In the life cycle theory of consumption, the motive to save is:A.To be able to open a business.B.To become wealthy.C.To leave a
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Answer:
The money you will have is $98020.
Explanation:
It is given that grandparents deposit $2,000 each year on birthday and the account pays 7% interest compounded annually also the time is 21 years.
we will use the compound interest formula .
For the first birthday the amount after 21 yr will be:
Similarly for the second birthday amount after 20yr will be:
likewise, the last compound will be:
The total value of such compounding would be :
The total amount just after your grandparents make their deposit is:
≈($96020+2000)
≈$98020
Hence, the money you will have is $98020.
Briar Co. disposed of a $6,000 piece of equipment on December 31 with $4,500 in accrued depreciation as of that date. Then $1,500 will be debited from the Loss on Equipment Disposal account.
<h3>What is loss on Equipment Disposal account?</h3>Gain/Loss on Asset Disposal is a common account name of the Equipment Disposal account.
The net difference between the initial asset cost and any cumulative depreciation (if any) is debited to the disposal account, while the balances in the fixed asset account and the accumulated depreciation are reversed.
On December 31, the debited amount is calculated as:
Therefore, $1,500 will be the amount of loss on disposal of the Equipment.
Learn more about the depreciation, refer to:
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