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Tpy6a [65]
2 years ago
8

Stanley deposits $1,000 into a savings account that pays 1% interest per year. At the end of the first year, he's earned $10 in

interest and there is $1,010 in the account. If the account has simple interest, the 1% interest for year two would be based off ____________. If the account has compounding interest, the 1% interest for year two would be based off ________________.(NOTE: The first choice goes in the first blank, the second choice goes in the second blank)
Business
1 answer:
77julia77 [94]2 years ago
7 0

Answer:

$1000

$1010

Explanation:

The formula for determining simple interest = principal x time x interest rate

The formula for determining compound interest = future value - amount invested

FV = P (1 + r)^n

FV = Future value  

P = Present value  

R = interest rate  

N = number of years

1000 X 0.01 X 1 = $10

Given the figures in the question, the simple interest each year would be $10 based on $1000

But the compound interest in year 2 = 1000 x (1.01)^2 = 1020.10

1020.10 - 1000 = 20.1

compound interest in year 2 = 20.1 - 10 = 10.1

or

1010 x 0.01 x 1 = 10.1

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Icy Mocha Company estimates its factory overhead costs to be $35,000 and machine hours to be 5,000 for the year. If the actual h
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Answer:

$160 overapplied

Explanation:

Icy Mocha company estimates it's factory overhead costs to be $35,000 and machine hours to be 5,000 for a period of one year.

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The first step is to calculate the predetermined overhead rate

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The amount is then subtracted from the actual overhead costs

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= -$160

= $160 overapplied

Hence the amount of overapplied factory overhead is $160

4 0
3 years ago
A corporation had the following assets and liabilities at the beginning and end of this year. Assets Liabilities Beginning of th
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Answer:

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3 0
3 years ago
The useful life of a new plant asset _____. is the same as the asset's total productive life. might not exceed one year. might b
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Answer:

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<em>Calculating the useful life of a plant asset can be complicated and may require engineering studies. However, if the expertise of an employee is good enough to determine it the firm must take advantage of this strength but if there is nobody with this capability the institution should look for someone who does moreover when it does not have experience computing the useful life of such assets.</em>

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5 0
3 years ago
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