Starfish Enterprises produces men’s sports coats that are sold by popular department stores. Each retail order is treated as a job that accumulates materials, labor, and overhead costs for a batch of sports coats. Material costs for a selected job is $900 for a batch of 30 suit coats (units). The material cost per unit is ________. $27.00 $30.00 $27.70 $26.00

Answers

Answer 1

Answer:

Unitary cost= $30

Explanation:

Giving the following information:

Material costs for a selected job are $900 for a batch of 30 suit coats (units).

To calculate the unitary cost, we need to use the following formula:

unitary cost= total batch cost / number of units

unitary cost= 900 / 30

unitary cost= $30


Related Questions

On January 1, Baker Co. purchased equipment for $100,000. It has an estimated useful life of five years and its residual value is $10,000. The company has a calendar year-end. Using the straight-line method, depreciation expense for the first year of its life equals:

Answers

Answer:

Explanation:

No dia do meu aniversário caraaaa

DonCo. Inc. sold merchandise on January 14, and accepted a 90 day, 5% promissory note in the amount of $5,000. On January 14, the entry to record this transaction would include a debit to:
a. Cash in the amount of $5,000
b. Notes Receivable in the amount of $5,000
c. Accounts Receivable in the amount of $5,000
d. Sales in the amount of $5,000

Answers

I think C hope that helps

A company produces a single product. Variable production costs are $12.50 per unit and variable selling and administrative expenses are $3.50 per unit. Fixed manufacturing overhead totals $41,000 and fixed selling and administration expenses total $45,000. Assuming a beginning inventory of zero, production of 4,500 units and sales of 3,850 units, the dollar value of the ending inventory under variable costing would be: Multiple Choice $10,400 $5,850 $8,125 $13,975

Answers

Answer:

the third option is correct - $8,125

Explanation:

The calculation of the ending inventory under variable costing is given below:

Ending inventory value (Variable costing) os

= Variable production cost per unit × No. of units

= $12.50 × (4,500 - 3,850)  

= $8,125,

Hence, the ending inventory under variable costing is $8,125

Therefore the third option is correct

Summarise the five (5) types of directors in incorporated companies.

Answers

alternate director, chair, de facto director, executive director, non-executive director, independent director, lead director, managing director, nominee director and shadow director.

Brown Co. issued $100 million of its 10% bonds on April 1, 2016, at 99 plus accrued interest. The bonds are dated January 1, 2016, and mature on December 31, 2035. Interest is payable semiannually on June 30 and December 31. What amount did Brown receive from the bond issuance?
a) $87.8 million
b) $99.0 million
c) $100.0 million
d) $101.5 million

Answers

Answer:

d) $101.5 million

Explanation:

The computation of the amount received from the bond issuance is given below:

Interest Rate: 10%

Time period: 3 months (from 01.01.2016 to 31.03.2016)

Par Value=$100 million

Accrued Interest be 2.53 million

So,  

Amount receive from Bond Issuance is

= 99 + 2.53

= $101.5 million

QS 8-4 Units-of-production depreciation LO P1 On January 1, the Matthews Band pays $65,800 for sound equipment. The band estimates it will use this equipment for four years and perform 200 concerts. It estimates that after four years it can sell the equipment for $2,000. During the first year, the band performs 45 concerts. Compute the first-year depreciation using the units-of-production method.

Answers

Answer:

$14,355

Explanation:

Activity method based on output = (output produced that year / total output of the machine) x (Cost of asset - Salvage value)

(45/200) x ($65,800 - $2000) =

0.225 x 63800

$14355

Risk is a necessary ‘evil’ evil’, support this assessment and give advice risk
managers on how to resolve the effects.

Answers

For a high-risk investment, managers require a high reward.

Exercise 19-17 (Algo) EPS; stock dividend; nonconvertible preferred stock; treasury shares; shares sold; stock options [LO19-5, 19-6, 19-7, 19-8] On December 31, 2020, Berclair Inc. had 380 million shares of common stock and 4 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1, 2021, Berclair purchased 96 million shares of its common stock as treasury stock. Berclair issued a 5% common stock dividend on July 1, 2021. Four million treasury shares were sold on October 1. Net income for the year ended December 31, 2021, was $600 million. Also outstanding at December 31 were 30 million incentive stock options granted to key executives on September 13, 2013. The options were exercisable as of September 13, 2020, for 30 million common shares at an exercise price of $56 per share. During 2021, the market price of the common shares averaged $70 per share. Required: Compute Berclair's basic and diluted earnings per share for the year ended December 31, 2021. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Do not round intermediate calculations.)

