Bank HW 1

19 A bank will only continue a credit line for one of its small business customers if the small business can keep an acid-test greater than 1. The company's reported current accounts are as follows: . Cash: $6,000 • Accounts receivable (net): $19,000 • Inventory: $8,000 • Short-term investment: $4,500 • Current liabilities: $17,000 Which decision should the bank make? Maintain the credit line because the acid-test ratio is 2.21. O Close the credit line because the acid-test ratio is 0.45. O Close the credit line because the acid-test ratio is 0.58. Maintain the credit line because the acid-test ratio is 1.74. NEXT > BOOKMARK

The COVID-19 pandemic has affected one of your customers, NEST Ltd adversely. Even though the economies are fast recovering, they have contacted your company to request to purchase on credit instead of cash on delivery. Your boss, Alan, the Marketing Manager has instructed you to review their request. He has asked you to review NEST Ltd’s latest set of financial statements. (a)Identify the key financial statements. Explain how the information reported in these statements will help you to decide whether to accede to NEST Ltd’s request.

Questions continue on next page Question 4 YY is a large banking organisation. It has a branch in most of the towns in the country in which it operates. The bank's business is mainly concerned with private individuals. It is a very 'traditional' bank that offers only 'over the counter' services during limited opening hours. At a recent board meeting, the directors of the bank stated that they were worried that the bank was losing customers to the new style banks that offer a much more friendly service, longer opening hours, internet banking and a diverse range of banking services. It has now been decided that the bank will pursue strategies to achieve the goal of being "The bank that people choose" and will use a balanced scorecard to monitor progress towards that goal. Required: a) Produce, for each of the three non-financial perspectives of a balanced scorecard, an objective and a performance measure that the bank could use. (In your answer you must state each perspective, and the…

Question 34 Following the wipe out of its assets, bank A fails. As a result, bank B must write- off its credit to bank A. Below is the balance sheet of bank B before bank A's failure. Compute bank B's new equity after bank A's failure. Assets Liabilities Loan to bank A: 70 Deposits: 90 Loans to households: 10O Other debts: 30 Equity: 40 Question 35 and so bank B also fails. This is an example of systemic risk: the failure of one bank can precipitate the collapse of the whole system. O True O False

Can you assist in giving a short pointer and summary from below paragraph   Covid-19 has had devastating effects on millions of lives. People have lost jobs, businesses and suffered significant setbacks in their careers and financial goals. Many are worried about their finances and must make smarter financial decisions going forward. It will be beneficial to banks to offer money management services, not only to their customers but to the general public as well. Capital One has already taken on the initiative, providing a money management page on their website geared towards individuals and businesses. More can be done by creating money management apps that can help with budgeting, tracking spending and gaining professional consultations, if necessary, all in one place.According to Bob Neuhaus, vice president of financial services intelligence at J.D. Power, great financial advice is a key differentiator for retail banks at a critical moment in time. If customers are financially…

Ababout introduction or overview,tell me which is correct option and with reason why ? tell me which are  incorrect option and with reason why ?

The COVID-19 pandemic has affected one of your customers, NEST Ltd adversely. Even though the economies are fast recovering, they have contacted your company to request to purchase on credit instead of cash on delivery. Your boss, Alan, the Marketing Manager has instructed you to review their request. He has asked you to review NEST Ltd’s latest set of financial statements.   (a)In addition, identify other information(other than balance sheet, incomes statement and cash flow statement) that will be helpful in deciding whether to accede to NEST Ltd’s request?    (b)You have also noticed that compared to last year, the allowance for bad debt for Nest Ltd has increased from 2% to 4 % of the accounts receivable. Discuss how this information will impact your review.

Problem 9 JEPOY Corporation is in the process of preparing its bank reconciliation for the month of February 2021. The company accountant discovered the following: Cash in bank balance P???????? Checks paid and recorded during the month Number 1001 5,0001002 6,0001003 7,0001004 8,000 Actual deposits made during the month 15,000 Deposits erroneously recorded twice 2,800 Unrecorded disbursements during the month 25,700   The analysis of the bank statement revealed the following: Bank balance P120,000 The following checks cleared with the bank 999 2,5001001 5,0001004 8,000 The bank deducted the following Notes payable payment 16,000Bank service charges 800 The bank credited the following Cash deposits from Jepoy 10,000Loan proceeds 7,000Interest Income 300   How much is the adjusted balance per bank?

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Current Attempt in Progress         Bramble Company is a very profitable small business. It has not, however, given much consideration to internal control. For example, in an attempt to keep clerical and office expenses to a minimum, the company has combined the jobs of cashier and bookkeeper. As a result, Bret Turrin handles all cash receipts, keeps the accounting records, and prepares the monthly bank reconciliations.The balance per the bank statement on October 31, 2020, was $17,820. Outstanding checks were No. 62 for $150.10, No. 183 for $186, No. 284 for $267.75, No. 862 for $200.70, No. 863 for $232.00, and No. 864 for $177.10. Included with the statement was a credit memorandum of $179.80 indicating the collection of a note receivable for Daisey Company by the bank on October 25. This memorandum has not been recorded by Daisey.The company’s ledger showed one Cash account with a balance of $21,870.00. The balance included undeposited cash on hand. Because of the lack…

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Accounting This is a business law principle for today's commercial environment by Twomey| Jennings |Greene 5th edition Question-what do you think of the increasing amount of reliance on electronic interactions? Some banks now charge to return the actual canceled check and some think that it is only a matter of time before there will be a charge for dealing with a "real" teller. What are the repercussions, good and bad, of this move toward electronic financial transactions?

