0
Verified answer
How is Interest Expense with a credit balance classified in the financial statements?
An Interest Expense with a credit balance is reclassified as Interest Payable on the Balance Sheet.
What is the interest and balance of 375 at 4 percent for 5 years?
If compounded, interest = 81.244 and balance = 456.245 If not compounded, interest = 75 and balance = 450
How have courts tried to balance the individuals right to free exercise of religion with the interest of society?
In which country. Please make your questions precise if you want us to answer them.
Is interest payable a credit or debit?
Interest payable is liability account and have a credit balance as a normal balance.
Does interest revenue have a normal debit balance?
No, Interest Revenue is income and would normally have a credit balance.
Is interest earned a debit or credit?
All earnings and revenues has credit balance as normal balance so interest earned also has credit balance as default normal balance.
Where does interest go on balance sheet?
Interest is part of income statement and shown in income statement and not part of balance sheet.
Is it better to have a credit card with a high interest rate or low interest rate?
If you carry a balance, then it's better to have a low interest rate. If you do not carry a balance, then the interest rate doesn't matter at all.
When the interest paid on a savings account is added to the balance so the interest earns interest this is known as?
Compound interest
Do most high interest saving accounts require a minimum balance?
Yes, most high interest savings accounts require a minimum balance. Since it is high interest, it is usually a high minimum account balance as well.
Which formula determines the interest amount on a loan?
Current (principle balance) x (interest rate per year) x (amount of time). Examples: ~for calculating monthly interest, it would be (principle balance) x (interest rate) / 12. ~for daily interest, it would be (principle balance) x (interest rate) / 365.
Is bank interest payable credit or debit?
All kind of payables have a credit balance as a default or normal balance. So by following this rule, bank interest payable also has a credit balance as normal balance.
