You bank statement shows a current balance of AED 100,000 as a result of a single...
You bank statement shows a current balance of AED 100,000 as a result of a single deposit made 10 years previously. Over this period the interest rate has been 5%. The original deposit is nearest to
|
AED 39,000 |
||
|
AED 42,000 |
||
|
AED 32,550 |
||
|
AED 48,550 |
Homework Answers
Use future value rule as FV = PV(1 + r)^n
Here FV is 100000, r is 5% and n is 10 years
Find original deposit PV as
100000 = PV(1 + 5%)^10
PV = 100000*(1 + 5%)^-10 = 61391
Closest value is AED 48,550
Add Answer to:
You bank statement shows a current balance of AED 100,000 as a
result of a single...
San Question 1 10 points You bank statement shows a current balance of AED 100,000 as...
San Question 1 10 points You bank statement shows a current balance of AED 100,000 as a result of a single deposit made 10 years previously. Over this period the interest rate has been 5. How much was the original deposit? 61391 AED 48933 AED 20303 AED 13343 AED
Q!- Ahmed has two payment plans to buy a car Payment plan 1: pay AED 135,000...
Q!- Ahmed has two payment plans to buy a car Payment plan 1: pay AED 135,000 cash now Payment plan 2: pay AED 25,000 now, AED 50,000 in one year, and AED 85,000 in three years. Interest is 10% compounded annually. Which payment plan should Ahmed choose? Explain why. Q2-You bank statement shows a current balance of AED 100,000 as a result of a single deposit made 10 years previously. Over this period the interest rate has been 5%. How...
You receive a bank statement that shows a cash balance of $66,744. However, company records show...
You receive a bank statement that shows a cash balance of $66,744. However, company records show a $71,948 cash balance. The statement shows the following items that the company has not recorded: $2,700 in customer deposits from a lock! box and a $224 bank service fee. The company made a $12,240 deposit at the end of the month that the bank does not show. You also note that $4,560 in company checks have not been cashed yet. Create a Bank...
Partial Question 8 2.75/3 pts You receive a bank statement that shows a cash balance of...
Partial Question 8 2.75/3 pts You receive a bank statement that shows a cash balance of $66,744. However, company records show a $71,948 cash balance. The statement shows the following items that the company has not recorded: $2,700 in customer deposits from a lock box and a $224 bank service fee. The company made a $12,240 deposit at the end of the month that the bank does not show. You also note that $4,560 in company checks have not been...
Nolan Company's cash account shows a $29,748 debit balance and its bank statement shows $29,761 on...
Nolan Company's cash account shows a $29,748 debit balance and its bank statement shows $29,761 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,090. b. The June 30 bank statement lists $40 in bank service charges; the company has not yet recorded the cost of these services. c. In reviewing the bank statement, a $70 check written by the company was mistakenly recorded in the company's books as $79. d....
The April 30 bank statement for Trimble Corporation shows an ending balance of $35,192. The unadjusted...
The April 30 bank statement for Trimble Corporation shows an ending balance of $35,192. The unadjusted cash account balance was $29,150. The accountant for Trimble gathered the following information: There was a deposit in transit for $4,406. The bank statement reports a service charge of $59. A credit memo included in the bank statement shows interest earned of $215. Outstanding checks totaled $11,362. The bank statement included a $1,070 NSF check deposited in April. What is the true cash balance...
Complete Bank Reconciliation 2. The deposits to the bank account, as recorded on the bank statement,...
Complete Bank Reconciliation
2. The deposits to the bank account, as recorded on the bank statement, are compared to the deposit slips retained by the company. It is noted that the last deposit, of $760, occurred after banking hours on the day of the bank statement and therefore has not been recorded by the bank on this bank statement. 3. Checks returned with the bank statement are compared to the checks written and listed in checkbook. This comparison shows that...
Working Backward: Bank Reconciliation Dexter Company's bank reconciliation shows an adjusted cash balance of $4,968.05. The...
Working Backward: Bank Reconciliation Dexter Company's bank reconciliation shows an adjusted cash balance of $4,968.05. The following items also appear on the reconciliation NSF check $231.79 Deposit in transit 396.06 Interest earned 99.48 Outstanding checks 502.15 Bank service charges 25.00 Required: 1. Determine the balance on the bank statement prior to adjustment. Round your answer to the nearest cent. 2. Determine the balance on the books prior to adjustment. Round your answer to the nearest cent.
Saved The April 30 bank statement for Trimble Corporation shows an ending balance of $40,464. The...
Saved The April 30 bank statement for Trimble Corporation shows an ending balance of $40,464. The unadjusted cash account balance was $33,950. The accountant for Trimble gathered the following information: 1. There was a deposit in transit for $5,398. 2. The bank statement reports a service charge of $179. 3. A credit memo included in the bank statement shows interest earned of $855 4. Outstanding checks totaled $13,906. 5. The bank statement included a $2,670 NSF check deposited in April...
