Greg Company agreed to pay Ms. Bilko $45,000 compensation for services performed for the company. a. Compare the income tax consequences to Greg and Ms. Bilko if she is an employee or if she is an independent contractor. b. Compare the payroll tax consequences to Greg and Ms. Bilko if she is an employee or if she is an independent contractor. c. Compare the income tax payment requirements to Ms. Bilko if she is an employee or if she is an independent contractor.
Answers
When it comes to paying compensation to Ms. Bilko, the income tax and payroll tax consequences differ based on whether she is an employee or an independent contractor. Here are the comparisons: Income tax consequences:If Ms. Bilko is an employee, the compensation of $45,000 will be subject to income tax withholding by the employer.
This means that her employer will withhold federal income tax, state income tax (if applicable), and Social Security and Medicare taxes from her paycheck.If Ms. Bilko is an independent contractor, the company will not withhold any taxes from her compensation. Instead, she will be responsible for paying all of her own taxes, including self-employment tax (which is the Social Security and Medicare taxes for self-employed individuals).Payroll tax consequences:If Ms. Bilko is an employee, both she and her employer will be responsible for paying payroll taxes. This includes Social Security tax (6.2% of wages up to a certain limit) and Medicare tax (1.45% of wages). The employer will also be responsible for paying unemployment tax.If Ms. Bilko is an independent contractor, she will be responsible for paying self-employment tax, which includes both the employee and employer portions of Social Security and Medicare taxes. However, she will not be responsible for paying unemployment tax.Income tax payment requirements: If Ms. Bilko is an employee, her employer will withhold federal income tax, state income tax (if applicable), and Social Security and Medicare taxes from her paycheck. The employer will then be responsible for remitting these taxes to the appropriate taxing authorities on Ms. Bilko's behalf.If Ms. Bilko is an independent contractor, she will need to make estimated tax payments throughout the year to ensure that she pays enough in taxes to cover her tax liability. She will need to make estimated payments for federal income tax, self-employment tax, and state income tax (if applicable).
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Related Questions
Hall, a divorced person and custodian of her 12-year-old child, filed her 2021 federal income tax return as head of a household. She submitted the following information to the CPA who prepared her 2021 return: The divorce agreement, executed in 2016, provides for Hall to receive $3,000 per month, of which $600 is designated as child support. After the child reaches 18, the monthly payments are to be reduced to $2,400 and are to continue until remarriage or death. However, for the year 2021, Hall received a total of only $5,000 from her former husband. Hall paid an attorney $2,000 in 2021 in a suit to collect the alimony owed. In June 2017, Hall's mother gifted her 100 shares of a listed stock. The donor's basis for this stock, which she bought in 1985, was $4,000, and market value on the date of the gift was $3,000. Hall sold her stock in July 2017 for $3,500. The donor paid no gift tax.During 2017, Hall spent a total of $1,000 for state lottery tickets. Her lottery winnings in 2017 totaled $200.Hall earned a salary of $25,000 in 2017. Hall was not covered by any type of retirement plan, but contributed $2,000 to an IRA in 2017.In 2017, Hall sold an antique that she bought in 1995 to display in her home. Hall paid $800 for the antique and sold it for $1,400, using the proceeds to pay a court‐ordered judgment.Hall paid the following expenses in 2017 pertaining to the home that she owns: realty taxes, $3,400; mortgage interest, $7,000; casualty insurance, $490; assessment by city for construction of a sewer system, $910; interest of $1,000 on a personal, unsecured bank loan, the proceeds of which were used for home improvements. Hall does not rent out any portion of the home. Hall's $2,000 contribution to an IRA should be treated as
a. A deduction from adjusted gross income not subject to the 2% of adjusted gross income floor.
b. A deduction from adjusted gross income subject to the 2% of adjusted gross income floor.
c. An adjustment to income in arriving at adjusted gross income.
d. Non-deductible, with the interest income on the $2,000 to be deferred until withdrawal.
Answers
The $2000 contribution to an IRA should be treated as an An adjustment to income in arriving at adjusted gross income.
The reason Hall has to go with this option
The individuals that are not in a retirement plan of a company have the option of deducting their cash contributions to their own retirement accounts.
