competitive market, the tax should be equal to the external marginal cost imposed on society. In this case, the external marginal cost is MCE = 3Q. Therefore, the specific tax should be set equal to the external marginal cost:
Tax = MCE = 3Q
Substituting the demand function into the tax equation, we have:
Tax = 3(200 - Q)
Simplifying:
Tax = 600 - 3Q
This tax would align the private marginal cost (MCP) with the social marginal cost (MCE) and result in the market producing the socially optimal quantity of chemicals.
(b) Alternatively, the government can implement a cap-and-trade system or establish regulations to limit pollution emissions. In a cap-and-trade system, the government sets a limit (or cap) on the total amount of pollution allowed in the market. It then issues a corresponding number of pollution permits that companies can buy and sell. This system encourages companies to reduce their pollution emissions by creating a market incentive.
By implementing such measures, the government ensures that companies internalize the cost of pollution and take actions to reduce it. This helps the market work towards achieving the socially optimal output by incentivizing firms to reduce pollution and minimize the negative externalities associated with chemical production.
Learn more about external marginal cost and private marginal cost here:
brainly.com/question/28319559
#SPJ11
Focused reports help managers ____________ the challenge before recommending solutions. Reports that present data without conducting analysis arei ______________.
Like other business messages, reports can range from informal to formal depending on their purpose, audience, and setting. Which of the following contributes to an informal writing style?
a. Absence of humor
b. Passive voice verbs
c. Familiar words
d. Use of contractions
Answers
Answer: analyze, informational reports;
the use of contractions
Explanation:
Focused reports help managers (analyze) the challenge before recommending solutions. Reports that present data without conducting analysis are (informational reports)
b. The option that contributes to an informal writing style is ( the use of contractions). Other informal writing styles are:
• First-person pronouns
• Active-voice verbs
• Conversational language
• TWO interpersonal skills selected from Addendum A, are listed and linked to examples/evidence from the background information.
Answers
Answer:
Here are some examples of interpersonal skills or social skills:
Active listening.
Being able to understand and empathize with others.
Managing conflict.
Building lasting relationships.
Teamwork.
Motivating others.
Leadership.
Negotiation and persuasion.
Explanation:
Consider a firm redesigning its logistics network. What are the advantages of having a small number of centrally located warehouses? What are the advantages of having a larger number of warehouses closer to the end customers?
Answers
Small centrally located warehouses offer cost efficiency and simplified inventory management, while larger warehouses closer to customers provide faster delivery, better customer service, and cost savings in shipping.
Having a small number of centrally located warehouses offers several advantages in a firm's logistics network:
Cost Efficiency: Centralized warehouses can lead to cost savings in terms of inventory management, transportation, and operational overheads. With fewer warehouses, the firm can benefit from economies of scale in procurement, storage, and distribution.
Simplified Inventory Management: Managing inventory becomes more streamlined when there are fewer warehouses. It allows for better control and visibility over stock levels, reducing the risk of stockouts or overstocking.
Faster Transit Times: With centrally located warehouses, products can be shipped more quickly to various regions since they are closer to major transportation hubs. This reduces lead times and improves overall customer satisfaction.
Improved Coordination: Centralized warehouses facilitate better coordination and synchronization of supply chain activities. It becomes easier to manage inbound and outbound logistics, optimize transportation routes, and consolidate shipments.
On the other hand, having a larger number of warehouses closer to end customers provides the following advantages:
Faster Delivery: Proximity to end customers enables faster order fulfillment and delivery. Products can reach customers more quickly, reducing transit times and improving responsiveness.
Enhanced Customer Service: Local warehouses allow for better customization and personalization of service. They can cater to specific regional preferences, offer faster response times to customer queries, and handle returns or exchanges more efficiently.
Lower Shipping Costs: By locating warehouses closer to customers, transportation costs can be reduced as products travel shorter distances. This can lead to cost savings in shipping expenses.
