Assets Liabilities + Net Worth Required R$ 1000.00 Demand Deposits 4,000 Excess Reserves: 2,000.00 Savings Accounts: 4,000.00 Loans: 6,000.00 Owner's Equity $1, 000.00
Q: George 49 and Jean 36 a married couple with no dependents have AGI of 2348000. They have 213000 of m...
A: Taxable Income: It is the part of gross income that is subject to IRS taxes. · Alternative minimum...
Q: The following data pertain to ABC Corporation on December 31, 2022 Current account at China Bank - P...
A: Balance sheet: It is a financial statement that states the value of assets, liabilities, and equit...
Q: HUM., Co. gave fringe benefits to employees as follows: To its Clerks and Janitors P 100,000 To its ...
A: solution concept Fringe benefit to rank and file employee are not subject to fringe benefit tax Frin...
Q: Activity 1 Instructions: ldentify each of the following accounts as an asset, Liability or Equity. A...
A: Solution Types of accounts 1- Personal account : A- Natural personal account = Its represent to nat...
Q: Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding ...
A: Calculation of required allowance for doubtful accounts Outstanding accounts receivable= $78500 Requ...
Q: The standard costs and actual costs for direct materials for the manufacture of 2,600 actual units o...
A: Direct materials price variance = ( Standard rate of material - Actual rate of material ) x Actual q...
Q: Prepare journal entries relating to the stock option plan for the years 2020, 2021, and 2022. Assume...
A: Introduction: Shares are units of equity ownership in a firm. For certain businesses, shares exist a...
Q: Vegas Company has the following unit costs: Variable manufacturing overhead $ 20 Direct materials 25...
A: The contribution margin is calculated as difference between sales revenue and variable costs.
Q: By mutual agreement, the non-cash assets of P160,000 were to be adjusted to their market value of P2...
A: The Retirement of an old partner in a partnership is treated as a reconstitution of the partnership ...
Q: Accrued Interest Payable The following is a list of outstanding notes payable as of Decemb Maker Dat...
A: Accrued interst payable The amount of interest recognised as a cost by the borrower but not yet paid...
Q: A man bought a lot worth P2424737 if paid in cash. By installment, he paid a down payment of P250,00...
A: Total Amount to be paid = P2424737 Down Payment made = P250000 Net Amount Payable = P2424737 - P2500...
Q: Suppose at the end of the year before any adjusting entries, a company has a balance in Allowance fo...
A: Disclaimer: “Since you have asked multiple question, we will solve the first question for you. If yo...
Q: Omission of accrued expenses in year 1 will result to a. Understatement of expenses in year 1 b. U...
A: Accrued expenses are those expenses that are incurred but yet to be paid in the future.
Q: Which of the following IS NOT one of Hofstede dimensions? * c. Academic achievement O b. Uncertainty...
A: Which of the following not a Hofstede dimension? Ans. C academic achievement Explanation: Hofsted...
Q: Which of the following statements is correct?
A: Answer: Checks are those document that are issued to give or receive any amount. a.Outstanding che...
Q: You are auditing Crown Corporation for the year ended 2022. Its reported net income for the year 202...
A: Net Income Net income which is considered to be one of the important source of liquidity which are d...
Q: Assume that the proper correcting entries were made at December 31, 2021. By how much will 2022 inco...
A: Solution Concept If the ending inventory is overstated the net income is overstated If the ending in...
Q: The following data pertain to ABC Corporation on December 31, 2022 Payroll account - 500,000 Treasur...
A: Cash and cash equivalents: Cash and cash equivalents as an item of the Financial position represent ...
Q: An Individual nold the folowing annnta thin year. Sala price Cost Solling cont Painting. .$2,000 $ 3...
A: Answer Capital gain:- Profit realised on the sale of long-term asset that has increase in value dur...
Q: D&R A3 3 - 3 Question 3. FRA Pricing, Valuation, Payoff, and Hedging Today is June 1. Sustainabl...
A: ANSWER: # days LIBOR 30 0.90% 60 1.00% 90 1.05% 120 1.10% 150 1...
Q: Cushman Company had $842,000 in sales, sales discounts of $12,630, sales returns and allowances of $...
A: Gross profit is an excess of revenue over the cost of goods sold. It is the profit before deducting ...
Q: Clear Water Bay Inc. has provided the following data from its activity-based costing system: Activit...
