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kaheart [24]
3 years ago
14

On the day Harry Potter was born, his parents deposited 78,000 galleons in the Gringotts Wizarding Bank. Assume that the bank pr

omises a fixed interest rate of 3%. How much will Harry have in his account when he enters Hogwarts at age 12?
a. 78,000 galleons
b. 54,708 galleons
c. 106,080 galleons
d. 111,209 galleon
Business
1 answer:
Tanzania [10]3 years ago
6 0

Answer:

d. 111,209 galleon

Explanation:

<u>We calculate for the future value of a lump sum:</u>

Principal \: (1+ r)^{time} = Amount

Principal 78,000.00

time 12.00

rate 0.03000 (3% = 3/100 = 0.03)

78000 \: (1+ 0.03)^{12} = Amount

Amount 111,209.35

This is the amount Harry will get when visit the bank with Hagrid in his 12th birthday assumming the interest rate keep constant over the 12 years period.

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Explanation:

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5 0
3 years ago
The first and most important step in the posting procedure is
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<span>The answer is B. Posting the date.
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6 0
3 years ago
Assume Clarks cannot estimate the standalone selling price of a pair of SunBoots sold without a coupon. Prepare a journal entry
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Answer and Explanation:

The journal entry is shown below:

Cash Dr (1,000 × $65) $65,000  

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(1,000 × $100 × 30% × 20%)

(Being the sales revenue is recorded)

here the cash is debited as it increased the assets and credited the sales revenue and deferred revenue as it increased the revenue and liabilities

7 0
2 years ago
SSG Cycles manufactures and distributes motorcycle parts and supplies. Employees are offered a variety of share-based compensati
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1. The total compensation cost pertaining to the incentive stock option plan is $36 million.

2. & 3. The appropriate journal entries to record compensation expense on December 31, 2021, 2022, and 2023 are:

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Total compensation expense=$3×12 million

Total compensation expense= $36 million

2. SSG Cycles Journal entry

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December 31, 2022

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Credit Additional-paid in capital -Stock options $12 million

($36 million/3 years = $12 million per year)

(To record compensation expense)

December 31, 2023

Debit Compensation expense $12 million

Credit Additional-paid in capital -Stock options $12 million

($36 million/3 years = $12 million per year)

(To record compensation expense)

3. May 11, 2025

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($11×12 million)

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Credit Common stock $12 million

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Learn more here:brainly.com/question/15053230

4 0
2 years ago
On November 30, the company received an invoice from the electric company for $200. The company will pay the invoice in December
harkovskaia [24]

Answer:

Utility expense Dr.                      $200

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  Accounts payable Cr.    $200

(To record the entry for electric expense)

8 0
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