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mezya [45]
3 years ago
11

1. Dominic Joseph deposits $5,000 in a new savings account at his local bank. The account pays 5.5 percent interest compounded a

nnually. At the end of 6 years, how much will Dominic’s account be worth?
Business
1 answer:
klasskru [66]3 years ago
5 0

Answer:

The future value is $6,894.21

Explanation:

Giving the following information:

Dominic Joseph deposits $5,000 in a new savings account. The account pays 5.5 percent interest compounded annually.

To calculate the future value, we need to use the following formula:

FV= PV*(1+i)^n

PV= 5,000

i= 0.055

n=6

FV= 5,000*(1.055)^6= $6,894.21

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An office management firm has developed a system for efficiently organizing small medical and dental practices both through prop
Olegator [25]

Answer:

The answer is option C.  achieve economies of scope.

Explanation:

An Economies of scope is a  proportionate saving gained by producing two or more distinct goods, when the cost of doing so is less than that of producing each separately.  

Based on the scenario portrayed in the question, the office management firm is hoping to achieve economies of scope.

6 0
3 years ago
Read 2 more answers
Which of the following is the last step in creating budget
Zolol [24]
<span>Answer D, determining savings or debt, is correct. The first step is identifying and writing down your financial goal(s). The second one is to start writing down every single one of your transactions, this is the most important because it shows you your spending habits. The third step is to create the actual budget. Set aside a certain amount of money for each bill/necessity. The last step is to determine what your savings are.</span>
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3 years ago
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Petroski Natural Dying Corporation measures its activity in terms of skeins of yarn dyed. Last month, the budgeted level of acti
guapka [62]

Answer:

$577 Unfavorable

Explanation:

The calculation of spending variance for dye costs is shown below:-

Spending variance for dye cost = (Standard rate - Actual variable) × Actual units

= ($0.67 - $13,910 ÷ 19,900) × 19,900

= (0.67 - 0.69899) × 19,900

= $577 Unfavorable

Therefore for computing the spending variance for dye costs we simply applied the above formula.

4 0
3 years ago
Gabriel Company views share buybacks as treasury stock. In its first treasury stock transaction, Gabriel purchased treasury stoc
denis23 [38]

Answer:

b. decrease no effect

Explanation:

When the treasury stock is repurchased and at a premium. That is the price more than the par value, the excess is debited to the additional paid in capital account as this is the account used to fund the additional amount required to pay the differential.

Retained earnings on the other hand are unaffected by this transaction as long as the company has enough funds in the paid in capital account to complete the transaction.

Total paid in capital will decrease

Retained earnings will have no effect

Hope that helps.

5 0
3 years ago
Merchant Company purchased property for a building site. The costs associated with the property were: Purchase price $ 194,000 R
Alinara [238K]

Answer:

Cost of land = $220,400

Cost of building = $0

Explanation:

The computation of the land and the cost of the new building is shown below:

Cost of land = Purchase price + Real estate commissions + Legal fees + Expenses of clearing the land + Expenses to remove old building

= $194,000 + $16,900 + $2,700 + $3,900 + $2,900

= $220,400

The cost of the new building would be zero as all the costs are allocated to the cost of the land. So, no cost is allocated to the cost of the new building

7 0
3 years ago
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