Golden Age Retirement Planners specializes in providing financial advice for people planning for a comfortable retirement. The company offers seminars on the important topic of retirement planning. For a typical seminar, the room rental at a hotel is $1,000, and the cost of advertising and other incidentals is about $10,000 per seminar. The cost of the materials and special gifts for each attendee is $60 per person attending the seminar. The company charges $250 per person to attend the seminar as this seems to be competitive with other companies in the same business. How many people must attend each seminar for Golden Age to break even?
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- Annabelle, a busy professional, is seeking a way to invest a fixed amount of her monthly salary into an actively-managed investment fund. She has indicated she has a surplus $500 per month to invest. Which investor service would be suitable for her? A.Automatic investment plan of $500 per month B.Automatic withdrawal plan of $500 per month C.$500 conversion privilege D.Regular withdrawal plan of $500 per monthSuppose you have a job that pays you $15,000 a year. You receive a credit application in the mail stating that you have been pre-approved for $3,000 in credit, but that you must make at least $18,000 a year to receive the card. What should you do?Raffie’s Kids, a nonprofit organization that provides aid to victims of domestic violence, low-income families, and special-needs children, has a 30-year, 5% mortgage on the existing building. The mortgage requires monthly payments of $3,000. Raffie’s bookkeeper is preparing financial statements for the board and, in doing so, lists the mortgage balance of $287,000 under current liabilities because the board hopes to be able to pay the mortgage off in full next year. Of the mortgage principal, $20,000 will be paid next year if Raffie’s pays according to the mortgage agreement. The board members call you, their trusted CPA, to advise them on how Raffie’s Kids should report the mortgage on its balance sheet.
- Raffie’s Kids, a nonprofit organization that provides aid to victims of domestic violence, low-income families, and special-needs children, has a 30-year, 5% mortgage on the existing building. The mortgage requires monthly payments of $3,000. Raffie’s bookkeeper is preparing financial statements for the board and, in doing so, lists the mortgage balance of $287,000 under current liabilities because the board hopes to be able to pay the mortgage off in full next year. Of the mortgage principal, $20,000 will be paid next year if Raffie’s pays according to the mortgage agreement. The board members call you, their trusted CPA, to advise them on how Raffie’s Kids should report the mortgage on its balance sheet. 1. What is the ethical issue? 2. What is the reason for your recommendation?Bonnie's Family is a non-profit organization which assists families with low-income, special needs children, or are victims of domestic violence. They have a 30 year mortgage with a 5% interest rate which requires a payment of $3,000 per month. In preparing the financial statements for the board, you list the mortgage balance of $287,000 as a current liability based on the board hoping to pay it off within the next year. If Bonnie's pays according to the mortgage agreement, only $20,000 will be paid in the next year. The board asks an independent CPA to advise how to report the mortgage on the balance sheet. 1. Explain how to account for the mortgage payment based on U.S. GAAP, assuming the board feels they will pay the entire balance in the next year. 2. Provide supporting information to the accounting for the mortgage on the balance sheet for your response to requirement 1.Raffie’s Kids, a nonprofit organization that provides aid to victims of domestic violence, low-income families, and special-needs children, has a 30-year, 5% mortgage on the existing building. The mortgage requires monthly payments of $3,000. Raffie’s bookkeeper is preparing financial statements for the board and, in doing so, lists the mortgage balance of $287,000 under current liabilities because the board hopes to be able to pay the mortgage off in full next year. Of the mortgage principal, $20,000 will be paid next year if Raffie’s pays according to the mortgage agreement. The board members call you, their trusted CPA, to advise them on how Raffie’s Kids should report the mortgage on its balance sheet. What is the ethical issue? Provide and discuss the reason for your recommendation.
- Tim Navholtz needs a $20,000 renters insurance policy and has selected the $500,000 liability with $1,000 deductible. The insurance company has determined his credit is excellent and has given him the "good" credit rate. If he adds an endorsement of $0.85/$100 to ensure $12,600 of jewelry, $20/year for the options of identity theft/protection and $75/year for sewer/sump pump backup protection for his basement, find his annual premium using the given table. Click the icon to see a hypothetical table of Estimated Annual Renters Insurance Premium Rates. The annual premium is $. (Simplify your answer. Type an integer or a decimal.)Tamika Harms needs $18,000 to prepare her web-page design business for opening. Her bank will loan her the money at a banker's discount rate of 9.2% for 195 days. Find the face value of the note so that Ms. Harms will have the required $18.000. Use banker's interest of 360 daysYou are a financial adviser working with a client who wants to retire in eight years. The client has a savings account with a local bank that pays 9% annual interest. Tne client warts to deposit an amount that will provide her with $1,000,000 when she retires. Currently, she has $300,000 in the account. EV of $1, PVof $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) How much additional money should she deposit now to provide her with $1,000,000 when she retires? (Round your answer to nearest whole dollar.) Additional deposit amount
- Jenn Conway needs $13,000 to prepare her web-page design business for opening. Her bank will loan her the money at the banker's discount rate of 11.1% for 128 days. Find the face value of the note so that Ms. Conway will have the required $13,000. Use banker's interest in 360 days. The face value of the simple discount note is $Ethical Issue: Raffie’s Kids, a nonprofit organization that provides aid to victims of domestic violence, low-income families, and special-needs children, has a 30-year, 5% mortgage on the existing building. The mortgage requires monthly payments of $3,000. Raffie’s bookkeeper is preparing financial statements for the board and, in doing so, lists the mortgage balance of $287,000 under current liabilities because the Board hopes to be able to pay the mortgage off in full next year. Of the mortgage principal, $20,000 will be paid next year if Raffie’s pays according to the mortgage agreement. The Board members call you, their trusted professional bookkeeper confidant, to advise them on how Raffie’s Kids should report the mortgage on its Balance Sheet. 1. What is the ethical issue? 2. What is your recommendation to the Board of Raffie’s Kids?A hotel offers a couples weekend package plan for $500. This plan includes accommodations for two nights, two breakfasts, two dinners, a welcome bottle of champagne, and a drink with each dinner. The market value of these items is $400 rooms, $150 food, $75 beverages. Allocate the revenue to the proper departments for each plan sold.