In reviewing the T-account for Accounts Payable, you find that the beginning balance is zero, the total increases are $7,200 and the total decreases are $4,000. This means that the ending balance of the account is a credit balance of $3,200

New information systems will enable the creation of electric meters that run "backwards." Which of the following best explains this statement?

A) IT will allow customers to manipulate their electricity bills. B) IT has been instrumental in reducing the global power consumption. C) IT has not made any significant contribution to the field of electricity distribution and measurement. D) IT will allow customers to see their patterns of daily energy usage.

Which of the following formulas represents the future value of $500 invested at 8% compounded quarterly for five years?

A) 500(1 + .08)5 B) 500(1 + .08)20 C) 500(1 + .02)5 D) 500(1 + .02)20