Kaleigh wants to buy a car that costs $17360. She deposits $14,000 in a savings account that earns 8% simple interest. How long was Kaylee leave the money in the savings account to be able to buy the car?
Answers
Answer:
Kaylee must leave the money in the savings account for 3 years.
Step-by-step explanation:
Given that Kaylee wants to buy a car that costs $ 17,360, and she deposits $ 14,000 in a savings account that earns 8% simple interest, to determine how long was Kaylee leave the money in the savings account to be able to buy the car must be made the following calculation:
14,000 + (14,000 x 0.08 x X) = 17360
1,120X = 17,360 - 14,000
X = 3,360 / 1,120
X = 3
Therefore, Kaylee must leave the money in the savings account for 3 years.
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Final answer:
The Economic Entity Assumption is a key principle in accounting, enabling economic events of individual entities to be separately identified and accounted. The correct answer to the question is 'D. of every entity can be separately identified and accounted for.', which means all types of entities, such as corporations or sole proprietorships, can have their economic events independently accounted for.
Explanation:
The Economic Entity Assumption is a principle in accounting that allows us to separate and identify the economic activities of different entities. This assumption plays an integral role in the management and understanding of a business’s financial health, as it enables the financial activities of a business to be distinguished from the personal financial activities of its owners. In response to the options given, the correct answer is 'D. of every entity can be separately identified and accounted for'. This means that each economic entity's events can be clearly differentiated and accounted for independently, regardless of whether they're corporations, sole proprietorships, or any other type of business model.
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Final answer:
The economic entity assumption states that the economic events of every entity can be accounted for separately. This principle is vital for accuracy and transparency in financial reporting, as it mandates the separation of business and personal financial activities.
Explanation:
The economic entity assumption is a fundamental principle in accounting. The correct answer is option D: economic events of every entity can be separately identified and accounted for. This assumption holds that the financial activities of a business entity should be kept separate from the personal financial activities of its owners or other business entities. For instance, a sole proprietor's personal expenses should not be mixed with the expenses of the business they own. This principle helps ensure the transparency and accuracy of a business's financial records. Without the economic entity assumption, accurately tracking and reporting financial information would be far more complex and confusing.
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