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statuscvo [17]
3 years ago
9

Future value: Ning Gao is planning to buy a house in five years. She is looking to invest $25,000 today in an index mutual fund

that will provide her a return of 12 percent annually. How much will she have at the end of five years? (Round to the nearest dollar.)
Business
1 answer:
Gemiola [76]3 years ago
6 0

Answer:

$44,059

Explanation:

The formula and the computation of the future value is shown below:

Future value = Present value × (1 + interest rate)^number of years  

= $25,000 × (1 + 0.12)^65

= $25,000 × 1.7623416832

= $44,059

By applying the future value formula, we calculated the future value by considering the present value, interest rate, and the time period

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Answer:

addresses when and how revenue should be recognized in contracts that provide both goods and service to customers.

Explanation:

ASC 606 is a new standard that provides guidance on revenue recognition to the companies that provide goods and services to its customers. This standard is for both public and private entities. Earlier there were some variations in the revenue recognition process across different companies. The new standard has now simplified standardization in financial reporting.

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3 years ago
In the study of internal control, the auditor uses sampling to compare the __________ to the __________.
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Fundamentals of Internal Control Systems

A firm's unique information requirements should be taken into account when designing an internal control system. As a result, the system might be anything from a straightforward manual system to a sophisticated computerized online system with remote terminals dispersed all over the nation. The accounting system must process data effectively, precisely, and promptly whether it is electronic or manual. An internal control system that has been carefully thought out is at the core of any well-designed accounting system.

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5 0
1 year ago
What is the prime rate? a. the prime rate is the best interest rate that banks offer their most creditworthy customers. b. the p
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Prime rate is (a) the best interest rate that banks offer their most creditworthy customers.

A prime rate is decided by the bank to lend money to its customers where the credit giving is decided on the basis of the credit history and points on the customers formally known as the credit rate of investment.

It totally depends upon the allowance of credit by financial institutions and then the payment made by the loan taking customers within a stipulated time frame.

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1 year ago
Charlie Company uses a perpetual inventory system. During May, the following transactions and events occurred.
satela [25.4K]

The May transactions for Charlie Company (seller) assuming that Charlie uses a perpetual inventory system are:

Charlie Company Journal entries

May 13

Debit Account receivable $360

(8×$45)

Credit Sales $360

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May 13

Debit Cost of goods sold $208

(8×$26)

Credit Merchandise inventory $208

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May 16

Debit Merchandise inventory $26

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May 23

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