Answer and Explanation:
The preparation of the income statement is presented below:
Revenues
Fees earned $520,400
Total revenues $520,400
Less expenses:
Depreciation Expense $9,800
Insurance Expense $1,860
Miscellaneous Expense $3,920
Rent Expense $74,500
Salaries Expense $261,700
Supplies Expense $3,330
Utilities Expense $28,400
Total expenses $383,510
Net income $136,890
Answer:
The price of the bond is 1,072.19
Explanation:
The price at which the bond trades for can be computed using the pv formula in excel which tries to discount to present value all the cash inflows receivable from the bond into today's present worth.
=-pv(rate,nper,pmt,fv)
rate is the yield to maturity of 6.50% divided by 2 since the bond pays interest semi-annually i.e 3.25%
nper is the number of coupon payments the bond would pay which is 7 years multiplied by 2 i.e 14
pmt is the semi-annual interest of the bond which is $1000*7.8%/2=$39
the fv is the face value of the bond of $1000
=-pv(6.5%/2,14,39,1000)=$1,072.19
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Answer: C
Explanation: Re balance your portfolio every 3 months.