They are able to do this given that the money is 6000 dollars or a hundred percent of their gross income.
Taxes are not paid on interest in this type of account till the earnings from the retirement plan is distributed.
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PLEASE HELP!
If a company reported total sales of $59,919, cost of goods sold of $21,112, gross income of $38,807, operating expenses of $18,005 and a gross profit ratio of 65%, what was the company's operating income? (Round to the nearest dollar)
a) -$18,005
b) $20,802
c) $25,225
d) $38,807
Answers
Answer:
b) $20,802
Explanation:
Operating income, also called operating profit, is the income after deducting the operating expenses. In other words, it is gross profit minus operating expenses.
Operating expenses exclude taxes and interest.
Operating income will be calculated using the formula.
Gross profit -operating expenses = operating income
i.e,. Revenue- Costs of goods sold -operating expenses = operating income
=$59,919 - $21,112, -$18,005 =operating income
Operating income = $20, 802
events that do not involve exchanges between the company and someone else but affect assets, liabilities and/or stockholders' equity are called
Answers
Events that do not involve exchanges between the company and someone else but affect assets, liabilities, and/or stockholders' equity are called internal events.
These events are transactions within the company and do not involve any external parties. Examples of internal events include depreciation of assets, use of supplies, and adjustments for accrued expenses. These events still have an impact on the company's financial statements, but do not involve exchanges with other parties.
Internal events are events that are organized by companies for their employees, such as team-building exercises, training sessions, conferences, seminars, and recognition events. Internal events can be used to increase morale, build team cohesion, and promote productivity.
These events can also be used to reward employees and recognize their achievements.
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Samantha makes $250.00 a week and saves 10% of her paycheck each week. How much will she save in 12 months
Answers
Answer:
7
Explanation:
9867=7
In the Basic 4 Block SWOT (Strengths, Weaknesses, Opportunities, and Threats) which of these is considered to be a weakness? (A) Decreased customer esteem (B) Competitor technology (C) Limited history with manufacturing a particular technology (D) Declining market
Answers
In the Basic 4 Block SWOT (Strengths, Weaknesses, Opportunities, and Threats), a) decreased customer esteem is considered to be a weakness.
What is SWOT analysis?SWOT analysis is a planning tool that businesses use to identify their strengths, weaknesses, opportunities, and threats. By examining these elements, companies can determine the most effective approaches to achieve their objectives. SWOT analysis helps businesses to align their goals and strategies with their internal and external environments.
In the Basic 4 Block SWOT, decreased customer esteem is considered to be a weakness. Therefore, option (A) is correct. A weakness is any aspect of a company that hinders its ability to achieve its goals. In this situation, decreased customer esteem could lead to a decline in revenue and an increase in customer attrition.
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Cullumber Corp. had total variable costs of $190,800, total fixed costs of $116,600, and total revenues of $318.000Compute the required sales in dollars to break even.Required sales $
Answers
The Required sales in dollars to break even for Cullumber Corp is $291,500
To compute the required sales in dollars to break even, we need to use the formula:
Break-even point (in dollars) = Total fixed costs / (1 - (Total variable costs / Total revenues))
Plugging in the given values, we get:
Break-even point (in dollars) = $116,600 / (1 - ($190,800 / $318,000))
Break-even point (in dollars) = $116,600 / (1 - 0.6)
Break-even point (in dollars) = $116,600 / 0.4
Break-even point (in dollars) = $291,500
To calculate the required sales in dollars for Cullumber Corp to break even, we need to follow these steps:
1. Calculate the contribution margin per unit:
Contribution Margin per Unit = Sales Price per Unit - Variable Cost per Unit
2. Calculate the break-even point in units:
Break-Even Point (Units) = Total Fixed Costs / Contribution Margin per Unit
3. Calculate the required sales in dollars to break even:
Required Sales (Dollars) = Break-Even Point (Units) * Sales Price per Unit
From the information provided, we have the total variable costs, total fixed costs, and total revenues, but we need to know the sales price per unit and the number of units sold to compute the break-even point.
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A scope creep __________ is a list of additional ideas or bells and whistles proposed during a project.
