FIN5011 W2024 - Assignment 2 (1)
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Fundamentals of Financial Planning FIN5011 Winter 2024 Copyright © 2024 Giulio Iacobelli. All rights reserved Assignment 2: 20% of final grade Due: April 2nd, 2024 at: 11:59 P.M. (Toronto time) Last submissions are subject to a -20% late penalty per day. Assignment Overview: In groups of 3 or 4, complete the below case study. The purpose of the assignment is to apply the material in the course. You may need to do your own research to answer some of the questions. You are a financial planner with a specialty in tax and credit. You began your career working for a bank and are now a self-employed financial planner. Last week, a couple walked into your office looking for advice. Martin and Adele, bought a home in Oakville, Ontario, 5-years ago. At the end of the month, January 31, 2024, their mortgage will be up for renewal. They are not sure what is going to happen to interest rate, given the current economic situation, and they want to lock in a 4-year or 5-year fixed rate. Martin’s annual income this year (2023) is expected to be $102,000 a year and Adele’s annual income is expected to be $71,000 a year. One of the financial institutions you represent is currently offering clients fixed rate mortgages. The current rates for a fixed mortgage are: 6.3% for a 4-year closed term and 6.5% for a 5-year closed term. Martin and Adele provide you with the following information about their home and mortgage: • Purchase price of their home: $1,00,000.00 • Market value of their home: $1,500,000.00 • Original Mortgage: $775,000.00 • Mortgage amortization: 25 years • Mortgage term: 5-years, fixed rate compounding semi-annually • Mortgage Rate: 2.75% • Payment Schedule: Monthly Using the above information above, answer the following questions: 1.
What is the balance outstanding on Martin and Adele’s mortgage at the end of the 5-year term (balance as of Mar. 31, 2024)? Show all calculations for full marks (10 marks). 2.
If Martin and Adele select the 4-year term, what is the balance outstanding at the end of the 4-year term? (5 marks) 3.
If Martin and Adele select the 5-year term, what will their monthly payments be? (5 marks) 4.
Assuming they take the 5-year mortgage rate, how much interest will they have paid over the 10-
year period? (5 marks). 5.
How much money will Martin have to pay towards Federal and Provincial Taxes in 2024? Assume no tax credits (5 marks). 6.
How much money will Adele have to pay towards Federal and Provincial Taxes in 2024? Assume no tax credits (5 marks).
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Journalizing Installment Notes
On the first day of the fiscal year, a company issues $52,000, 11%, five-year installment notes that have annual payments of $14,070. The first note
payment consists of $5,720 of interest and $8,350 of principal repayment.
a. Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank.
b. Journalize the first annual note payment. If an amount box does not require an entry, leave it blank.
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1. From the following Trial balance , you are require to prepare the final accounts for the year ended 31st December 2020.
Grades
Particulars
Amount (Dr)
Amount(Cr)
4,80,000
Сapital
Drawings
Land & Building
People
1,35,000
4,50,000
Pages
Account
Creditors
3,15,000
Files
Plant& Machinery
1,20,000
Purchase returns
7,950
Syllabus
Bills receivable
18,000
Dashboard
Sales
6,54,000
Quizzes
Opening stock
1,20,000
1,53,000
78,000
1,500
3,000
1,14,000
10,200
79,800
1,35,000
3,600
6,000
18,000
11,850
Courses
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Purchase
Wages
Carriage outwards
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Salaries
Calendar
Discount
Inbox
Bank balance
Debtors
Bad debts
Sales returns
Furniture
Advertisements
Total
14,56,950
14,56,950
Adjustments:
Stock on 31st December,2020 is Rs. 1,05,000
Machinery & Furniture to be depreciated @ 10%.
Wages outstanding is Rs. 4,50O
Prepaid Advertisement is Rs.1,500
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ATG-110-20A01: Financial Accounting (Session II Summer 2021)
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O a. 3.77
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theory. The "bird in the hand" theory, the tax preference theory, which theory is the best?
What is the different of stock dividends, stock splits, and stock repurchase.
2. In the working capital management, we know about cash conversion cycle model. For
problem if average inventories are $3 million and sales are $11 million. If receivables are
S 657.535 and sales are S 11 million. Then, if its cost of goods sold are $9 million per year
and if its accounts payable average $ 657.535. What is the length of the cash conversion
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Buddy Company uses the allowance method to account for uncollectible receivables. At the beginning of the year,
Allowance for Bad Debts had a credit balance of $800. During the year Buddy wrote off uncollectible receivables of
$2,100. Buddy recorded Bad Debts Expense of $2,800. Buddy's year-end balance in Allowance for Bad Debts is
$1,500. Buddy's ending balance of Accounts Receivable is $20,300. Compute the net realizable value of Accounts
Receivable at year-end.
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The YuRaeKa charity was established in 1960. The charity’s aim is to provide support to children from disadvantaged backgrounds who wish to take part in sports such as tennis, badminton, squash, basketball and football.