Flexibility and Redundancy: Having multiple warehouses distributed geographically provides redundancy and flexibility in the supply chain. It mitigates the risk of disruptions, such as natural disasters or transportation issues, as the firm can rely on alternative warehouse locations.
In summary, a small number of centrally located warehouses offer cost efficiency and streamlined inventory management, while a larger number of warehouses closer to end customers provide faster delivery, improved customer service, lower shipping costs, and increased flexibility.
For more question on warehouses visit:
https://brainly.com/question/23941356
#SPJ8
All of the following are concepts learned in English courses except O A. how to speak the language. B. literary criticism. C. grammar. O D. public speaking. (apex)
Answers
Determine the missing amount:
Assets=Liabilities+owners Equity x 272000 573000
Answers
Based on the given amounts of assets and liabilities, the missing amount of Owner's equity is $301,000
How to find the equity?The Owners equity is one of the parts of the Accounting equation which is:
Assets = Liabilities + Owners Equity
The Assets in this instance is $573,000 and the Liabilities are $272,000.
The Owner's equity is the missing amount and it can be found as:
573,000 = 272,000 + Owners Equity
Owners Equity = 573,000 - 272,000
Owners Equity = $301,000
Find out more on owner's equity at https://brainly.com/question/28222828
#SPJ1
Case study analysPartnering - The Accounting software installation projects
Answers
1. The attempt at project partnering appears to be failing due to communication breakdowns, misalignment of expectations, inadequate project management, and potential performance issues with subcontractors.
2. As Karin, I would assess the project's current state, enhance communication and collaboration, review and update the partnering charter, strengthen project management practices, and address any subcontractor issues promptly.
3. To keep the project on track, I would establish a robust project governance structure, implement effective project controls, foster collaboration, provide adequate resources and support, conduct regular performance reviews, and maintain strong stakeholder engagement.
1. The attempt at project partnering appears to be failing due to several reasons. First, despite the effective planning and involvement of subcontractors in developing the project components such as the Work Breakdown Structure (WBS), costs, specifications, and time, there seems to be a breakdown in communication and collaboration. The signing of the partnering charter and the team-building workshop might have created initial alignment, but it appears that these efforts did not translate into sustained cooperation.
Second, there could be a lack of effective project management practices. The project management team may not have been able to provide adequate oversight, coordination, and issue resolution. This can result in misunderstandings, delays, and conflicts among the subcontractors and project personnel.
Third, there might be misalignment of expectations and unclear roles and responsibilities. The partnering charter may not have sufficiently defined the obligations and expectations of each party involved, leading to confusion, finger-pointing, and disputes regarding scope, deadlines, and quality standards.
2. As Karin, the project manager, there are several steps to take in order to get the project back on track. First, conduct a thorough assessment to identify the root causes of the issues. Engage in open and transparent communication with all stakeholders to understand their concerns, challenges, and perspectives. This will help in addressing specific problems effectively.
Next, prioritize clear and frequent communication. Foster an environment that encourages collaboration, sharing of information, and addressing conflicts constructively. Revise and reinforce the partnering charter to ensure all parties have a shared understanding of roles, responsibilities, and expectations.
Implement robust project management practices. Strengthen project tracking mechanisms, establish performance metrics, and develop change management processes. Provide necessary support and resources to subcontractors, and address any underperformance or resource constraints promptly.
3. To keep the project on track, continuous monitoring and adaptation are essential. Regularly review the project's progress, risks, and issues. Implement effective project controls to manage scope, schedule, budget, and quality. Maintain strong stakeholder engagement through proactive communication and involvement.
Promote a culture of collaboration and learning within the project team. Conduct regular performance reviews with subcontractors, recognizing and rewarding good performance. Continuously learn from project outcomes and implement corrective actions as needed.
By taking these actions, Karin can enhance communication, strengthen project management practices, and foster a collaborative environment. This will enable effective problem-solving, alignment of expectations, and proactive risk management, ultimately leading to a higher chance of project success.