Answers
Based on business management, a scope creeps "parking lot" lists additional ideas or bells and whistles proposed during a project.
Typically, a scope creeps parking lot is a document that records the project scope requests that the stakeholders do not authorize.
There a various information or scope requests that can be documented in the scope creep parking lots. Some of these unauthorized scope requests include the following:
An ambiguous scope of workPoor planning scheduleProject duration and complexity lCommunication between project stakeholders, etc.Hence, in this case, it is concluded that the correct answer is "parking lot."
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which of the following is not a channel option between a supplier (also known as the producer, assembler, or manufacturer/maker) and its customers when the supplier wants to leverage an intermediary to create an indirect channel?
A. Going through a stocking distributor (wholesaler), which connects to a retailer
B. Going directly to a retailer
C. Going through an agent such as a broker (jobber), who then serves the retailer
D. Going directly to the end customer through its own sales and distribution system
E. All of these are channel options for a supplier that wants to leverage an intermediary to create an indirect channel
Answers
The option which is not a channel option between a supplier and its customers when the supplier wants to leverage an intermediary to create an indirect channel is: "Going directly to a retailer (option B)."
When a supplier wants to leverage an intermediary to create an indirect channel, there are typically several channel options available, such as going through a wholesaler, distributor, or agent. However, going directly to a retailer is not considered an indirect channel option since the supplier is selling their products or services directly to the end customer through the retailer.
In this scenario, the supplier would be creating a direct channel, which bypasses the need for intermediaries. Direct channels are typically used when a supplier wants to maintain control over the sales process and maintain a closer relationship with their customers. Hence, option B is the correct answer.
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Explain in each of the following situations how market forces might give a business an incentive to act in a less discriminatory fashion. A local flower delivery business run by a bigoted White owner notices that many of its local customers are Black. An assembly line has traditionally only hired men, but it is having a hard time hiring sufficiently qualified workers. A biased owner of a firm that provides home health care services would like to pay lower wages to Hispanic workers than to other employees.
Answers
Which cable news network produces the most straight reporting?
A. MSNBC
B. ESPN
C. CNN
D. FOX
Answers
Answer:
C.
Have a good morning✨
Answer:
A
Explanation:
HELP PLEASSEE!!
What cultural change is a major driving factor for why the entertainment field is so
competitive in modern times?
A. rising standard of living
B. deterioration of goodwill
C. shrinking reach of companies
D. lower threshold for wear-out
Answers
I THINK it's A but i'm not sure
Apple used easy-to-open, clean-lined, well- designed packaging for all of its products. It is one of the distinguishing marks of its branding. By designing and creating such distinctive and pleasing packaging, what does Appel inspire in its customers?
Answers
Brand loyalty is what apple does by well- designed packaging for all of its products. It is one of the distinguishing marks of its branding.
What is meant by design packaging?Form, structure, materials, color, imagery, typography, and regulatory information are all connected with auxiliary design aspects in packaging design to create a product that is fit for marketing.
However, there are a lot of factors to consider when creating a packaging because design must have a purpose. It must safeguard what's within. It must make storage and distribution simple. On a shelf stacked with other products, it must advertise who it is and bring attention to itself.
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would anyone be willing to give away tickets for a concert please?
Answers
The three elements of the marketing concept are __________.
a. Market share, customer needs, marketing mix
b. Customer needs, company goals, profits
c. Channel management, customer needs, profits
d. Planning, target market, social media marketing
Answers
Answer:
B. Customer needs, company goals, profits
Explanation:
after a hurricane breaks all the windows in the stores on commercial street, under which circumstances is mark likely to start looting local businesses due to deindividuation?
Answers
Mark is deeply stirred by the storm's destruction after a hurricane smashes every window in the shops on Commercial Street.
Describe a hurricane.A revolving low-pressure weather system known as a tropical cyclone lacks fronts and has organized thunderstorms (a boundary separating two air masses of different densities). Tropical depressions are tropical cyclones with maximum sustained surface winds of less than 39 mph (mph).
Although hurricanes can and have happened outside of this window, "Hurricane Season" officially runs from June 1 to November 30. The Atlantic basin experiences extremely powerful storm systems, which average 12 times a year, according to NOAA's National Hurricane Center.
