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miss Akunina [59]
3 years ago
12

You deposit $ 6,577 in your account today. You make another deposit at t = 1 of $ 9,769 . How much will there be in your account

at the end of year 1 if the interest rate is 10.3 percent p.a.?
Business
1 answer:
ElenaW [278]3 years ago
5 0

Answer:

Total FV= $18,776.85

Explanation:

Giving the following information:

Interest rate= 10.3%

First deposit= $6,577

Second deposit= $9,769

<u>To calculate the future value, we need to use the following formula on each deposit:</u>

FV= PV*(1+i)^n

FV1= 6,577*1.103^2= 8,001.64

FV2= 9,769*1.103= 10,775.21

Total FV= $18,776.85

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8 0
3 years ago
On July 1, 2015, Friedman Inc. invested $717,963 in a mine estimated to have 806,700 tons of ore of uniform grade. During the la
yaroslaw [1]

Answer:

The computations are shown below:

Explanation:

(a) Depletion cost per unit

Depletion cost per unit

= $717,963 ÷ 806,700 tons

= $0.89 per ton

(b) The Journal entry to record depletion expense is

Depletion Expense                   A/c Dr     $ 92,293     (103,700 tons × $0.89)

          To To Accumulated Depletion      A/c   $ 92,293

(Being the depletion expense is recorded)

(c) The cost applicable is

= 16,700 unsold units × $0.89

= $14,863  

5 0
3 years ago
Eight years ago you purchased an asset for $100,000 that has yielded a nominal capital gain of $30,000. If you sold the asset to
xz_007 [3.2K]

Answer: $8,400

Explanation:

Tax liability for a year is computed on the nominal capital gain as of that year not the inflation-adjusted gain. As such, should the asset be sold today, the capital gains tax of 28% will be computed on the capital gain of $30,000 in the following manner;

= 28% * 30,000

= $8,400

5 0
3 years ago
On July 1, 2020, Crocus obtained a $90 million construction loan with a 6% interest rate. The loan was outstanding through the e
enyata [817]

Answer:

$4.5

Explanation:

Interest to be capitalized=$90*6%*10/12=$4.5

As the loan was outstanding from January  to October 2021, therefore interest is worked out for 10 months.

Please note that interest of only those debt instruments are capitalized which have been obtained to finance any construction project under the specific interest method.

In our example $90 is the construction loan therefore only this loan's interest is capitalized.

3 0
3 years ago
20. A company is in its first month of operations. On January 1, the company borrows $10,000 from the bank. The bank charges ann
goblinko [34]

Answer and Explanation:

amount borrowed = $10,000

interest rate =12%

interest accrued = $10,000*12%*1/12

                            = $100

date             general journal                          debit                    credit

jan 31            interest expense                       100                      

                        interest payable                                                    100

3 0
2 years ago
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