E.) Consumer report
Industry and business website reviews can be rigged
Answer:
$49,950
Explanation:
X = amount in account
Make (x times the interest rate) equal to the $9.99 you will need to earn to cover the fee.
.02%* x = 9.99
.0002x= 9.99 (Divide both sides by .0002)
x = $49,950
With such a small interest rate, you will need to have a large sum of money in order to earn enough to cover the fee.
Answer:
Debit Cash $2.02 million; Credit Other financing sources
Explanation:
If Sugar City issued $2 million of bonds to fund the construction of a new city office building, and the bonds were sold at 101. The entries that should be made in the capital projects fund to record this event is: Debit Cash $2.02 million; Credit Other financing sources.
Sugar City practices governmental or public sector accounting which is a bit different from private sector accounting where the credit would have been treated differently.
Since this is a project and no encumbrance has been made against fund balance, and the cash is coming in from fresh issue of bond; the entry would be a debit to cash for the receipt and a credit to 'other financing sources'