Elliot Industries Invests a Portion of Its Profits Each Year

question 92

Essay

Elliot Industries invests a portion of its profits each year into a benefit emergency health care account for its employees.For the last five years it has invested year-end amounts of $50,000,$43,000,$26,000,$61,000,and $84,000.If the last deposit ($84,000)was made today and the account earns an average of 7.3% per year,how much money is currently in the account,assuming there have been no withdrawals?

Apply variance analysis in the context of budgeting and performance evaluation.

Understand and analyze the flow of variances into financial statements at the end of the fiscal year.

Understand the concept and calculation of direct materials price variance.

Understand the concept and calculation of direct materials quantity variance.

---

Definitions:

Wealth Against Commonwealth

A book by Henry Demarest Lloyd, published in 1894, exposing the monopolistic practices of the Standard Oil Company and advocating for government action against monopolies.

Social Darwinists

Individuals who apply the evolutionary concept of natural selection to human society, often to justify political conservatism, imperialism, and racism and to discourage intervention and reform.

Human Progress

Human progress refers to the advancement of human societies in terms of technology, science, social organization, and overall quality of life throughout history.

Government Interference

The involvement or intervention of government in personal, business, or other affairs where it might not be wanted or considered beneficial.