XYZ Corp has used the FIFO method of inventory costing during its first year of operations. The firm then changed to the Average Cost method. For year 1, under LIFO, the Pretax income was $120,000. Had the company used Average Cost that year, the pretax income would have been $190,000. XYZ's tax rate is 30%. In the prior period adjusting entry, what is recorded for Retained Earnings?

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the investment was $14,174.196

explanation:

a lump sum means that the father of the example made one deposit and leave it be.

we need to know the value of a capital that generated at 4.05% per year during 28 years the sum of $48,613.24

now clearing the formula to solve for capital we got:

and we reach the answer investment = $14,174.20

you will have $2593.74 in 10 years if you set aside $1,000 at 10%

you will have $9321.91 in 20 years if you set aside $2000 at 8%

you will have $1469.32 in 5 years if you set aside $1000 at 8%

you will have $1296.87 in 10 years if you set aside $500 at 10%

you will have $239.66 in 15 years if you set aside $100 at 6%

you will have $4660.96 in 20 years if you set aside $1000 at 8%

3rd the reason why is because of management and leadership