YuRaeKa has a detailed constitution[1] which explains how the charity’s income can be spent. The constitution also notes that administration expenditure cannot exceed 10% of income in any year.
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Assignment - 1. Credit Scores and Loans
Attempt 1 of 1
ASSIGNMENTS
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SECTION 3 OF 4
QUESTION 6 OF 8
1
2
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Match the option with the lowest monthly payment to highest monthly payment.
$12,000 loan with 1% simple
1.
lowest payment
interest over 7 years
$7,500 loan with 4% simple interest
2. second highest payment
over 5 years
$8,500 loan with 2% simple
3. third highest payment
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$10,000 loan with 3% simple
4. fourth highest payment
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Analysis of Receivables Method
At the end of the current year, Accounts Receivable has
balance of $4,375,000; Allowance for Doubtful Accounts has a debit balance of $21,300; and sale
for the year total $102,480,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $205,000.
a. Determine the amount of the adjusting entry for uncollectible acfounts.
b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.
Accounts Receivable
Allowance for Doubtful Accounts
Bad Debt Expense
c. Determine the net realizable value of accounts receivable.
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a) Will credit cards help? The average undergraduate student leaves college with a diploma and
around $2750 in credit card debt (graduate students; $4800). Suppose you have a credit card with a
balance of $2750 and an interest rate of 19.8% APR. The minimum payment is $45.00. The amount
of interest due each month is figured as current balance
where r is the rate (decimal form) and n is
12. Fill in the table, making minimum payments.
Current
balance
Month
Interest
Payment
Amount applied to principal
1
$2750.00
$45.38
$45.00
-$0.38
$2750.38
$45.00
$45.00
4
$45.00
$45.00
$45.00
$45.00
8.
$45.00
9.
$45.00
10
$45.00
11
$45.00
12
$45.00
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Information pertaining to Noskey Corporation's sales revenue follows:
November 2021
(Actual)
$ 180,000
December 2021
(Budgeted)
$ 160,000
500,000
January 2022
(Budgeted)
Cash sales
000'09
$ 540,000
Credit sales
$ 360,000
000'09
Total sales
000'099 2$
Management estimates 5% of credit sales to be uncollectible. Of collectible credit sales, 60% is collected in the month of sale and the
remainder in the month following the month of sale. Purchases of inventory each month include 70% of the next month's projected
total sales (stated at cost) plus 30% of projected sales for the current month (stated at cost). All inventory purchases are on-account;
25% is paid in the month of purchase, and the remainder is paid in the month following the month of purchase.…
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Accounting
Chapter 13 - Homework Problem
During the last week of August, Apache Arts Company's owner approaches the bank for
an $80,000 loan to be made on September 2 and repaid on November 30 with annual
interest of 12%, for an interest cost of $2,400. The owner plans to increase the store's
inventory by $60,000 during September and needs the loan to pay for inventory
acquisitions. The bank's loan officer needs more information about Apache Arts' ability
to repay the loan and asks the owner to forecast the store's November 30 cash position.
On September 1, Apache Arts is expected to have a $3,000 cash balance, $135,000 of
accounts receivable, and $100,000 of accounts payable. Its budgeted sales, merchandise
purchases, and various cash disbursements for the next three months follow:
Budgeted Figures
Sales
September…
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Suppose you are paid $3,000 per month and your employer's 401(k) matches your contributions by 10% up to a
maximum of 15% of your pay. Assuming you max-out your retirement savings and you work for 25 years, how
much will the 401(k) be worth when you retire (if you can get an APR of 8% during your work years)? If you are
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Before taxes retirement amount $
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Homework Assignment #3 Due in drop box 4/8 by 11:59 p.m.
Chapter 6
2. John Walters is comparing the cost of credit to the cash price of an item. If John makes an $80
down payment and pays $35 a month for 24 months, how much more will that amount be than
the cash price of $685?
5. A work-at-home opportunity is available in which you will receive 3 percent of the sales for
customers you refer to the company. The cost of your "franchise fee" is $600. How much would
your customers have to buy to cover the cost of this fee?
Chapter 7
7. Which mortgage would result in higher total payments?
Mortgage A: $985 a month for 30 years
Mortgage B: $780 a month for 5 years and $1,056 for 25 years
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Exercise 9-12 a-b (Part Level Submission)
Oriole Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at
December 31.
Nov. 1
Loaned $23,50Chcash to Manny Lopez on a 12-month, 12% note.
Dec. 11
Sold goods to Ralph Kremer, Inc., receiving a $61,200, 90-day, 10% note.
16
Received a $97,200, 180 day, 8% note in exchange for Joe Fernetti's outstanding accounts receivable.
31
Accrued interest revenue on all notes receivable.
(a)
Your answer is correct.
lournalize the transactions for Oriole Supply Co. (Ignore entries for cost of goods sold.) (Credit account titles are…
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QUESTION
1
4
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You get a personal loan of $5,000 with 12% simple interest too be paid over 30 months. What is your monthly payment?