Answers

Answer:

Berclair Inc.

Basic earnings per share = $1.87

Diluted earnings per share = $1.70

Explanation:

a) Data and Calculations:

                                             Common Stock     Cumulative Preferred Stock

Dec. 31, 2012 Outstanding     380,000,000           4,000,000 shares

Dividend rate                                                                              9%

Stock par value                                                                         $100

Total value of stock                                                                $400 million

Annual preferred dividend                                   $36 million ($400 m * 9%)

March 1, 2021 Treasury stock (96,000,000)

July 1, 2021 Stock dividend       14,200,000 (284,000,000 * 5%)

October 1, 2021 Treasury stock 4,000,000

Outstanding shares               302,200,000         4,000,000 shares

Stock options                           30,000,000

Total shares and options      332,200,000

Net income for the year = $600,000,000

Preferred stock dividend       36,000,000

Earnings for available for

common stockholders     $564,000,000

Basic earnings per share = $1.87 ($564,000,000/302,200,000)

Diluted earnings per share = $1.70 ($564,000,000/332,200,000)

Wang Co. manufactures and sells a single product that sells for $540 per unit; variable costs are $324 per unit. Annual fixed costs are $836,000. Current sales volume is $4,290,000. Management targets an annual pre-tax income of $1,215,000. Compute the unit sales to earn the target pre-tax net income.

Answers

Answer: 9,495 units

Explanation:

First find the contribution margin:

= Sales price - Variable cost

= 540 - 324

= $216 per unit

The unit sales required can be calculated by the formula:

= (Annual pre-tax income target + Fixed cost) / Contribution margin

= (1,215,000 + 836,000) / 216

= 9,495.37 units

= 9,495 units

Waterway Industries was organized on January 1, 2021. During its first year, the corporation issued 2,400 shares of $50 par value preferred stock and 150,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2021, $5,800; 2022, $13,100; and 2023, $28,800.

Required:
Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 5% and noncumulative.

Answers

Answer:

Preferred dividend is noncumulative which means that it will not accrue if company was unable to pay in any period.

Dividends in 2021

Preferred dividends:

= Number of preferred shares * par value * dividend percentage

= 2,400 * 50 * 5%

= $6,000

Dividends of $5,800 were declared which is not enough to cover even preferred shares so preferred shares will take all the dividends.

Preferred share dividends = $5,800

Common share dividends = $0

Dividends in 2022:

Preferred dividends = $6,000

Common dividends:

= Declared dividends - Preferred dividends

= 13,100 - 6,000

= $7,100

Dividends in 2023:

Preferred dividends = $6,000

Common dividends:

= Declared dividends - Preferred dividends

= 28,800 - 6,000

= $22,800

Gluon Inc. is considering the purchase of a new high pressure glueball. It can purchase the glueball for $220,000 and sell its old low-pressure glueball, which is fully depreciated, for $40,000. The new equipment has a 10-year useful life and will save $48,000 a year in expenses. The opportunity cost of capital is 10%, and the firm’s tax rate is 21%. What is the equivalent annual saving from the purchase if Gluon can depreciate 100% of the investment immediately. (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Answers

EQUIVALENT ANNUAL SAVING:

"the equivalent annual saving from the purchase if Gluon can depreciate 100% of the investment immediately is $13,245.99".

Since they are  purchasing the new machine by first disposing off the old machine.