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Too Big to Fail - During the recession of 2008, we were introduced to this new term. A large bank or financial institution that engages in illegal activity many are not severely punished or have its officials charged with criminal activity. Why? What is the reason?

MC43 The cash account shows a balance of P450,000 before reconciliation. The bank statement does not include a deposit of P23,000 made on the last day of the month. The bank statement shows a collection by the bank of P9,400 and a customer's check for P3,200 was returned because it was NSF. A customer's check  for P4,500 was recorded on the books at P5,400, and a check written for P790 was recorded as P970.   The correct balance in the cash account was? (with solution) a. P455,120 b. P455,480 c. P457,280 d. P478,480

MC42 The cashier misplaced all the bank statements for the past year. You reviewed the accounting records and discovered that the following journal entry was made to reconcile the June 30, 2020 bank records and accounting records:   Accounts Receivables — P152,024 Miscellaneous Expense — P1,250 Notes Receivables — P20,000 Interest Revenue — P1,000 Cash — P132,274 Pre-adjustment cash balance in the accounting records was P768,370, outstanding checks were P20,750 and no other adjustments were required.   What is the bank statement balance at June 30, 2020? (with solution) a. P615,346 b. P636,096 c. P656,846 d. P768,370

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what's the answer in question 4?

Current Attempt in Progress Your answer is incorrect. The cash account shows a balance of $90000 before reconciliation. The bank statement does not include a deposit of $5800 made on the last day of the month. The bank statement shows a collection by the bank of $1900 and a customer's check for $700 was returned because it was NSF. A customer's check for $960 was recorded on the books as $1230, and a check written for $245 was recorded as $293. The correct balance in the cash account was O $90978. O $90882. O $96778. $91518.

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Instructions: Prepare Cookie Creations' bank reconciliation for June 2024. (List items that increase as per bank first). Everything needed is inclulded in this problem!!

Prepare the bank reconciliation of Donald Insurance at Dec 31, 2018. Fill in the blanks on the reconciliation in the picture. All information that has been provided to me for this problem is also in the picture. Please actually cite the image this time. Last time I got the following: "Hi and thanks for your question! Unfortunately it looks incomplete. Please resubmit the question with complete adjustments. We've credited a question back to your account. Apologies for the inconvenience."   This is a constant issue. Utilize the information given, especially when it is stated that all of it is provided to you.

Q#7: Zeal Company has asked you to prepare the company's June bank reconciliation. Please know that Zeal always makes bank deposits after hours in the bank's night depository. You review Zeal's May bank reconciliation (i.e., not provided here) and you consider that as of May 31st check #2228 for $1,100 and check # 2231 for $1,650 both written by Zeal in April had not cleared the bank as of the end of May. Additionally, a May 31st deposit, made by Zeal in the amount of $3,200 was not reported on the May bank statement. Zeal has provided the company's general ledger activity for June and the bank's June statement below. Zeal Company's Accounting Records: Checks recorded (by Zeal) in June: Check # 2234 $4,400 Check #2235 3.300 Check #2236 985 125 1,560 1,800 350 1.920 $14.440 Check #2237 Check #2238 Check #2239 Check #2240 Check #2241 Main Street Bank's June Statement Checks Paid by Main Street Bank (from Zeal's account) in June: Check #2228 $1,100 Check # 2234 4,400 Check #2236 859 Check…

Give typing answer with explanation and conclusion  During the COVID-19 pandemic, small businesses were much more resilient than larger businesses, resulting in the federal government offering loan guarantees and payroll protection for larger businesses predominately. Group startsTrue or FalseTrue, unselectedFalse, selected

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I JUST NEED THE CORRECTED ADJUSTED BALANCE AMOUNT PLS The company’s accounting intern has prepared the end-of-January bank reconciliation from the bank statement, and is worried because the Adjusted Balance amounts do not agree. After reviewing the bank reconciliation, scroll down for the next steps in helping the intern.   Murdstone, Inc. Bank Reconciliation January 31, 2016 1 Cash balance according to bank statement   $23,557.98 2 Deduct deposit of January 31, not recorded by bank   12,125.25 3     $11,432.73 4 Add outstanding checks:     5 No. 124 $62.00   6 No. 125 57.00   7 No. 129 1,250.00 1,369.00 8 Adjusted balance   $12,801.73 9       10 Cash balance according to company’s records   $51,540.88 11 Add check returned because of insufficient funds   23,475.40 12     $75,016.28 13 Deduct: Note and interest collected by bank…