CD Type Annuities » Accounting

Can someone answer this accounting problem for me?

Editor — Wed, 01 Sep 2010 00:43:28 +0000

In 2007, a fire completely destroyed a building belonging to ShowMart. The building cost $5 million and had accumulated depreciation of $2,400,000 at the time of the fire. ShowMart received a cash settlement from the insurance company and reported an extraordinary loss of $1,050,000. Compute for the cash received from the insurance company that will be reflected in the investing activities of the cash flows statement of the company.

accounting help?????

Editor — Wed, 02 Jun 2010 20:38:25 +0000

Bond issue price and premium amortization.
On January 1, 2011, Piper Co. issued ten-year bonds with a face value of $1,000,000 and a stated interest rate of 10%, payable semiannually on June 30 and December 31. The bonds were sold to yield 12%. Table values are:

Present value of 1 for 10 periods at 10% .386
Present value of 1 for 10 periods at 12% .322
Present value of 1 for 20 periods at 5% .377
Present value of 1 for 20 periods at 6% .312
Present value of annuity for 10 periods at 10% 6.145
Present value of annuity for 10 periods at 12% 5.650
Present value of annuity for 20 periods at 5% 12.462
Present value of annuity for 20 periods at 6% 11.470

(a)Calculate the issue price of the bonds. Show each step in your calculations.

(b)Without considering your solution in part, assume that the issue price was $884,000. Prepare the amortization table for 2011 and 2012, assuming that amortization is recorded on interest payment dates listed above.

(c)Prepare the journal entries to record (1) the issuance of the Bonds and (2) the first and second interest payments.

Is a financial planning position good for a college student majoring in accounting?

Editor — Wed, 02 Jun 2010 19:34:43 +0000

I’m planning to become a CPA. Currently, I’m in college (1.5yrs left) and work part-time as an accounts payable. Recently I was asked to come work at a CPA firm as an assistant in financial planning. The pay and hours are really good compared to my current job.

However, I’m not sure if learning the new things in the financial planning position will stress me out. It’s all very new to me. Even though I’m not a brainiac, I am a very hard worker. But is that enough? I just don’t want this job to take away too much time away from school. I’ll be taking very difficult accounting courses.

I was wondering if I should stay at my current job OR take the new job and learn new things. Will this work experience look better on my resume? If i dont take this job, then will there be lots of other opportunities like this after I graduate? Will this get my foot in the door of the CPA world even though I won’t be doing any accounting work?

EVERY bit of suggestions would be greatly appreciated

Accounting question, Need help!?

Editor — Tue, 11 May 2010 03:32:22 +0000

According to http://www.swlearning.com/finance/brigha…
Please help me answer this question.
I don’t want just the answer, please show me more detail.
I think graph is best if possible.

7. Prepare the journal entry to record the following sale of real estate.
a. Land having a fair market value of $600,000 is exchanged for a four-year non-interest bearing note in the face amount of $944,110. The land is carried on the books at a historical cost of $520,000. The customer in this transaction has a credit rating that requires him to borrow at 12% interest.

8. You just won the LOT-OF-MONEY sweepstakes. The following options are available to you.
a. $50,000 immediate cash.
b. $3,700 every three months payable at the end of each quarter for 5 years.
c. $20,000 immediate cash and $1,500 every three months for the next ten (10) years, payable at the end of each three-month period. (this is an annuity due problem; F= 23,80822)
d. $4,000 every three months for three years and $1,200 each quarter for the following 25 quarters, all payments payable at the end of each quarter. (this is an ordinary annuity problem).
If money is worth 3% per quarter, compounded quarterly, which option would you choose.

HELP WITH ACCOUNTING…I’M DOING SOME ACCOUNTING WORK PLEASE HELP?

Editor — Mon, 26 Apr 2010 23:29:40 +0000

Use of Excel spreadsheet and the FV, PV, and PMT functions to determine the amount of each of the following. R= the annual interest rate and t = number of years. When there are multiple cash flows per year, the amount of the annuity shown below is the amount of each individual cash flow (not the total cash flow for the year). Round all answers to the nearest dollar.

Present value of a $500 annuity when R = 11% compounded annually and t = 18
Future value of a 2,400 annuity when R=5%r compounded annually and t =25
Future value of a $950 annuity when R = 12.8% compounded semiannually and t 15
The annual annuity payment that will provide $13,400 in eight years when R=9% compounded annually
Present value of a $10,000 annuity when R =8% compounded quarterly and t = 10
Future value of a $238 annuity when R = 7% compounded annually and t = 16
Present value of a $1,000 annuity when R = 6 3/8% compounded annually and t =3
Present value of a $700 annuity when R = 10% compounded semiannually and t=11
The semiannual annuity payment that will pay off, over six years, a 9,860 debt owed today if R = 13%
Future value of a $1 annuity when R= 8% compounded annually and t = 200

Help with accounting problem.Annuity Cash Flow best answer 10 points?

Editor — Sat, 27 Feb 2010 06:33:30 +0000

Exercise of Ordinary Annuity Cash Flow (determining FV)

Joe Moran wishes to determine how much money he will have at the end of 5 years if he chooses the ordinary annuity. It represents deposits of $1,000 annually, at the end of each of the next 5 years, into a savings account paying 7% annual interest. How much will Joe Moran get at maturity? Post your answer by showing the calculation.

need help with this accounting question?

Editor — Fri, 19 Feb 2010 12:30:39 +0000

You have just won the state lottery and have two choices for collecting your winnings. You can collect $40,000 today or receive $9,810 per year for the next 5 years. A financial analyst has told you that you can earn 10 percent on your investments. Which alternative should you select?

Present value of annuity: $9,810 × ? = $ ?

Because the present value of the annuity is less than the immediate cash payment, the winner should select the cash payment .

Aig’s Ex-ceos Blamed For Crisis: House Panel Chairman Rep. Henry Waxman Says Executives Got Undeserved Riches, While Ex-ceos Robert Willumstad And Martin Sullivan Blame Accounting Rules For Leading To $85b Bailout. Huge Bonuses That They Didn’t Deserve.

Editor — Tue, 17 Nov 2009 23:33:31 +0000

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