Hence,

First step is to Determine the Net initial investment

Net initial investment = $220,000 - $40,000

Net initial investment= $180,000

Second step is to determine the Total savings

Depreciation = $220,000/10

Depreciation = $22,000

Savings before tax = $48,000 - $22,000

Savings before tax= $26,000

Tax at 21% = (21%*$26,000)

Tax at 21% =$5,460

Savings after tax  $20,540

($26,000-$5,460)

Add back depreciation $22,000

Cash flow after tax $42,540

($20,540+$22,000)

Third step is to determine PV of CFAT and NPV

PV of CFAT = $42,540 x (10%, PVFA10Y)

PV of CFAT = $42,540 x 6.1446

PV of CFAT = $261,391

NPV = $261,391 - $180,000 = $81,391

Now let determine the EQUIVALENT ANNUAL SAVING(EAS)

Equivalent annual saving(EAS) = NPV/(10%, PVFA10Y)

Equivalent annual saving(EAS)= $81,391/6.1446

Equivalent annual saving(EAS)= $13,245.99

Therefore the EQUIVALENT ANNUAL SAVING from the purchase if Gluon can depreciate 100% of the investment immediately is $13,245.99

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Blue Spruce University sells 4,500 season basketball tickets at $140 each for its 12-game home schedule. Give the entry to record (a) the sale of the season tickets and (b) the revenue recognized after playing the first home game.

Answers

Answer:

a. Total revenue received:

= 4,500 * 140

= $630,000

Date                 Account Title                                           Debit              Credit

XX-XX-XXXX  Cash                                                     $630,000

                        Unearned revenue                                                     $630,000

Revenue is unearned because the games have not been played yet therefore Blue Spruce University has not provided the service for which it was paid and has not earned the revenue.

b. The revenue per game is:

= 630,000 / 12 games

= $52,500

Date                 Account Title                                           Debit              Credit

XX-XX-XXXX   Unearned Revenue                             $52,500

                        Revenue - Ticket Sales                                               $52,500

On the Tokyo Stock Exchange, Honda Motor Company stock closed at ¥2,915 per share on Monday, June 6, 2016. Honda trades as an ADR on the NYSE. One underlying Honda share equals one ADR. On June 6, 2016, the ¥/$ exchange rate was ¥107.65/$1.00. (Round your answer to 2 decimal places.) At this exchange rate, what is the no-arbitrage U.S. dollar price of one ADR?

Answers

Answer:

$27.08

Explanation:

Calculation to determine the no-arbitrage U.S. dollar price of one ADR

Using this formula

No-arbitrage U.S. dollar price of one ADR=Stock closed per share /Exchange rate

Let plug in the formula

No-arbitrage U.S. dollar price of one ADR=¥2,915 / ¥107.65

No-arbitrage U.S. dollar price of one ADR=$27.078

No-arbitrage U.S. dollar price of one ADR=$27.08 (Approximately)

Therefore the no-arbitrage U.S. dollar price of one ADR is $27.08

Welcome Inn Hotels is considering the construction of a new hotel for $90 million. The expected life of the hotel is 30 years, with no residual value. The hotel is expected to earn revenues of $26 million per year. Total expenses, including depreciation, are expected to be $15 million per year. Welcome Inn management has set a minimum acceptable rate of return of 14%.
a. Determine the equal annual net cash flows from operating the hotel.
b. Calculate the net present value of the new hotel. Use 7.003 for the present value of an annuity of $1 at 14% for 30 periods.
c. Does your analysis support construction of the new hotel?

Answers

Answer:

a. Annual Net cash flows:

= Revenue - Expenses + Depreciation

= 26,000,000 - 15,000,000 + (90,000,000 / 30 years)

= 11,000,000 + 3,000,000

= $14,000,000

b. Net present value:

= Present value of cashflows - Investment cost

= (Annual cashflow * present value of an annuity, 14%, 30 periods) - Investment cost

= (14,000,000 * 7.003) - 90,000,000

= $8,042,000

c. Company should construct the hotel as it would bring a positive Net Present Value

Note: In "b" the cashflow was treated as an annuity because it is constant.

Common property resources like fish stocks in open waters tend to be overutilized because :________.
A. the marginal social cost is always equal to the private marginal cost.
B. the marginal social cost is less than the private marginal cost.
C. the marginal social cost is greater than the private marginal cost.
D. none of the above.

