Opening a savings account is similar to opening a checking account. After you've compared your options for a savings account and selected the best account for you, follow these steps:
Gather the required information: date of birth, Social Security number, home address, and telephone number.
Choose a director for the account. If you are under the age of 18, you'll need a director on the account, usually a parent.
Go to the bank to sign the necessary bank forms. The director of the account must sign the forms, as well.
Fill out a deposit slip and deposit at least the minimum amount of money.
Answer:
d. $650 gain
Explanation:
Gain or loss is a function of the prices an item cost at the time of purchase and the amount realized on the sale of the item.
Gain/loss is the difference between the selling price and cost price. Where the cost is more, the company makes a loss, where it is not greater than or equal to, the company makes a gain.
total cost = $18,000 + $350
= $18,350
Gain/(loss) = $19,000 - $18,350
= $650
17.5 years to wait to be able to withdraw money without penalty.
Answer:
$2,000
Explanation:
1. straight-line method
depreciation expense = $3,000 and $3,000
accumulated depreciation = $6,000
book value $30,000
2. double-declining-balance method
depreciation expense $7,200 and $5,760
accumulated depreciation = $12,960
book value = $23,040
3. units-of-production method is used.
depreciation expense $1,500 and $5,040
accumulated depreciation = $6,540
book value = $29,460
Answer: The answer is given below
Explanation:
Economic rent is a payment to a factor of production that is in excess of the costs which are needed to bring the factor into production. It is the payment in excess of the opportunity cost.
Economic rent = Present opportunity - opportunity cost.
Sean is a baseball player who earns $890,000 per year playing for team X. If he weren't playing baseball for team X, he would be playing baseball for team Y and earning $660,000 per year. His economic rent in this case will be:
Economic rent = Present opportunity - opportunity cost.
= $890,000 - $660,000
= $230,000
If he weren't playing baseball at all, he would be working as an accountant earning $90,000 per year. His economic rent in this case will be:
Economic rent = Present opportunity - opportunity cost.
= $890,000 - $90,000
= $800,000
