The Masterson family is setting up a vacation fund, and they plan on depositing $2600 per quarter in an investment that will pay 12% annual interest. What amount will they have available for their vacation at the end of 2 years? (PV of $1, FV of $1, PVA of
$1, and FVA of $1) (Use appropriate factor(s) from the tables provided.)
A. $23,296.00
B. $23,119.98
C. $20,800.00
D. $21,424.00
E. $22,066.72
Answer: B
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Accumulated Depreciation
a. is the same as Depreciation Expense b. is used to show the amount of cost expiration of intangibles c. is a contra asset account d. is used to show the amount of cost expiration of natural resources
Which of the following statements is false?
a. Cash equivalents are included in cash on the balance sheet and on the statement of cash flows. b. Investments in cash equivalents and investments in stock have the same economic effect--assets increase and decrease by the same amount. c. An investment is a cash equivalent if it is convertible into a known amount of cash and has an original maturity of 3 months or less when purchased. d. Investments in stock are reported as a financing activity on the statement of cash flows.
Organic molecules are those that contain at least
A. carbon. B. carbon and oxygen. C. carbon, oxygen, and hydrogen. D. carbon and hydrogen.
The aim of a post-closing trial balance is to verify that (1) total debits equal total credits for temporary accounts, and (2) all temporary accounts have zero balances.
Answer the following statement true (T) or false (F)