Answers

Answer:

C. the marginal social cost is greater than the private marginal cost.

Explanation:

In the case when there is common property resources such as the fish stock that lies in the open waters should be overutilized as the marginal social cost should be more than the private marginal cost because if there is high utlization so it will make the problem in the environment also the cost should be borne by the present and upcoming generations

Therefore the option c is correct

Slavery, as a business practice protected by state laws, provided unfair advantage against those employers not using slaves, and thus the economic incentives supported and sustained slavery within its sealed environment.
A. True
B. False

Answers

True, some people could not have slaves

Burlington Construction Company is considering selling excess machinery with a book value of $281,000 (original cost of $400,100 less accumulated depreciation of $119,100) for $277,400, less a 5% brokerage commission. Alternatively, the machinery can be leased for a total of $284,300 for five years, after which it is expected to have no residual value. During the period of the lease, Burlington Construction Company's costs of repairs, insurance, and property tax expenses are expected to be $25,000.

Required:
Prepare a differential analysis, dated January 3, 2012, to determine whether Sure-Bilt should lease (Alternative 1) or sell (Alternative 2) the machinery.

Answers

Answer:

hiiiiiiiiiiiiiii how r u

You are the financial manager of the Crossrail 1 project in London. The Board overseeing the project, acting on behalf of the UK Government, has asked you to provide a financial analysis of the project for business planning purposes. With two years to go before the commencement of train operations, you have assembled the most recent estimates of the capital investment cost and net revenues, which were forecast 1 year ago. While the user benefits and ticket revenues are assumed to remain the same each year of the 60-year useful life, it is anticipated that maintenance costs will be higher in the final 30 years of the project. They are shown in Table.
Item of cash flow Today Each year (for the first Each year (for years
(£bn) 30 years) (£bn) 31 to 60) (£bn)
Capital investment -9.4
User benefits (Includes
Time savings, Traffic
congestion relief) 0.843 0.843
Ticket revenues 0.3 0.3
Operational costs and maintenance -0.422 -0.609
For projects such as Crossrail 1, the UK Government typically estimates a 60-year useful life and uses a discount rate of 3.5%.
a) What is the net present value (NPV) of the project?
a. "£15.04".
b. "£8.83".
c. "£7.36".
d. "£16.76".
b) What is the payback period of the project?
a. "13.04".
b. "8.22".
c. "17.60".
d. "7.49".
c) What is the internal rate of return (IRR) of the project?
a. "7.57%".
b. "7.35%".
c. "5.44%".
d. "6.52%".
d) Based on your calculations is Crossrail 1 a viable project at the discount rate?
a. "Yes".
b. "No".
You have been asked by the Board to present an analysis that incorporates more recent cash flow information about the Crossrail 1 project. Before the project becomes operational, the capital investment has been given a worse scenario estimate that is 35% above the forecast in table 1. The Board would like to see the analysis if the net cash inflows will also be 35% below expectation over the 60-year life whether under the existing hurdle rate of 3.5% it would remain viable.
a) What is the net present value (NPV) of the project?
a. "-£2.16".
b. "£4.78".
c. "£3.20".
d. "-£1.80".
b) What is the internal rate of return (IRR) of the project?
a. "2.72%".
b. "3.10%".
c. "1.79%".
d/ "0.67%".
c) Based on your calculations is Crossrail 1 a viable project at the discount rate?
a. "Yes".
b. "No".

Answers

Crossrail 1 project is about to start in London.

This project will require an initial investment of 9.4 billion. The project will start earning cash flows from year  and it will continue to year 60 which is useful life of the project.

The NPV for the project will be 7.36 which is positive. The correct answer is c.

The payback period for project is 13.04 years which is given in the option a so correct answer is a.

The internal rate of return for the project is b. 7.35 .

Based on our analytics and calculation since NPV is positive so cross rail project is beneficial. The board should consider launching this project.

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Sandoval needs to determine its year-end inventory. The warehouse contains 33,000 units, of which 4,300 were damaged by flood and are not sellable. Another 3,300 units were purchased from Markor Company, FOB shipping point, and are currently in transit. The company also consigns goods and has 5,300 units at a consignee's location. How many units should Sandoval include in its year-end inventory

Answers

Answer:

37,300

Explanation:

Calculation to determine How many units should Sandoval include in its year-end inventory

Using this formula

Year-end inventory units=(Warehouse units- Damaged units)+ Units purchased+ Units at consignee's location

Let plug in the formula

Year-end inventory units=(33,000 - 4,300) +3,300+5,300

Year-end inventory units=28,700+3,300+5,300

Year-end inventory units=37,300

Therefore How many units should Sandoval include in its year-end inventory is 37,300

pls help me with in this i just want the 3 and 4th one...​

Answers

Answer:

3. The special concept reminded by the phrase "Exchanging Butter Cake for Dates" is:

Trade by barter.

