One-third of the work related to $30,000 cash received in advance this period is performed. What is the

The amount of time it takes for an investment to double in value is called the doubling time for the investment. If the doubling

Paul [167]

Answer:

Compounding interest rate, r = 10.41%

Explanation:

As the investment will be doubled after 7 years from now, the future value of the current investment will be = $10,000 × 2 = $20,000

Therefore,

Number of periods (years), n = 7

Future value, FV = $20,000

Principal = Present Value, PV = $10,000

we have to determine the compounding interest rate, r.

We know,

r = $[(\frac{FV}{PV})^{\frac{1}{n}} - 1]$

Putting the values into the formula, we can get,

r = $[(\frac{20,000}{10,000})^{\frac{1}{7}} - 1]$

or, r = $(2^{\frac{1}{7}} - 1)$

With the help of calculator, we can find the value of $2^{\frac{1}{7}}$ = 1.1041

or, r = (1.1041 - 1)

or, r = 0.1041

Therefore, interest rate = 10.41%

7 0

3 years ago

PLEASE HELP!!!

Marta_Voda [28]

Answer:

Expenses

Explanation:

4 0

3 years ago

On December 31, 2019, the ledger of Lopez Company contained the following account balances: Cash $ 66,000 Maria Lopez, Drawing $

vlada-n [284]

Answer:

1. Dec 31, 2019

Dr Fees Income $107,500

Cr Income Summary $107,500

2. Dec 31, 2019

Dr Income summary 60,000

Cr Salaries expense 34,000

Cr Supplies expense 6,000

Cr Utilities expense 9,300

Cr Telephone expense 5200

Cr Depreciation expense 5500

3. Dec 31, 2019

Dr Income summary 47,500

Cr Retained earnings 47,500

4. Dec 31, 2019

Dr Maria lopez, capital 52,000

Cr Maria lopez, drawing 52,000

Explanation:

Preparation of the closing entries for the above transactions

1. Dec 31, 2019

Dr Fees Income $107,500

Cr Income Summary $107,500

(To close revenue account)

2. Dec 31, 2019

Dr Income summary 60,000

(5500+5200+9300+6000+34000)

Cr Salaries expense 34,000

Cr Supplies expense 6,000

Cr Utilities expense 9,300

Cr Telephone expense 5200

Cr Depreciation expense 5500

(To close expenses account)

3. Dec 31, 2019

Dr Income summary 47,500

($107,500-60,000)

Cr Retained earnings 47,500

(To close income summary account)

4. Dec 31, 2019

Dr Maria lopez, capital 52,000

Cr Maria lopez, drawing 52,000

(To close drawings account)

6 0

3 years ago

Suppose that in a month the price of movie rentals decreases from $3.25 to $3. At the same time, the quantity of movie rental

Sergeeva-Olga [200]

Answer:

The correct answer is option a.

Explanation:

The initial price of movie rentals is $3.25.

The initial quantity is 100.

The price falls to $3.

This causes demand to rise to 120.

The price elasticity of demand a ratio of change in quantity demanded to change in price level.

The elasticity is calculated at -2.25, through the process given in images.

The price elasticity of demand here is greater than 1 which means it is elastic.

So, option a is the correct answer.

4 0

3 years ago

Fill in the missing word to complete the following statement based on the information in this lesson.

Likurg_2 [28]

I think d. sorry if i'm wrong

7 0

3 years ago

Read 2 more answers