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Periodic Inventory Accounting and Perpetual Inventory Accounting-are two different bookkeeping systems-are two different fairy tales
Answers
Periodic Inventory Accounting is a bookkeeping system used to record inventory transactions at the end of an accounting period. This system keeps track of the total number of units of inventory purchased and sold during the accounting period, and the cost of each transaction.
It does not track individual inventory items until the end of the period.
Perpetual Inventory Accounting is a more detailed bookkeeping system that records inventory transactions as they occur.
This system tracks the individual inventory items purchased and sold, as well as the cost associated with each transaction. It is useful for companies that need to keep a close eye on their inventory levels and costs.
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adjust the following graph to show the short-run effect of an increase in wealth on the price level and on real gdp.
Answers
To adjust the graph to show the short-run effect of an increase in wealth on the price level and real GDP, we would see a shift in the aggregate demand curve to the right, which would lead to an increase in both the price level and real GDP.
The short-run effect would be shown as a movement along the short-run aggregate supply curve, with an increase in the price level and an increase in real GDP. In the graph, we would see the AD curve shift rightward, intersecting with the short-run AS curve at a higher level of real GDP and price level. This would indicate the short-run effect of the increase in wealth on the economy, showing an increase in both real GDP and the price level in the short term.
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· Hope's contribution to her RETIREMENT plan...
a. is a post-tax contribution on which she pays federal income taxes
b. is pre-tax and therefore not included in federal income taxes
c. Is a contribution to her Social Security
d. is taxed at a rate of 15%
Answers
Based on Hope's check, her contribution to her RETIREMENT plan b. is pre-tax and therefore not included in federal income taxes.
What does the check say?The check notes that Hope's retirement contribution is not included in her federal taxable income.
This means that the contribution is paid pre-tax and will not be liable for federal income taxes. She will most probably pay taxes on the retirement fund when she withdraws from it.
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Please help
9. Describe preventing/controlling risk in relation to how businesses deal with each of the
following:
a. Safety-
b. Security-
c. Employee incompetence-
d. Product selection-
e. Credit-
f. Changes-
g. Weather extremes-
Answers
a. Safety - Businesses can prevent and control risks related to safety by implementing safety protocols and guidelines, providing adequate training to employees, regularly inspecting equipment and facilities, and promptly addressing any safety concerns.
b. Security - Businesses can prevent and control risks related to security by implementing access control measures, using security cameras and alarms, regularly reviewing and updating their security policies, and training employees on how to identify and respond to security threats.
c. Employee incompetence - Businesses can prevent and control risks related to employee incompetence by providing thorough training and development programs, setting clear performance expectations, and regularly monitoring employee performance and providing feedback.
d. Product selection - Businesses can prevent and control risks related to product selection by conducting thorough research on products, identifying potential risks and liabilities associated with them, and regularly reviewing and updating their product selection policies.
e. Credit - Businesses can prevent and control risks related to credit by establishing credit policies and procedures, conducting credit checks on customers, setting credit limits, and regularly monitoring accounts receivable.
f. Changes - Businesses can prevent and control risks related to changes by conducting thorough risk assessments before implementing any changes, communicating changes to stakeholders, establishing contingency plans, and regularly reviewing and updating their change management policies.
g. Weather extremes - Businesses can prevent and control risks related to weather extremes by implementing weather emergency protocols, regularly monitoring weather forecasts, having emergency supplies on hand, and regularly reviewing and updating their weather emergency plans.
\( \: \)
Preventing and controlling risk in business involves implementing various strategies for different aspects such as safety, security, employee competence, product selection, credit, changes, and weather extremes.
