The following selected account balances appeared on the financial statements of Washington Company: Accounts Receivable, January 1 $16,936 Accounts Receivable, December 31 8,878 Accounts Payable, January 1 5,832 Accounts Payable, December 31 8,151 Merchandise Inventory, January 1 6,202 Merchandise Inventory, December 31 14,530 Sales 61,882 Cost of Merchandise Sold 32,077 Washington Company uses the direct method to calculate net cash flow from operating activities. Cash payments for merchandise were

Over the past several years, joyce chen has been able to save regularly. as a result, today she has $54,188 in savings and investments. she wants to establish her own business in 5 years and feels she will need $100,000 to do so. a. if she can earn 6% on her money, how much will her $54,188 in savings/investments be worth in 5 years? will joyce have the $100,000 she needs? if not, how much more money will she need? b. given your answer to part a, how much will joyce have to save each year over the next 5 years to accumulate the additional money? assume she can earn interest at a rate of 6%. c. if joyce can afford to save only $4,000 a year then, given your answer to part a, will she have the $100,000 she needs to start her own business in 5 years?