Company benefits

Your younger brother, Tom, just received information from his company on his benefits. He tells you that he is not interested in reading the retirement information because he has another 30 years of working before he can even consider retiring. You take a look at the information and see that his company offers a great 401(k) plan that matches contributions up to 6% and has been offering an average return of 12% annually. At this time Tom is making $30,000 per year and receives an average raise of 3% per year. Individually: Prepare a spreadsheet for Tom that shows how much money he could expect to have in his retirement account in 30 years given the following scenarios: 1. He takes adva... click for more

Your friend, Sal, wants to know how much

Your friend, Sal, wants to know how much he would save in taxes by contributing to his 401(k) plan. He can invest up to 10% of his income into the plan. His current income is US$50,000 per year, and he is in the 25% tax bracket. In a memo to your friend that outlines how much he would save in taxes by contributing to his 401(k) plan. Include an Excel spreadsheet that provides answers for each of the following investment choices: 2%, 4%, 6%, 8%, and 10%. Additionally, provide Sal with other suggestions to minimize his taxes.

Having issues with a finance problem

Use the following industry average ratios to construct a pro forma balance sheet for Carlos Menza, Inc. Total asset turnover 2 times Average collection period (assume a 365-day year) 9 days Fixed asset turnover 5 times Inventory turnover (based on cost of goods sold) 3 times Current ratio 2 times Sales (all on credit) $4.0 million Cost of goods sold 75% of sales Debt ratio 50% Cash _____ Current liabilities _____ Inventory _____ Long-term debt _____ Accounts receivable _____ Common stock plus _____ · Net fixed assets _____ · Retained earnings _____ · Total $_____ · Total $_____ Thanks!

Interest on a loan

The list price for a radio is 22% higher than its net price. If the net price is $29.00, what is the list price? What is the amount of the trade discount? A certified public accountant discounts a bill to $294.00 when a client pays in cash, within 10 days. If the cash discount is 1.5%, how much would the customer have paid if he or she had not been eligible for the discount? Report the result to the nearest penny. Bill’s Accounting is taking out a lease on $2,000 worth of computing equipment and office furniture, over a two year period. The bank charges 8.25% interest annually. Compute the interest paid and the total amount paid for the lease. You need to borrow $5,000 for 2.33 years.... click for more

Having a little issue with finding the float.

ZZZ Corp. ended the day with a cleared balance in its bank account of $7,000. The company deposited $50,000 in checks received from customers the next day. It wrote checks to its suppliers the same day that totaled $20,000. If $14,000 of the firm’s deposited checks have cleared by the end of the third day but only $8,000 of its checks to suppliers have cleared, what is its “float”?