1. Calculate the capacity cost rate for the checking account process. Round your answers to the nearest cent. 18.4 v per hour Calculate the activity rates for the four activities. Round your answers to the nearest cent. Processing accounts 3.68 V per account Issuing statements 1.84V per statement Processing transactions 0.92 v per transaction Answering inquirles 2.76 v per inquiry 2. Assuming there are 2,000 interest-bearing checking accounts, calculate the cost per account using the activity rates from Requirement 1. Round your answers to the nearest cent. Unit cost $ 18.40 x 3. A time equation is used to assign resource costs to checking accounts. Select a time equation for the interest-bearing checking account product. 0.20(number of accounts) + 0.10(number of statements) + 0.05(number of transactions) + 0.15(number of inquiries) Again, assuming that there are 2,000 interest bearing accounts, show that the resource cost per account is the same as calculated in Requirement 2. Round your answers to the nearest cent. 18.40 X

1. Calculate the capacity cost rate for the checking account process. Round your answers to the nearest cent. 18.4 v per hour Calculate the activity rates for the four activities. Round your answers to the nearest cent. Processing accounts 3.68 V per account Issuing statements 1.84V per statement Processing transactions 0.92 v per transaction Answering inquirles 2.76 v per inquiry 2. Assuming there are 2,000 interest-bearing checking accounts, calculate the cost per account using the activity rates from Requirement 1. Round your answers to the nearest cent. Unit cost $ 18.40 x 3. A time equation is used to assign resource costs to checking accounts. Select a time equation for the interest-bearing checking account product. 0.20(number of accounts) + 0.10(number of statements) + 0.05(number of transactions) + 0.15(number of inquiries) Again, assuming that there are 2,000 interest bearing accounts, show that the resource cost per account is the same as calculated in Requirement 2. Round your answers to the nearest cent. 18.40 X

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 1EB: For each of the following, indicate if the statement reflects an input component, output component,...

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For each of the following, indicate if the statement reflects an input component, output component, or storage component of the accounting information system for a bank. A. Online customer check ordering system. B. Approved loan applications. C. Report of customers with savings accounts over $5,000. D. Desktop hard drive on computer used by bank presidents administrative assistant. E. List of the amount of money withdrawn from all of the banks ATMs on a given day.
Simplifying the ABC System: TDABC Golding Bank provided the following data about its resources and activities for its checking account process: Resources Activities Time per Unit Activity Driver Supervision $68,000 Processing accounts 0.20 hr. No. of accounts Phone and supplies 84,000 Issuing statements 0.10 hr. No. of statements Salaries 188,000 Processing transactions 0.05 hr. No. of transactions Computer 20,000 Answering customer inquiries 0.15 hr. No. of inquiries Total 360,000 Total check processinghours 20,000 (practical capacity) Required:
How effective is the organization in collecting its receivables? Use the Hillside, Inc. Balance Sheet information in cells A2 through D18 and cells A21 through B38 to complete the Financial Performance Calculations in cells A40 through C60. Table 1: Hillside, Inc. Balance Sheet ($ in Millions) ASSETS LIABILITIES Cash & Marketable Securities 449.90 Accounts Payable 1,611.20 Accounts Receivable 954.80 Salaries Payable 225.20 Inventories 3,645.20 Other Current Liabilities 1,118.80 Other Current Assets 116.60 Total Current Liabilities 2,955.20 Total Current Assets 5,165.27 Other Liabilities 693.40 Machinery & Equipment 1,688.90 Land 1,129.70 Total Liabilities 3,648.60 Buildings 2,348.40 Depreciation (575.60) SHAREHOLDER'S…
Problem Solving. 1. Assuming the following information for Uno Company: bank balance P65,000; book balance ? ; deposit in transit P11,000; outstanding check P10,000; credit memo P2,000; and debit memo P500. How much is the adjusted bank balance?
The following data were gathered to use in reconciling the bank account of Reddan Company: Line Item Description Amount Balance per bank $ 18,050 Balance per company records 10,220 Bank service charges 40 Deposit in transit 4,000 Note collected by bank with $150 interest 5,500 Outstanding checks 6,370 Question Content Area a. What is the adjusted balance on the bank reconciliation?fill in the blank 1 of 1$ Feedback Area Feedback Question Content Area b. Journalize any necessary entries for Photo Op. Company based on the bank reconciliation. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank
The following data were gathered to use in reconciling the bank account of Bradford Company: Balance per bank $ 17,400 Balance per company records 8,195 Bank service charges 45 Deposit in transit 3,100 Note collected by bank with $130 interest 4,900 Outstanding checks 7,450 Question Content Area a. What is the adjusted balance on the bank reconciliation?$fill in the blank 203a45094035fd6_1 Question Content Area b. Journalize any necessary entries for Bradford Company based on the bank reconciliation. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select -
Q1- A. What is a bank reconciliation and why is it important for companies to do it periodically? B. Prepare a Bank Reconciliation Statement for XYZ company that has: Bank statement of SR10,000. Cash account of SR7,500. Additional information for the reconciliation: Deposit in transit. NSF Check. Outstanding check. Collections made by the bank. Required: provide an amount of each information to bring the adjusted balances to be equal.
PROBLEM 1BABY Corporation provided the following information:Balance per book, August 31 P2,000,000Receipts per book for August 4,400,000Disbursements per book for August 3,600,000Balance per bank, August 31 1,860,000Bank receipts for August 5,000,000Bank disbursements for August 3,940,000August collection of P200,000 recorded by the entity as 20,000August check in payment of account payable for P600,000 recorded by the entity as 60,000Deposit of BABE Corporation erroneously credited by bank to BABY Corporation 200,000August check of BABE Corporation erroneously charged by bank to BABY Corporation 400,000NSF Check: July 100,000August 50,000Note collected by bank for BABY Corporation: July 200,000August 300,000Deposit in transit: July 31 600,000August 31 480,000Outstanding checks July 31 100,000August 31 650,000 Requirement:Prepare a proof of cash for the month of August.
The following data were gathered to use in reconciling the bank account of Crystal Company: Balance per bank $28,240 Balance per company records 10,280 Bank service charges 60 Deposit in transit 6,500 Note collected by bank with $530 interest 11,170 Outstanding checks 13,350 Question Content Area a. What is the adjusted balance on the bank reconciliation?$fill in the blank 578d140ceffafc9_1 Question Content Area b. Journalize any necessary entries for Crystal Company based on the bank reconciliation. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select -
A customer in a bank has made a balance withdrawal transaction in the last 30 days. In the last 28 days, the customer routinely made cash withdrawals of $100000. In the last two days, this customer made a withdrawal amounting to$7500000 and $5000000. Based on the transaction data, which value is the most appropriate to describe the central tendency of the distribution of customer cash withdrawal data? a) $510000 b) $100000 c) $275000 d) $426000
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Bigger Company provided the following information: Balance per book, August 31 2,000,000Book debits for August 4,400,000Book credits for August 3,600,000Balance per bank, August 31 1,860,000Bank credits for August 5,000,000Bank debits for August 3,940,000August collection of P200,000 recorded by entity as 20,000August check in payment of account payable for P600,000 recorded by entity as 60,000Deposit of Biggers Company erroneously credited by bank to Bigger Company 200,000August check of Biggers Company erroneously charged by bank to Bigger Company 400,000NSF:July 31August 31100,00050,000Note collected by bank for Bigger Company:July 31August 31200,000300,000Deposit in transit:July 31August 31600,000480,000Outstanding Checks:July 31August 31100,000650,000 Required: Prepare a four-column bank reconciliation showing adjusted balances and Prepared adjusting entries on August 31.