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You deposit 700 in an account that pays 8 percent interest compounded yearlyfind the balance after 13 years?
You will have 1903.737 dollars in your account at the end of 13 years. The year wise end balance will be:756816.48881.798952.3421028.531110.8121199.6771295.6511399.3031511.2471632.1471762.7191903.737This is under the assumption that you don't deposit any fresh funds into your account and initial 700 dollars + the accumulated interest is all that is available in the account.
What is the IBAN for natwest branch 01-10-01?
To find the IBAN (International Bank Account Number) for a NatWest branch with the sort code 01-10-01, you would need the specific account number associated with that branch. The IBAN is a combination of the country code, check digits, bank identifier, and account number, so without the account number, it cannot be generated. You can obtain the full IBAN by contacting NatWest directly or checking your account details through their online banking services.
If a swift code is incorrect what happens?
If a SWIFT code is incorrect, the money transfer should not go through. Besides providing the SWIFT code, the sender also has to give the account number in the bank where the money is going to be sent. The wrong SWIFT code should void the transaction because the bank and the account number will not be matched.
What happens when euro appreciates to the US dollar?
Goods exported from the US become cheaper for countries using the Euro, this then shrinks our current account deficit (importing more goods/services than we export)
What is recurring account?
recurring means. the number goes on and on and on... e.g. 0.3 (recurring) = 0.33333333... A recurring account could refer to an account which you pay regularly - an account which recurs - such as a telephone account.
What is the journal entry for providing service on account?
debit accounts receivablecredit services revenue
What is accumulated depreciation?
The accumulated deprecation is the all the depreciation amounts should be the accumulated depreciation.
What is the journal entry accumulated depreciation?
[Debit] Depreciation account [Credit] Accumulated depreciation
Why do you need the accumulated depreciation account?
Accumulated Depriciated account is kept mostly for TAX purposes but also gives you face value of your assets.
What are the examples of capital contra account?
is accumulated depreciation a contra account
Is accumulated depreciation an owner's equity account?
No. It is a contra asset account
What type of account is accumulated depreciation and how is it reported in the financial statements?
Accumulated depreciation is a contra-asset account and show in the asset section of the Balance Sheet. It is called contra-asset account because contrary to any asset account Acc. Dep. is a credit type of account. The offset of Accumulated depreciation is to Debit the expense account Depreciation.
Is it customary for the depreciation expense account and the accumulated depreciation account to be equal?
No. Accumulated depreciation is depreciation accumulated every year and it will only increase and won't decrease. Depreciation expenses is incurred every year.
Is Accumulated depreciation account is an expense account?
No. Accumulated Depreciation is a contra-account which appears on the asset side of the Balance Sheet. It is a credit balance account which reduces the value of Fixed Assets to reflect their declining value due to age and use. The normal offset to an entry to the Accumulated Depreciation account is a debit to Depreciation Expense.
Is accumulated depreciation a contra asset account?
Yes
Example of Contra-Asset Account?
Accumulated Depreciation
What is an example of a contra asset account?
Accumulated Depreciation