A: The overhead rate is calculated as estimated overhead cost divided by estimated base activity. The ...
Q: The inputs to a model may have different roles. Among the choices, which should be excluded? Choic...
A: Inputs are main variables for decision making in any model. Inputs influence the output amd the deci...
Q: Net income for Mory Company for the years 2021 and 2022 is shown below. An audit of the accounts, ho...
A: Answer) Calculation of Correct Net Income for the year 2021 2021 Net Income After Tax ...
Q: Calculate the ROE for the following information: •Net Income after tax = $2,740,000 •Sales $69,500,0...
A: Formula: Return on Equity = Net Income after tax / Total Equity
Q: Clear Water Bay Inc. uses the weighted-average method in its process costing system. The Fitting Dep...
A:
Q: Substantive audit procedures Existence/Occurrence(E/O) Rights &obligations(R/O) Completeness(C) ...
A: Auditing of the financial position as well as the financial records of the organization are importan...
Q: Administration Exemption level Tax Rate Years in Effect
A: given Administration Exemption level Tax Rate Years in Effect is
Q: On December 31,2020, the Statement of Financial Position of BEA Partnership shows the following data...
A: Solution Working note Total capitalization after admission of Russia =2000000 Capital interest of Ru...
Q: On January 1, 20x1, RELISH TASTE Co. acquired a machine by issuing a 3%, P4,000,000 note due on Janu...
A: Semi annual interest payment= P 4000000*3%*1/2= P 60000
Q: A company purchased $9,900 of merchandise on June 15 with terms of 3/10, n/45. On June 20, It return...
A: Lets understand the basics. For attracting early payments, seller gives the discount to the buyer. T...
Q: At year-end (December 31), Chan Company estimates its bad debts as 0.50% of its annual credit sales ...
A: Estimated bad debt expense= $ 837000*0.50%=$4185
Q: Prepare its bank reconciliation using the above information.
A:
Q: If estimated production overhead in the printing department is $120,000 and actual overhead is $116,...
A: Predetermined overhead rate: Predetermined overhead rate is calculated before the period begins. Thi...
Q: Compute for the balance of the Retained Earnings account be if USD60,000 in arrears dividends and US...
A: Retained earnings refers to that portion of the after-tax profit of the company which the company de...
Q: EQUIRED: a.) At what amount should Diana record the leased asset at January 1,2020? b.) Prepare the ...
A: Lease Payment 86,680 Lease Term 5 year Unguaranteed Residual Value 50000 fair value of the ma...
Q: Can a updated check be an negotiable instrument
A: Negotiable instrument refers to the instrument which guarantee the payment of particular amount that...
Q: Hardy Man, Inc., acquired a machine in 2021 for P 400,000 and erroneously charged the cost to an exp...
A: The straight line method of calculating depreciation is the most simplest way to determine accumulat...
Q: 12 What is the Selling Price if the Break-Even Point is 5,000 units? 13 What is the Number of Units ...
A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for yo...
Q: Inventories: • Beginning - raw material_P50,000 - work in process_P40,000 - finished goods_P60,000 E...
A: Cost of goods manufactured is the total amount of cost incurred on manufacturing of goods. We are gi...
Q: Anna is a scholarship grantee of ABC Company. In consideration of Anna’s excellent academic performa...
A: Scholarship is the amount of money which a person receives from the another person in order to pursu...
Q: The Vogelson Company accumulates the following cost and net realizable value data at December 31. In...
A: Inventories should be valued at cost or net realizable value whichever is lower. The cost or Net rea...
Q: F and H Pharmacy Trial Balance December 31, 2018 Cash 327,500 Account receivable 109,100 Notes recei...
A: Closing Entries - These are recorded to close the temporary accounts like revenue, Expenses and Divi...
Q: the amo est expense to be capitalised It: the loan was specifically taken out to finance the bridge ...
A: Solution Concept As per the relevant accounting standard , the borrowing cost incurred on the qualif...
Q: Process Costing I Discussion Question Sparkling Beverages makes one of its products by way of three ...
A: Introduction:- Process costing is an accounting approach for tracking and allocating direct and indi...
Q: GLO701 - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Turner Com...
A: Note: Only the calculation of interest has been answered as it has been selected/highlighted. F...
Q: Name the Sub-headings under which Shareholder's Funds shall be classified in a Company's Balance She...
A: Shareholders fund shall be classified in Following sub headings
Q: Which of the following is not tax exempt? A. Amount of any damages received by agreement on account...