Nolan Company's cash account shows a $20,917 debit balance and its bank statement shows $21,645 on...
Nolan Company's cash account shows a $20,917 debit balance and its bank statement shows $21,645 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,741. b. The June 30 bank statement lists $26 in bank service charges; the company has not yet recorded the cost of these services. c. In reviewing the bank statement, a $20 check written by the company was mistakenly recorded in the company's books as $29. d....
San Question 1 10 points You bank statement shows a current balance of AED 100,000 as a result of a single deposit made 10 years previously. Over this period the interest rate has been 5. How much was the original deposit? 61391 AED 48933 AED 20303 AED 13343 AED
You receive a bank statement that shows a cash balance of $66,744. However, company records show a $71,948 cash balance. The statement shows the following items that the company has not recorded: $2,700 in customer deposits from a lock! box and a $224 bank service fee. The company made a $12,240 deposit at the end of the month that the bank does not show. You also note that $4,560 in company checks have not been cashed yet. Create a Bank...
Partial Question 8 2.75/3 pts You receive a bank statement that shows a cash balance of $66,744. However, company records show a $71,948 cash balance. The statement shows the following items that the company has not recorded: $2,700 in customer deposits from a lock box and a $224 bank service fee. The company made a $12,240 deposit at the end of the month that the bank does not show. You also note that $4,560 in company checks have not been...
Nolan Company's cash account shows a $29,748 debit balance and its bank statement shows $29,761 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,090. b. The June 30 bank statement lists $40 in bank service charges; the company has not yet recorded the cost of these services. c. In reviewing the bank statement, a $70 check written by the company was mistakenly recorded in the company's books as $79. d....
Complete Bank Reconciliation
2. The deposits to the bank account, as recorded on the bank statement, are compared to the deposit slips retained by the company. It is noted that the last deposit, of $760, occurred after banking hours on the day of the bank statement and therefore has not been recorded by the bank on this bank statement. 3. Checks returned with the bank statement are compared to the checks written and listed in checkbook. This comparison shows that...
Working Backward: Bank Reconciliation Dexter Company's bank reconciliation shows an adjusted cash balance of $4,968.05. The following items also appear on the reconciliation NSF check $231.79 Deposit in transit 396.06 Interest earned 99.48 Outstanding checks 502.15 Bank service charges 25.00 Required: 1. Determine the balance on the bank statement prior to adjustment. Round your answer to the nearest cent. 2. Determine the balance on the books prior to adjustment. Round your answer to the nearest cent.
Saved The April 30 bank statement for Trimble Corporation shows an ending balance of $40,464. The unadjusted cash account balance was $33,950. The accountant for Trimble gathered the following information: 1. There was a deposit in transit for $5,398. 2. The bank statement reports a service charge of $179. 3. A credit memo included in the bank statement shows interest earned of $855 4. Outstanding checks totaled $13,906. 5. The bank statement included a $2,670 NSF check deposited in April...
Nolan Company's cash account shows a $20,917 debit balance and its bank statement shows $21,645 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,741. b. The June 30 bank statement lists $26 in bank service charges; the company has not yet recorded the cost of these services. c. In reviewing the bank statement, a $20 check written by the company was mistakenly recorded in the company's books as $29. d....
Most questions answered within 3 hours.
-
For the element arsenic, which one of the following sets of
quantum numbers could not apply...
asked 5 seconds from now -
Compare and contrast the architectures of 3 types of ADCs:
Flash, SAR, and pipelined. Use the...
asked 58 seconds ago -
Given P(A) = 0.40, P(B) = 0.50, P(A ∩ B) = 0.15. Which of the
following...
asked 5 minutes ago -
Explain changes in workforce participation for women with
children. What legislation exists related to work and...
asked 7 minutes ago -
How high must a pointed arch be if it is to span a
space 4.2 m...
asked 12 minutes ago -
A housepainter who weighs 750 N stands 0.6 m from one end of a
2.0 m...
asked 14 minutes ago -
Implement Singly Linked List detectLoop in Java.
It would check whether the linked list contains a...
asked 17 minutes ago -
A small mailbag is released from a helicopter that is descending
steadily at 2.10 m/s.
After...
asked 18 minutes ago -
Write a C – program that calls a user-defined function from
within main() that determines the...
asked 21 minutes ago -
For a 2-Level design, with 8 factors, a recommended screening
design model is:
a. Taguchi L12...
asked 1 hour ago -
1. Define a function in python that returns the sum of the
following 4 lists. Remember...
asked 53 minutes ago -
Elspeth, associate research specialist for a marketing research
firm in a large Midwestern city, had just...
asked 52 minutes ago