Preparing closing entries, which involves journalizing and uploading the entries to the ledger, is the eighth phase in the accounting cycle. During closure, there are four entries. To the Income Summary account, the initial entry cancels revenue accounts.
<h3>What order should the steps for closing an account be taken in?</h3>
Following is the basic order of closing entries: Clear the balances in the revenue accounts by debiting each revenue account and crediting the income summary account. To eliminate the balances in all expenditure accounts, credit all expense, accounts and debit the revenue summary account.
A journal entry debiting all revenue accounts and crediting the income summary is used to accomplish this. The same procedure is then used to calculate expenditures. Crediting the expense accounts and debiting the income summaries closes out all expenditures.
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1.A.The mission of the System
2.C.Losses
3.B.Operational Characteristics
Answer:
$12,015 approx.
Explanation:
To calculate present value of a future amount, the future amount is discounted at the rate of interest for the period of investment, which reveals present value as on today. The technique is referred to as discounting technique.
Suppose P denote the amount invested today, which when matured after period of two years yields $13500. Following formula is used for calculating the money invested:
wherein, A = Amount
P = Principal
R = Rate of interest
n = number of years
13,500 = 1.1236 P
⇒ P = 12,015 Approx.
Thus, $12015 is required to be deposited today so as to yield $13,500 after 2 years compounded at 6% per annum rate of interest.
<span>Burj Khalifa was designed to be the centerpiece of a large-scale, mixed-use development that would include 30,000 homes, nine hotels, 3 hectares (7.4 acres) of parkland, at least 19 residential towers,and the 12-hectare (30-acre) man-made Burj Khalifa Lake.</span><span>The decision to build Burj Khalifa is reportedly based on the government's decision to diversify from an oil based economy to one that is service and tourism based. According to officials, it is necessary for projects like Burj Khalifa to be built in the city to garner more international recognition, and hence investment. wanted to put Dubai on the map with something really sensational," said Jacqui Josephson, a tourism and VIP delegations executive at Nakheel Properties</span>
Answer:
$101,495.20
Explanation:
The comparable property value with compound interest
The formula for calculating future compound values
FV = PV × (1+r)n
In this case:
PV = 98,500
r =0.3% the interest rate per month
n = 10 compound periods
FV = 98,500 x (1+ 0.3/100)10
=98,500 x (1.003)10
=98,500 x 1.030408
=$101,495.20