Know more about WBS here:
https://brainly.com/question/31078257
#SPJ8
The Question was Incomplete, Find the full content below :
THE ACCOUNTING SOFTWARE INSTALLATION PROJECT
This Case Study is asking you assess how a project that seemed to have done effective planning, by including the subcontractors in developing the WBS, costs, specifications, and time, can go bad so quickly. Before the project started, there was a team-building workshop for all six subcontractors and project personnel that resulted with everyone signing the partnering charter. Yet two months into the project, trouble is brewing on the project. In six months the project seemed to be falling apart. There are three questions at the end of the Case Study you need to respond to:Please anwer to the following questions:
Why does this attempt at project partnering appear to be failing?
If you were Karin, what would you do to get this project back on track?
What action would you take to keep the project on track?
Given the following information for Blue Bell Company for last year: Net sales (all on account) $5,200,000 Cost of goods sold 2,080,000 Interest expense 240,000 Income tax expense 280,000 Net income 420,000 Income tax rate 40% Total assets: January 1 $1,800,000 December 31 2,400,000 Shareholders' equity (all common): January 1 1,500,000 December 31 1,600,000 Current assets, December 31 700,000 Quick assets, December 31 400,000 Current liabilities, December 31 300,000 Net accounts receivable: January 1 200,000 December 31 180,000 Inventory: January 1 210,000 December 31 250,000
Refer to table: Blue Bell's current ratio at December 31 was:____.
a. 2.33 times
b. 3.67 times
c. 0.43 times
d. 1.33 times
Answers
Based on the information given Blue Bell's current ratio at December 31 was:
a. 2.33 times.
Using this formula
Current ratio=Total current assets/ Total current liabilities
Where:
Total current assets=$700,000
Total current liabilities=$300,000
Let plug in the formula
Current ratio=$700,000/$300,000
Current ratio=2.33 times
Inconclusion Blue Bell's current ratio at December 31 was:
a. 2.33 times.
Learn more about current ratio here:https://brainly.com/question/2686492
Can independence in fact or independence in appearance stand alone?
Answers
Independence in fact is the foundation that gives substance and meaning to a person's independence, while independence in appearance focuses on the external projection of independence
Distinction between independence in fact and independence in appearanceIndependence in fact: This refers to a person's actual ability to make decisions, take action, and manage their own affairs without relying heavily on others.
Independence in appearance: This pertains to how independent a person appears or is perceived by others. It focuses on the external manifestations
Learn more about independence at https://brainly.com/question/11750031
#SPJ1
Write a short message/email/memo based on the following case scenario - As head of the occupational health and safety committee at your workplace, you are concerned about the practice of stocking employee kitchenettes with free coffee and cookies. Lately, you have begun to notice that stressed out employees routinely skip lunch and instead grab handfuls of cookies to eat at their desks. While you understand the necessity for the quick snacks, you feel that there is room in the budget to provide healthier alternatives to these high-fat, carbohydrate-laden snacks. In fact, your committee voted in favour of this but you feel some employees will resist this and be upset to lose the cookies and coffee. -- Now, write a short message/memo/email to all staff announcing that, effective next month, kitchenettes will be stocked with a selection of fresh fruit, whole-grain snacks, and spring water instead of the usual cookies and coffee. Consider which approach you should use -- direct or indirect -- before you write it.
Answers
Answer:
You know that your not supposed pile your home work on this program? It’s unconstitutional.
Explanation:
Please help ASAP
Match each commodity or business to its definition.
a company that is focused on selling services
another word sometimes used to mean a good.
a company that is focused on selling goods
an item of value that a person can buy or make and then sell to other people
something of value that a person can do for other people
1. good
2. service
3.product
4. product-based business
5. service-based business
Answers
a company that is focused on selling services is service-based business
another word sometimes used to mean a good is product
a company that is focused on selling goods is product-based business
an item of value that a person can buy or make and then sell to other people is product
something of value that a person can do for other people is service
What is service based product?Service bases business provides services to people at a cost, the cost is determined by the business owner While a product based business deals with selling of product to people or individual who is interested in the product.