4. The need fulfilled by this business is people's demand for Cake.

The want fulfilled by this business is the organization's supply of dates for its production of cake.

Explanation:

A trade by barter involves the exchange of one good or service by one trading party for another good or service from the coincidental trading party without the use of money or monetary mediums.  Trade by barter enables people without money to fulfill their needs.  The major problem with trade by barter is that there must be coincidence of wants by the two trading partners.  This is not always feasible.

Describe how you will operate your business

Answers

Describe how you will operate your business in terms of your involvement. If I were to own and operate my own business, I would make sure to have a good management team in place that can handle business happenings incase I am not able to be there. I would want to be highly involved from training employees at lower levels, to making sure those who work in high positions all carry out the same ethics I would like the company to encompass. It would be important for me to be as involved and present in the business I own as possible

Ray acquired an activity several years ago, and in the current year, it generates a loss of $50,000. Ray has AGI of $140,000 before considering the loss from the activity.
If the activity is a bakery and Ray is not a material participant, what is his AGI?

Answers

Answer:

adjusted gross income should be $140,000

Explanation:

The computation of the adjusted gross income is given below:

Given that

There is the loss of $50,000

And, the adjusted gross income prior considering the loss should be $140,000

So here $50,000 loss should be suspended under the rule of the passive loss as ray should not be the material participant

Therefore adjusted gross income should be $140,000

explain business with two Examples

Answers

Explanation:

A business is defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities. ... The term "business" also refers to the organized efforts and activities of individuals to produce and sell goods and services for profit.

Example Coca-Cola, Amazon etc.

Answer:

A business is defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities. ... There are various forms of a business, such as a limited liability company (LLC), a sole proprietorship, a corporation, and a partnership

True or false: Interest expense and income tax expense are considered general and administrative expenses and, therefore, are included on the general and administrative expense budget. True false question. True False

Answers

Answer: True

Explanation:

Interest expense and income tax expenses generally are stand-alone expenses but they fall under general and administrative expenses required to run the business.

Interest expense is charged on debt that was taken to run the company so will be an admin expense and tax is part of the expenses that a company has to take care of in order to run the company so it is an admin expense as well.

Journal Entry
On November 1, the company rented space to another tenant. A check in the amount of $9,000, representing three months' rent in advance, was received from the tenant on that date. The payment was recorded with a credit to the Unearned Rent account. Complete the necessary adjusting entry for December 31 by selecting the account names and dollar amounts from the drop-down menus.
Date Account Title Debit Credit
Dec. 31 selectAccounts ReceivableAccumulated DepreciationCashDepreciation ExpenseEquipmentEquipment ExpenseRent RevenueSalaries ExpenseSalaries PayableService RevenueSuppliesSupplies ExpensesUnearned Rent Revenue select300060009000 select300060009000
selectAccounts ReceivableAccumulated DepreciationCashDepreciation ExpenseEquipmentEquipment ExpenseRent RevenueSalaries ExpenseSalaries PayableService RevenueSuppliesSupplies ExpensesUnearned Rent Revenue select300060009000 select300060009000

Answers

Answer:

Explanation:

unearned rent         6000 (debit)

    Rent revenue.                       6000 (credit)

to record 2 months of realized rent revenue

The cost of capital is:___________

a. the return that a previous project for the firm had earned.
b. the minimum return that a capital budgeting project must earn for it to be accepted.
c. the maximum return a project can earn.
d. none of these.

Answers

Answer:

I think that the correct answer is b.

Answer:

B

Explanation:

i think the correct answer is B

Shalimar Company manufactures and sells industrial products. For next year, Shalimar has budgeted the following sales:

Quarter 1 $4,600,000
Quarter 2 5,100,000
Quarter 3 5,000,000
Quarter 4 7,600,000

In Shalimar's experience, 10 percent of sales are paid in cash. Of the sales on account, 65 percent are collected in the quarter of sale, 25 percent are collected in the quarter following the sale, and 7 percent are collected in the second quarter after the sale. The remaining 3 percent are never collected. Total sales for the third quarter of the current year are $4,900,000 and for the fourth quarter of the current year are $6,850,000.

