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Ann [662]
4 years ago
15

One year ago, the Jenkins Family Fun Center deposited $3,500 in an investment account for the purpose of buying new equipment fo

ur years from today. Today, they are adding another $5,300 to this account. They plan on making a final deposit of $7,500 to the account next year. How much will be available when they are ready to buy the equipment, assuming they earn a 7 percent rate of return
Business
1 answer:
sveticcg [70]4 years ago
5 0

Answer:

Total FV= $21,043.97

Explanation:

Giving the following information:

Interest rate= 7% compounded annually

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

FV= PV*(1+i)^n

Deposit 1= 3,500*1.07^5= 4,908.93

Deposit 2= 5,300*1.07^4= 6,947.22

Deposit 3= 7,500*1.07^3= 9,187.82

Total FV= $21,043.97

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Answer: The answer is given below

Explanation:

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Information Technology (IT) flattens organizations simply means that information systems can help in the reduction of the levels in an organization through the provision of information to managers which will be used in the supervision of other emoloyees and also, lower-level employees could be given more authority relating to decision-making.

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3 years ago
A note payable was issued in payment for services received. The services had a fair value less than the face amount of the note
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Answer:

The note payable will be presented in the financial statement at the face amount minus a discount calculated at the imputed interest rate.

Explanation:

The imputed rate is the rate at which the present value of the face amount of the note will be equal to the amount at which it is originally recorded.  

Notes issued or received in exchange for goods or services that do not bear interest at a fair rate are reported at an amount equal to the fair value of the note, the fair value of the goods or services, or the present value of the note using a fair interest rate, whichever is more readily determinable.  

The difference between the recorded amount and the face value is considered a discount and the applicable interest rate regardless of which method is used to value the note.

Because of this, the note is reported at its face amount minus a discount calculated at the imputed interest rate.

3 0
3 years ago
If taxes are levied specifically for payment of interest and principal on long-term debt, those taxes are:
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Answer:

Recognized as revenues in the debt service fund.

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Debt Service fund is a term that is used to describes a form of cash reserve utilized in the payment of interest and principal on specific kinds of debt for a given period. For example, bond premiums are commonly imposed by state law to be moved to debt service funds.

Hence, If taxes are levied specifically for payment of interest and principal on long-term debt, those taxes are: Recognized as revenues in the debt service fund.

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4 years ago
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Breccia is a type of  sedimentary rock which is composed of large angular broken fragments of minerals or rocks cemented together by a fine-grained matrix.

In the Italian language ,Breccia word means "rubble". A breccia may have a variety of different origins, as indicated by the named types including sedimentary breccia, igneous breccia, impact breccia, tectonic breccia and hydrothermal breccia.

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To know more about breccia here:

brainly.com/question/15185919

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