Learn more on products below
https://brainly.com/question/10873737
#SPJ1
What do you need to consider to decide if you can afford to go to an
institute of higher education?
OCost of Attendance (COA) and loan costs
OCost of Attendance (COA) and financial aid
OTuition costs, scholarships, and grants
O Terms of work-study offers
Answers
Some of the things to consider for affording higher education are B. Cost of Attendance (COA) and financial aid.
What to consider for higher education ?The full worth of obtaining an education from any institute necessitates detailed appraisal of varied economic components. The Cost of Attendance (COA) incorporates necessary costs such as tuition, room and board, textbooks and peripherals, commuting fares, alongside individual expenditures.
Analyzing the COA of an institution is significant in establishing how much financial help you will require. Place emphasis on authenticating all plausible relief alternatives when lowering disbursement, for example: scholarships, grants, employment-study programs, in addition to loans.
Find out more on higher education at https://brainly.com/question/30277651
#SPJ1
Suppose a food pantry received a donation and allowed volunteers to vote on how the funds were to be spent. Three options were provided, with the donation only covering the cost of one project. The projects included improvements to the building, additional purchases of food, and purchasing a vehicle for food delivery. The majority of volunteers voted for purchasing a vehicle for food delivery with building improvements coming in second. Since only one project could be funded, what is the opportunity cost of the decision to purchase a vehicle
Answers
Answer:
improvements to the building,
Explanation:
Opportunity cost is the foregone advantage of not setting certain options in decision making. When a particular option is preferred over others, then benefit from the other options not selected are forfeited. The forfeited benefits represent the opportunity cost.
The value of opportunity cost is equated to the value of the next best alternative. Where there were more than two alternatives available, the next best alternative from the chosen option becomes the opportunity cost. In this case, improvement to the building was voted the second preferred option; hence it becomes the opportunity cost.
TRUE/FALSE. populists refused to support the creation of labor unions and opposed government interference in the economy.
Answers
Instead of concentrating on global expansion, the United States was concentrating on home progress. Populists opposed government involvement in the economy and refused to support the formation of labour unions. So statement is false.
How did the populists approach reaching out to the industrial workforce?The Populists attempted to win over industrial workers by empathising with their plight and proposing concrete measures in their 1892 Omaha Platform that would help industrial workers.
Did the Populists stand up for the miners on strike?They backed Coxey's Army's calls for the government to offer jobless benefits. They defended miners who were on strike. By comparing the places and regions to their descriptions, determine the economic circumstances in the South.
To know more about economy visit:
https://brainly.com/question/18461883
#SPJ4
3. Why is the focused group trade done?
Answers
Answer:
Focus Groups are generally used when there is little or no knowledge about the target market.
▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪
Question - 4 (4-2003) An industrial product may be manufactured by two methods of production Using Method X, fixed costs are £5,500,000 per period and variable costs are £535 per unit of product. Using Method Y, fixed costs are £8,260,000 per period and variable costs are £420 per unit of product. (a) Calculate the level of output per period for which the total costs are the same for the two methods of production. Produced by Method X the product has unit costs during a period as follows: Components £275 Labour £180 Production overheads £85 Distribution expenses £120 The figures include variable costs and apportioned fixed costs. (b)Calculate the number of units produced in the period. (c) Compare the total costs of Methods X and Y at the level of output in (b) above.
Answers
Code snippet
Total cost of Method X = Total cost of Method Y
(5,500,000 + 535x) = (8,260,000 + 420y)
535x = 8,260,000 - 5,500,000
535x = 2,760,000
x = 5,144
Therefore, the level of output per period for which the total costs are the same for the two methods of production is 5,144 units.
(b) The number of units produced in the period is given as 5,144 units.