Required:
Calculate cash sales and credit sales expected in the last two quarters of the current year, and in each quarter of next year.

Answers

Answer:

Shalimar Company

Cash Sales and Credit Sales:

a) Last two quarters of the current year:

Current Year       Quarter 3       Quarter 4

Budgeted Sales $4,900,000   $6,850,000

Cash (10%)              490,000        685,000

Credit (90%)        4,410,000      6,165,000

b) Each quarter of the next year:

                       Quarter 1    Quarter 2     Quarter 3     Quarter 4

Budgeted

Sales           $4,600,000 $5,100,000  $5,000,000  $7,600,000

Cash (10%)       460,000      510,000       500,000        760,000

Credit

Sales (90%)  4,140,000  4,590,000    4,500,000    6,840,000

Explanation:

a) Data and Calculations:

                       Quarter 1    Quarter 2     Quarter 3     Quarter 4

Budgeted

Sales           $4,600,000 $5,100,000  $5,000,000  $7,600,000

Cash (10%)        460,000      510,000        500,000       760,000

Credit

Sales (90%)   4,140,000  4,590,000     4,500,000    6,840,000

Current Year       Quarter 3       Quarter 4

Budgeted Sales $4,900,000   $6,850,000

Cash (10%)              490,000         685,000

Credit (90%)         4,410,000       6,165,000

Tangerine, Inc. provides the following data: Surround, Inc. Comparative Balance Sheet Dec. 31, 20X9 Assets Current Assets: Cash and Cash Equivalents $29,000 Account Receivable, Net 31,000 Merchandise Inventory 53,000 Total Current Assets $113,000 Property, Plant, and Equipment, Net 120,000 Total Assets $233,000 Liabilities Current Liabilities: Accounts Payable $4000 Notes Payable 3000 Total Current Liabilities $7000 Long-term Liabilities 84,000 Total Liabilities $91,000 Stockholders' Equity Common Stock $30,000 Retained Earnings 112,000 Total Stockholders' Equity $142,000 Total Liabilities and Stockholders' Equity $233,000 Calculate the debt to equity ratio.

Answers

Answer:

The debt to equity ratio is 0.64.

Explanation:

The debt to equity ratio can be calculated using the following formula:

Debt to equity ratio = Total Liabilities / Stockholders' Equity ……………………. (1)

Where:

Total Liabilities = $91,000

Stockholders' Equity = $142,000

Substitute the relevant data into equation (1), we have:

Debt to equity ratio = $91,000 / $142,000 = 0.64

Therefore, the debt to equity ratio is 0.64.

On July 1, Sterns Co. acquired patent rights for $36,000. The patent has a useful life of 6 years and a legal life of 15 years.
Required:
Journalize the adjusting entry on December 31 to recognize the amortization. Refer to the Chart of Accounts for exact wording of account titles.

Answers

Answer:

Dr Amortization Expense $3,000

Cr Patents $3,000

Explanation:

Preparation of the journal adjusting entry on December 31 to recognize the amortization.

Dec. 31

Dr Amortization Expense $3,000

Cr Patents $3,000

(To record Amortization)

Amortization=(Patent rights/Useful life)*6/12

Amortization=($36,000/6)*6/12

Amortization=$3,000

(July 1 to Dec 31 =6months)

The rate of earnings is 6% and the cash to be received in 4 years is $20,000. The present value amount, using the following partial table of present
value of $1 at compound interest is
Year
6%
10%
12%
1
0.943
0.909
0.893
2
0.890
0.826
0.797
3
0.840
0.751
0.712
4
0.792
0.683
0.636
a. $12.720
Ob. $16,800
Oc. 513,660
Od. $15.840

Answers

Answer:

$15,840

Explanation:

Present value = Future value / (1 + r)^n

Rate, r = 6% = 0.06

Future value = $20,000

Number of years, n = 4

Present value = $20000 / (1 + 0.06)^4

Present value = $20000 / 1.06^4

Present value = $20,000 / 1.26247696

Present value = $15841.873

Using the partial table of present values :

Present value = Future value * PV(6%, 4)

PV at 6%, 4 years = 0.792

Present value = $20,000 * 0.792 = $15,840

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