Explanation:Preventing/Controlling Risk in BusinessSafety: Businesses can prevent safety risks by implementing safety measures such as providing proper training, enforcing safety protocols, and conducting regular inspections.Security: Businesses can control security risks by installing security systems, implementing access control measures, and conducting background checks on employees.Employee incompetence: Businesses can prevent employee incompetence risks by providing comprehensive training programs, establishing clear performance expectations, and conducting periodic performance evaluations.Product selection: Businesses can control product selection risks by conducting thorough market research, partnering with reputable suppliers, and performing product testing.Credit: Businesses can prevent credit risks by setting strict credit policies, conducting credit checks on customers, and implementing effective collection procedures.Changes: Businesses can control risks associated with changes by implementing change management strategies, communicating effectively with stakeholders, and conducting impact assessments.Weather extremes: Businesses can prevent or mitigate risks associated with weather extremes by implementing weather monitoring systems, having emergency response plans in place, and investing in appropriate insurance coverage.Learn more about Risk management in business here:https://brainly.com/question/33515955
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Varion Air offers its customers a complementary air ticket on the purchase of three business class tickets. Varion Air's strategy best represents the ____ element of its marketing mix.
place
promotion
price
product
Answers
The Varion Air offers its customers a complementary air ticket on the purchase of three business class tickets. Varioun Air's strategy best represents the promotion element of its marketing mix.
What is strategy?An organization's long-term objectives and the plan it has to achieve them are referred to as its strategy. In other words, it demonstrates the strategy for achieving the stated goal.
Advertising, sales promotion, and public relations, three of the five promotional factors, are frequently cited as using mass selling. Mass selling is the promotional strategy that contacts large groups of potential customers
Therefore, Thus option (B) is correct.
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when an increase in government purchases increases the income of some people, and those people spend some of that increase in income on additional consumer goods, we have seen a demonstration of
Answers
The crowding-out effect has been demonstrated when an increase in government spending raises certain people's income and those people then spend a portion of that money on more consumer items. The Marginal Propensity to Consume or MPC is highlighted by this.
Describe MPC.
The percentage of an overall pay increase that a consumer spends on purchasing goods and services rather than saving is known as the marginal propensity to consume (MPC) in economics.
Keynesian macroeconomic theory includes a concept known as marginal propensity to consume, which is calculated as the change in consumption divided by the change in income. A consumption line represents MPC.
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A strategy of setting prices based on how customers develop their perceptions of value can often be the most effective pricing strategy, especially if the strategy
Select one:
a. leads the marketer to being the low-cost seller.
b. challenges consumers to discard their perceptions of value.
c. is measured against the competition.
d. is consistent with a competitive target return strategy.
e. is supported by consistent advertising and distribution strategies.
Answer: e
Answers
The plan is supported by consistent marketing and distribution strategies.
Which of the following pricing tactics puts the customer's needs first?Value pricing, which usually takes into account external factors, focuses on the perceived value of your good or service. It asks you to take into consideration less easily quantifiable elements while considering how and how much clients will benefit from what you're selling.
Which pricing plan or technique will assist a business improve its earnings the most?Price Maximization A price maximization method looks to set prices that will bring in the most money for the business. finding out how to reduce these costs after calculating the fixed and variable charges a business will face.
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Dr. Sams,
I would liek to schedual an apointment for next Wednesday.
Thank you,
Susan
a.
red text
b.
poor grammar
c.
no greeting
d.
misspelled words
Answers
Why is it important to use the right strategies to beat competition?:
Answers
Answer:
Therefore, competitive strategy is essential for the survival of the product in the market. Having a new competitive strategy to beat rival companies or their products by renaming or redesigning their products will help the company to be more profitable and create an image new on the market.
incremental change is always less risky than large, 2nd order change true or false
Answers
False. It is not necessarily true that small, incremental change is less risky than big, second-order change. The specific context, the type of the change, and the organization's preparation and adaptability are only a few of the variables that affect the level of risk connected with a change.
While incremental change often entails smaller, more manageable changes over time, it may nonetheless be dangerous. Even minor modifications might cause established procedures to break down, necessitate the allocation of resources, and encounter pushback from stakeholders or personnel.
The scale and possible impact of a substantial, second order change, however, may in fact come with greater hazards. Significant organisational restructuring, cultural changes, and strategic realignment may be necessary. But these adjustments might also present chances for innovation and transformation, which might be essential for long-term success.
In the end, the degree of risk connected with each change depends on a variety of variables, therefore regardless of the size of the change, it is imperative to effectively analyse and manage risks.