(c) The total costs of Methods X and Y at the level of output in (b) above are as follows:
Code snippet
Method X:
Total cost = (5,500,000 + 535 * 5,144) = £29,078,440
Method Y:
Total cost = (8,260,000 + 420 * 5,144) = £34,055,680
As you can see, the total cost of Method X is lower than the total cost of Method Y at the level of output in (b) above. This is because Method X has lower variable costs than Method Y.
Embree corp., purchased a four
Answers
Answer:
Embree Corp. purchased a four-year insurance policy on May 1, Year 2, for $12,000, effective immediately. The company expensed the full cost of the policy in Year 2. The correct journal entry for Year 2 (ending December 31) will include a:
Explanation:
Debit to prepaid insurance of $10,000.
Discuss the principle of Acquisitions Management thoroughly. What is the most important? What do you think will become more important over the next two decades?
Answers
5.6 Last month Quick Industries produced 900 units. This month they produced 1,264 units. What is the rate of change in production? a. 29.8% b. 32.8% c. 40.4% d. 60%
Answers
Answer: C. 40.4%
Explanation:
To find the rate of change in production, we can use the following formula:
Rate of change = (New value - Old value) / Old value * 100
Where,
Old value = Production of last month = 900
New value = Production of this month = 1264
Substituting the values in the formula,
Rate of change = (1264 - 900) / 900 * 100= 364 / 900 * 100= 0.404 * 100= 40.4%
Therefore, the rate of change in production is 40.4%, which is an option (c). I hope that this answer has helped you!
Answer:
The correct answer is C.
Explanation:
The rate of change in production is: (1264 - 900) / 900 = 0.404 or 40.4%. So, the correct answer is c. 40.4%
Which pricing strategy is typical of Cost-focus pricing? Choose the answer.
Competitive pricing
Market penetration
Price gouging
Mark-up pricing
Answers
Samuel Nguyen was seriously injured in a skiing accident that broke both his legs and an arm. His medical expenses included 6 days of hospitalization at $800 a day, $5,600 in surgical fees, $3,800 in physician's fees (including time in the hospital and seven follow-up office visits), $360 in prescription medications, and $1,600 for physical therapy treatments. All of these charges fall within customary and reasonable payment amounts.
Answers
The total cost of Samuel Nguyen's medical expenses is: 6 days of hospitalization at $800/day = $4,800 Surgical fees = $5,600 Physician's fees = $3,800 Prescription medications = $360 Physical therapy treatments = $1,600 Total = $16,160.
All of these charges fall within customary and reasonable payment amounts, meaning that they are considered reasonable and appropriate for the services rendered.
However, it's worth noting that these expenses can vary greatly depending on the location, type of injury, and other factors, and that not all medical expenses may fall within customary and reasonable payment amounts.
It's important for individuals to carefully review their medical bills and insurance coverage to ensure that they are being charged appropriately and are not being overcharged.
Know more about expenses here:
https://brainly.com/question/29842871
#SPJ1
PLEASE HELP ME IM STUCK ON THIS
Answers
pls help
give an example of a way a businessperson could manage risk.
Answers
Identification, assessment, and control of financial, legal, strategic, and security threats to the assets and profits of an organization can be regarded as risk management.
How a businessperson manages risk?A businessperson can manage risk in the following ways :
1. Measuring the risk
Entrepreneurs must weigh risks carefully before taking them in order to reduce potential risks. Risk weighting is a specialty for most business owners. If the plan doesn't work, they won't lose much, but if it does, they stand to gain a lot from taking the chance.
2. Seeking new opportunities.
Additionally, entrepreneurs have the chance to identify market flaws and come up with fixes. Although pursuing a new opportunity can be difficult, entrepreneurs have the chance to learn a lot from it if their solution is workable. The ability to move first also encourages them to innovate more. Although savvy business owners are aware of their limitations, they don't let a lack of resources restrict their vision.
