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# Tutor profile: Megha C.

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Megha C.
Tutor for 7 years (Chartered Accountant)
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## Questions

### Subject:Accounting

TutorMe
Question:

Bob is a 37-year-old and is an account manager for a large telecom company. He's been dragging his feet with his retirement plan, opting instead for expensive trips to Vegas and Aspen. He has decided its time to get serious about saving for his retirement. He plans to retire at age 67 and travel the world. Because of this plan he figures he needs approx. 70,000/year in retirement. His grandfather lived until he was 86 and his dad is in perfect health at age 70, therefore bob figures he should plan to be around until he's 90. So far, he has 11,000 saved for retirement and because of his aggressive investment philosophy, is planning for a return on all his investments before the retirement of 8%. Following retirement, he will invest more conservatively and will plan for a 5% return on investments. His company’s retirement plan is defined contribution, so he doesn’t plan on getting a pension. He is not counting on social security to be around, so he isn’t including that in his plan. Thus, his entire retirement will be funded on his own savings. How much will Bob have saved at the end of his work life if he doesn’t add to his current savings? How much will money will bob need during retirement based on his calculations? How much will bob need to save EACH YEAR to be ready for retirement at age 67?

Inactive
Megha C.

Question: How much will Bob have saved at the end of his work life if he doesn’t add to his current savings? Solution Since e is having 11000 at present, the total amount he will be having at the retirement can be calculated using the compounding annual growth of 8% as follows: Years to retire 20 Return Rate 8% Savings at present 11000 At the age of 67, Savings 51270.53 Question: How much will money will bob need during retirement based on his calculations? Solution: Since there are no social security benefits, therefore, the entire requirement will be funded out of his savings. His total requirement, in this case, has been calculated hereunder: Need 70000/year From 67 to 90 years 23 years Total requirement 23*70000 Total requirement 1610000 Question: How much will bob need to save EACH YEAR to be ready for retirement at age 67? Solution: the Total value that will be required after the retirement has been calculated as in the previous part. Therefore, per year amount that needs to be set aside each year can be calculated as follows using the present value factor theme: a) Needs 1610000 b) PVAF (8%,20) 9.818147 c) Years 1 0.925926 2 0.857339 3 0.793832 4 0.73503 5 0.680583 6 0.63017 7 0.58349 8 0.540269 9 0.500249 10 0.463193 11 0.428883 12 0.397114 13 0.367698 14 0.340461 15 0.315242 16 0.29189 17 0.270269 18 0.250249 19 0.231712 20 0.214548 d) Per year saving (b/a) 163982.1

### Subject:Management

TutorMe
Question:

1. Facts: 1.1 The advance has been received prior to 1st July 2017 for the Banquet services. However, the function has been held on 2nd November 2017 and the invoice has also been raised in November 2017. 2. Query: 2.1. What is the treatment of the aforesaid transaction in the books of account and GST return?

Inactive
Megha C.

TutorMe
Question:

Research Problem 1. Wonderful Wilderness, Inc., is a tax-exempt organization. Its mission is to “explore, enjoy, and protect the wild places of the earth; practice and promote the responsible use of the earth’s ecosystems and resources; educate and enlist humanity to protect and restore the quality of the natural and human environment; and use all lawful means to carry out these objectives.” Lloyd Morgan, the chief financial officer, presents you with the following information. Wonderful Wilderness raises funds to support its mission in a variety of ways, including contributions and membership fees. As part of this effort, Wonderful Wilderness develops and maintains mailing lists of its members, donors, catalog purchases, and other supporters. Wonderful Wilderness holds exclusive ownership rights to its mailing lists. To acquire the names of additional prospective members and supporters, Wonderful Wilderness occasionally exchanges membership lists with other organizations. In addition, Wonderful Wilderness permits other tax-exempt organizations and commercial entities to pay a fee, as set forth in a fee schedule, to use its mailing lists on a one-time basis per transaction. Morgan is aware that the Federal income tax law applies a UBIT. He is also aware of the § 512(b)(2) provision that excludes royalties from the UBIT. An IRS agent has raised the issue that the revenue from the use of the mailing lists by other entities may be taxable as unrelated business income. Morgan wants you to research this issue for him. Write a letter to Morgan that contains your findings, and prepare a memo for the tax research files. Wonderful Wilderness’s address is 100 Wilderness Way, Pocatello, ID 83209.

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Megha C.

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