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Industry value chains Multiple choice question. generally have little effect on the company's cost competitiveness and customer value proposition. include both suppliers and forward channel partners. do not take into consideration the buyer or end-user value chain. tend to be highly similar across industries.
Answers
Answer:
include both suppliers and forward channel partners.
Explanation:
An industry value chain can be defined as a physical representation of all of the activities and processes undertaken by a company or business firm for the manufacturing of goods and services, especially starting with the purchase of raw materials, manufacturing of finished goods and then ending with the delivery of the finished goods (products) to the market and consumers through a supply chain.
This ultimately implies that, industry value chains include both suppliers and forward channel partners.
In conclusion, an industry value chain should comprise of the margins of suppliers, value-creating activities and processes, costs, and forward channel partners.
Three types of financial assistance that can be applied for after Grade 12
Answers
2. loan assistance
3. Student Employment
assume an open economy with flexible exchange rates. explain the consequences of expansionary monetary policy in the short run fo_____
Answers
Assuming an open economy with flexible exchange rates, an expansionary monetary policy in the short run can lead to an increase in the money supply and lower interest rates, which can stimulate aggregate demand and encourage borrowing and investment.
What is the reason?However, this can also lead to an increase in inflation and a decrease in the value of the domestic currency relative to foreign currencies, making exports more competitive but imports more expensive.
In addition, the lower interest rates may lead to an increase in capital outflows as investors seek higher returns elsewhere, putting pressure on the exchange rate.
Overall, the consequences of expansionary monetary policy in the short run depend on the specific circumstances and factors in the economy.
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Someone who likes building, designing, or creating things probably has a(n) _____. a. naturalistic learning styles b. bodily/kinesthetic learning style c. logical/mathematical learning style d. visual/spatial learning style Please select the best answer from the choices provided A B C D
Answers
Answer:
I assume D
Explanation:
A It tips me off of the idea from an naturalist style, belief that only natural laws
so this would go against the construction of man kind and society which is the opposite answer we want
b doesn't seem to be the answer as if " learning takes place by the students carrying out physical activities, rather than listening to a lecture or watching demonstrations." this is a student basically, instead sitting and listening they get to learn by doing activates
C logical and mathicals ways is different from designs and the artistic way of building this seems to be in a career for maybe a bank teller or a teacher
also I tested this on the answering sheet myself and it was correct
A. b. bodily/kinesthetic learning style more accurately describes someone who likes building, designing, or creating things.
Unlike a naturalistic learning style that encourages learning in a natural environment, the bodily/kinesthetic learning style relies on hand movements.
The bodily/kinesthetic learning style is different from a logical/mathematical style because, in the latter, the reliance is on making connections and patterns with numbers.
Lastly, the bodily/kinesthetic learning style is preferred by the person who likes building, designing, or creating things to the visual/spatial learning style, which encourages learning using visual aids.
Thus, the person who likes building, designing, or creating things has a bodily/kinesthetic learning style.
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Quimby Corp. purchased fifteen $1000 6% bonds of Power Source Corporation when the market rate of interest was 10%. Interest is paid semiannually, and the bonds will mature in ten years.
Using the PV function in Excel, compute the price Quimby paid (the present value) for the bond investment. (Assume that all payments of interest and principal occur at the end of the period. Round your answer to the nearest cent.)
Answers
Using the PV function in Excel, Quimby Corp. paid approximately $10,374.09 for the bond investment of fifteen $1,000 6% bonds of Power Source Corporation.
To calculate the present value of the bond investment, Quimby Corp. uses the PV function in Excel. The PV function helps determine the present value of an investment based on future cash flows and the market rate of interest. In this case, the bond has a face value of $1,000 and a coupon rate of 6%, paid semiannually. The market rate of interest is 10%, which is higher than the bond's coupon rate. As a result, the bond is priced at a discount to its face value.
By entering the relevant parameters into the PV function, including the number of periods (10 years * 2 semiannual periods per year), the coupon rate, the market rate, and the face value, Excel calculates the present value of the bond investment. The result, rounded to the nearest cent, is approximately $10,374.09, which represents the price Quimby Corp. paid for the bond investment considering the discounted future cash flows and the market rate of interest.
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