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hjlf
3 years ago
10

Jeff deposits $3,000 into an account which pays 5 percent interest, compounded annually. At the same time, Kurt deposits $3,000

into an account paying 3 percent interest, compounded annually. At the end of three years:________ 1) Kurt will earn exactly twice the amount of interest that Jeff earns. 2) Kurt will have a larger account value than Jeff will. 3) Kurt will have a smaller account value Jeff will. 4) Jeff will have more money saved than Kurt. 5) Both Jeff and Kurt will have accounts of equal value
Business
1 answer:
VashaNatasha [74]3 years ago
8 0

Answer:

Kurt will have a smaller account value than Jeff will

Explanation:

The formula for calculating future value = A (B / r)

B = [(1 + r)^n] - 1

Jeff : $3000 x [(1.05^3 - 1 ) / 0.05] = $9457.50

Kurt :$3000 x [(1.03^3 - 1 ) / 0.03] = $9272.70

Jeff would have a higher account value than Kurt

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Compute the uncollectible account expense, and make the appropriate journal entry, for the current year assuming the uncollectib
Gnoma [55]

Question Completion:

Johnson Corporation’s Unadjusted Trial Balance at year-end included the following accounts:

Debit Credit

Sales (75% represent credit sales) (credit) $1,152.000

Accounts Receivable(debit) $288,000

Allowance for Doubtful Accounts (credit) $2,184

Answer:

<h2>Johnson Corporation</h2>

a. Without considering the balance in the Allowance for Doubtful Accounts, income statement approach, 1% of total sale:

Journal Entry:

Debit Uncollectible Accounts Expense $11,520

Credit Allowance for Doubtful Accounts $11,520

To record the uncollectible accounts expense for the year.

b. Without considering the balance in the Allowance for Doubtful Accounts, income statement approach, 1.5% of credit sales:

Journal Entry:

Debit Uncollectible Accounts Expense $12,960

Credit Allowance for Doubtful Accounts $12,960

To record the uncollectible accounts expense for the year.

c. Considering the balance in the Allowance for Doubtful Accounts, balance sheet approach

Journal Entry:

Debit Uncollectible Accounts Expense $9,816

Credit Allowance for Doubtful Accounts $9,816

To record the uncollectible accounts expense for the year.

Explanation:

a) Data and Determination of Uncollectible Expenses and Allowances:

Sales (75% represent credit sales) (credit) $1,152,000

Accounts Receivable(debit) $288,000

Allowance for Doubtful Accounts (credit) $2,184

1. Uncollectible Accounts Expense = 1% of Sales:

= 1% of $1,152,000

= $11,520

2. Uncollectible Accounts Expense = 1.5% of Credit Sales:

= 1.5% of $864,000 (75% of $1,152.000 )

= $12,960

3. Allowance for Doubtful Accounts based on an aging of accounts receivable of $12,000:

Adjustment required to bring the Allowance for Doubtful Accounts to $12,000 is $9,816 ($12,000 - 2,184).

4 0
3 years ago
After conducting research, you will need to generate ideas and organize the collected data. Simple organizational techniques wil
ZanzabumX [31]

Answer:

The three major components in the preceding scratch list are High-End Linens, Affordability and Food & Drinks.

i. High-End Linens

List that falls under it includes 600-thread-count sheets, Double-thick bath towels, Silk pillowcases, Raw silk curtains with gold embellishments

ii. Affordability

List that falls under it includes $100/night four-star rooms, Free snacks, shampoo, and conditioner , Free wireless Internet

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2 years ago
A diagramming tool used to express the relationships between entities in a database is called a:
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Answer: (B) Entity-relationship diagram.

Explanation:

 The entity relationship diagram is one of the type of graphical model or representation which is related to the entities in the form of organizational database.

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  • It is typically used in an organization for the the purpose of database and represent the entity framework.  

According to the given question, the entity-relationship diagram is one of the type of diagramming tool which is used for express the different types of relationship between the database and the entities.

Therefore, Option (B) is correct.

8 0
3 years ago
The Blue Utilities Company paid Sue $2,000 for the right to lay an underground electric cable across her property anytime in the
Reil [10]

Answer:

B)

Explanation:

Sue is not required to recognize gross income from the receipt of the funds, but she must reduce her cost basis in the land by $2000.-

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Under the terms of a divorce agreement entered into in 2018, Kim was to pay her husband Tom $7,000 per month in alimony, Kim's p
leva [86]

Answer:

a. $36,000

Explanation:

Since the total payment is $7,000 which is reduced to $3,000 because of child

The $4,000 reflects the payment of the child. This $4,000 is come from

= $7,000 - $3,000

= $4,000

So, only $3,000 for 12 months would be allowed as a deduction from gross income

So, the total amount for deduction would be

= $3,000 × 12 months

= $36,000

3 0
2 years ago
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