3. Insurance is a must
By transferring the risks to insurance companies, insurance protects business owners from lost liabilities, illnesses, and accidents. In the event that a business or scheme fails, they have a chance to lose even less by insuring various raw materials and processes.
4. Cut back on financial risks
The key to risk management is lowering financial risk by keeping an eye on your accounts receivable to minimize unpaid balances and identify negative credit risks early in your company's development.
To know more about, risk management, visit :
https://brainly.com/question/4680937
#SPJ1
Project: Planning for Retirement
a retirement chart
There are many ways to save for retirement: putting money away into a treasure chest, purchasing gold nuggets, investing in real estate, or financial assets. The method that is right for you depends on your income as well as your personal preferences, such as risk tolerance. You can compare different methods and approximate your savings at retirement to help you determine the option that best suits your personal needs and preferences. It is a good idea to approximate the income you will need at retirement before you start investing. This is where retirement planning becomes important to consider. How much money do you think you would need to retire by age 67? Which investment options are the most profitable when saving for retirement?
In this project, you will explore how to construct a retirement plan and consider the various investment options that are financially beneficial as it pertains to retirement
OBJECTIVES
Construct a retirement plan given a yearly salary.
Compare investment options to determine the most financially beneficial option for a given situation.
Answers
To construct retirement plan, you can start by creating the retirement chart.
What is a retirement plan?A retirement plan is a financial strategy that helps individuals save and invest for their retirement years. This plan can be a combination of employer-sponsored plans like 401(k) or individual retirement accounts (IRAs). The main objective of a retirement plan is to accumulate enough funds to provide a regular income in retirement. Retirement plans typically involve contributing a portion of your earnings into an investment account that grows over time. The contributions can be tax-deductible, and the earnings grow tax-free until you start withdrawing the money in retirement. The plan may also have restrictions and penalties for early withdrawals. A well-designed retirement plan can help ensure a comfortable retirement with financial security, and it's essential to start saving and investing early to maximize the benefits of the plan.
To learn more about retirement plan, visit:
https://brainly.com/question/28091169
#SPJ1
Ds games recommendation give me some :D
Thanks
Answers
FRY-9C, FRY-14M, FRY-14Q, FRY-2052a, FP&A, CRR
What are these terms exactly mean? How do they work in business? What each term do?
Answers
The terms mentioned above are used in economics and have to do with finance.
What are FRY-9C, FRY-14M, and FRY-14Q?In order to keep an eye on financial institutions in between on-site inspections, the FR Y-9C is the main analytical tool employed. The form, which is the most frequently requested and scrutinized report at the holding company level, contains more schedules than any other report in the FR Y-9 series.
The FR Y-14M report gathers monthly in-depth information on the loan portfolios of bank holding companies (BHCs), savings and loan holding companies (SLHCs), and intermediate holding companies (IHCs). Three loan- and portfolio-level collections, as well as one in-depth address matching collection, make up the report.
On a quarterly basis, the FR Y-14Q compiles comprehensive information on the various asset classes, capital components, and pre-provision net revenue (PPNR) categories of the bank holding companies (BHC), savings and loan holding companies (SLHCs), and intermediate holding companies (IHC).
Learn more about financial institution, from:
brainly.com/question/29641948
#SPJ9
Explain the technique to make change in counter transactions correctly.
Answers
Answer:
The correct ways to prepare a customer's change over the counter are:
Explanation:
1. In the cash drawer, store each denomination together in a section
2. As you receive cash, straighten them out and arrange them uniformly. Let every bill be faced in the same direction.
3. Deduct the total price of goods bought from the total amount handed to you by the customer.
4. The result from the above calculation is the customer's change.
5. Peek into the cash drawer and neatly pick out the notes or bills that make up this amount.
6. Carefully replace the shifted bills or coins in the drawer.
7. Place your hands on the desk or in sight of the customer and count the change for them to see.
8. Hand it over to the customer!