Use the Following Information to Answer the Question(s)below

question 54

Multiple Choice

Use the following information to answer the question(s) below.
Your great aunt Matilda put some money in an account for you on the day you were born.This account pays 8% interest per year.On your 21st birthday the account balance was $5033.83.
-The amount of money that would be in the account if you left the money there until your 65th birthday is closest to:

• A)$29,556.
• B)$148,780.
• C)$168,824.
• D)$748,932.

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Definitions:

Settle Account

The process of paying off or resolving a financial account or obligation.

Percent of Receivables Method

An accounting technique used to estimate the amount of a company's receivables that will not be collected.

Unadjusted Trial Balance

A financial report that lists all the accounts and their balances from the ledger before any adjusting entries are made, used to verify the equality of debits and credits.

Ending Accounts Receivable

Ending accounts receivable is the amount of money owed to a company by its customers for goods or services delivered but not yet paid for at the end of an accounting period.