O $150.00
O $166.67
O $216.67
O $175.00
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3-Michael Cool's employer offers its workers an optional two-month unpaid vacation after 7
years of service to the firm, who just started working for the firm, plans to spend his vacation
touring Europe at an estimated cost of $24,000. To finance his trip, Robert plans to make an
annual deposit of $2,500 into a savings account at the end of the next seven years (first deposit
will occur one year from today. The account pays 8% annual interest rate,
a. Will Michael's account balance in seven years be enough to pay for his trip?
b. Suppose Michael increases his annual deposit to S2,700. How large will his account
balance be in seven years?
4- The Robinson Company has the following current assets and current liabilities for these two
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Sheffield Corp. uses the percentage-of-receivables basis to record bad debt expense and concludes that 3% of accounts receivable will become
uncollectible. Accounts receivable are $430,800 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,864.
(a) Prepare the adjusting journal entry to record bad debt expense for the year.
(b) If the allowance for doubtful accounts had a debit balance of $887 instead of a credit balance of $2,864, prepare the adjusting journal entry for
bad debt expense.
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The following is Green Co.'s Pre-Closing Trial Balance as of December 31, 2017. Green's accounting period is a month,
the month of December 2017. (Note that the accounts are not
thus the balances in the temporary accounts are for
listed in their normal sequence -- rather they are listed in alphabetical sequence.)
Account Name
_Debit_
Credit_
Gradin
Accounts Payable
26,000
Accounts Receivable
28,850
Cash
10,000
Common Stock
12,500
Cost of Goods Sold
68,000
Equipment
73,000
150
Interest Expense
Interest Payable
500
Inventory
45,000
Note Payable
21,000
Retained Earnings
53,000
Sales Revenue
179,000
Supplies Expense
7,000
Wages Expense
60,000
Total
292,000
292,000
Place the accounts in the correct order.
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a. Determine the employee's gross pay for the week.
1,830 ✔
b. Determine the erpolovee's net pay for the week Round your answer to two decimal places.
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Calculate Payroll
An employee earns $30 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 54 hours during the week.
Assume that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and the employee's federal income tax withheld is $295.
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Target due: 1/14/21 58.33%
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Caleb has a job that pays $11.15 per hour for a 40-hour work week. He is paid time
and a half for every hour over 40 that he works in a week. What will his gross pay be
for a week in which he works 46 hours?
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$512.90
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$769.35
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Case Study # 4 Excel Submission – Capital Budgeting Comprehensive Problem
Pinnacle Custom Home Builders purchased a 40 foot articulating boom lift three years ago for
$50,000. The equipment has been depreciated under the 5-year MACRS schedule (20%, 32%,
19%, 12%, 12% & 5%). The old equipment can be sold for $33,000.
Pinnacle is considering the purchase of a new 60 foot articulating boom lift that would allow
the company to complete nearly all of its construction projects without the need for costly rental
lifts. The new lift could be purchased for $105,000 and would also fall under the 5-year MACRS
depreciation schedule.
Assume the old and new equipment would provide the following operating gains (or losses)
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Use the following information to answer questions #1-4
Mrs. Smith has a monthly payment of $230 for health insurance, a $500 deductible, an 80%/20% co-
insurance and co-payments of $15 for prescriptions and $45 for office visits.
1.
What is Mrs. Smith's premium?
a.
$45
b. $230
C.
$500
d. $1,000
2.
What amount will Mrs. Smith have to pay for medical services before the policy begins to pay?
a.
$45
b.
$230
C.
$500
d. $1,000
r for a small nrocedure costing $1,000 what percentage of the me
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Your grandfather has agreed to deposit a certain amount of money each year into an account paying 7.90 percent annually to help you
go to graduate school. Starting next year, and for the following four years, he plans to deposit $2,350, $8,600, $7,200, $6,600, and
$12,150 into the account. How much will you have at the end of the five years? (Round answer to 2 decimal places, e.g. 15.25.)
Future value at end of five years
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odels B: Lesson 2 - Other Forms of Compensation
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Target due: 1/14/21
I J 1) Choose the correct answer.
Andres is offered a job as manager of a health club. The job will pay $3,100 per
month, paid semimonthly. Along with the base salary, the company offers to pay half
the cost of medical insurance and will match Andres' contribution to a retirement plan
up to a total of $3,500. If the full cost of the medical insurance is $450 per month and
Andres plans to contribute the full $3,500 every year to a retirement plan, what is the
actual annual value of this job to Andres?
$83,300
$43,400
$42,600
$46,100
T
$37,200
2) Choose the correct answer.
M
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Recommended textbooks for you
- Excel Applications for Accounting PrinciplesAccountingISBN:9781111581565Author:Gaylord N. SmithPublisher:Cengage Learning
Excel Applications for Accounting Principles
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ISBN:9781111581565
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Publisher:Cengage Learning