A: Income Tax deduction- Individuals and organizations can take advantage of income tax deductions to l...
Q: Discuss capital gains tax using the names and amounts given.
A: Capital gains which are subject to capital gains tax is the tax amount which the company or the tax ...
Q: 4. Statement 1: The newly formed partnership is still allowed to use any of the book of the sole pro...
A: Meaning of Partnership: A partnership is a formal arrangement by two or more parties to manage and o...
1.
please explain this multi part T account problem
Step by step
Solved in 2 steps
- Assets Liabilities Reserves: $30,000 Demand Deposits: $100,000 Loans: $70,000 Equity (net worth): $2,000 Property: $2,000 Assume the reserve requirement ratio is 20%. C. Assume that Elliot raises $5,000 in cash from a yard sale and deposits the cash in his checking account at the Bank of America. By how much does the money supply immediately change as a result of Elliot's deposit? D. Calculate the maximum change in demand deposits in the banking system as a whole resulting from Elliot's deposit. Show your work. E. If the Bank of America is not meeting the reserve requirement, what action can it take to meet the reserve requirement without calling in loans or selling property?Assets Liabilities Reserve 100 Deposits 1000 Loan 900 Total 1000 Total 1000 Instructions: The value of required reserve ratio (RR) is Answer% Now assume the amount of $100 were deposited inside the bank The value of immediate change in deposit is Answer The value of immediate change in reserveAnswer The value of immediate change in loan is Answer{ The size of deposit multiplier is Answer The value of final change in deposit is Answer The value of final change in reserveAnswer The value of final change in loanAnswer The value of final change in money supply isAnswerCompany Flora has the following items on its B/S: Money at bank ( no maturity) : USD 52,000 at 1% LT securities (2 years) : USD 135,000 invested at 10% Overdraft from bank (no maturity): USD 17,000 at 4% Equity ( 5 years) : USD 100,000 LT borrowings (2 years): USD 120,000 at 3% Financial assets (5 years): USD 135,000 at 1.5% ST borrowings (8 months): USD 119,000 at 8% Calculate the net interest margin for the company? (total inflows from interest - total outflows from interest) *
- Assets Liabilities Reserves $2,000 Deposits $10,000 Loans 8,000 Refer to Table. Starting from the situation as depicted by the T-account, if someone deposits $9,000 into the First Bank of Fairfield, and if the bank makes new loans so as to keep its reserve ratio unchanged, then the amount of new loans that it makes will be a. $1,800 b. $6, 750 c. $0 d. $2, 250 e. $7,200 f. $9,000.Bank North's Balance Sheet Assets Liabilities Reserves $250 Deposits $1,500 Loans $1,550 Capital $300 $1,800 $1,800 Refer to table above. If Bank North receives a new deposit of $400, its actual reserve ratio immediately becomes ___. (Thank you)Cash on hand and in bank P2,500,000Cash restricted for bonds payable dueOn June 30, 2020 1,000,000Time Deposit 3,000,000Savings deposit set aside for dividendsPayable on March 31, 2020 500,000* The cash in bank included a customer’s check of P50,000 outstanding for 16 months.* Check of P80,000 in payment of accounts payable was dated and recorded on December31, 2019 but mailed to creditors on January 12, 2020.* Check of P20,000 dated January 31, 2020 in payment of accounts payable was recordedand mailed December 31, 2019.*The reporting period is the calendar year. The cash receipts journal was held open untilJanuary 15, 2020 during which time P 100,000 was collected and recorded on December31, 2019.In the current assets section of SM’s December 31, 2019 balance sheet, the amount reportedas cash and cash equivalents is __________
- Company Flora has the following items on its B/S: Money at bank ( no maturity) : USD 52,000 at 1% LT securities (2 years) : USD 135,000 invested at 10% Overdraft from bank (no maturity): USD 17,000 at 4% Equity ( 5 years) : USD 100,000 LT borrowings (2 years): USD 120,000 at 3% Financial assets (5 years): USD 135,000 at 1.5% ST borrowings (8 months): USD 119,000 at 8% Identify the time buckets for the company? What will be the Net interest income variation for the period of 2 years, if interest rates have a 2% variation? What will be the Net interest income variation for the period of 5 years, if interest rates have a 1% variation? Calculate the net interest margin for the company? (total inflows from interest - total outflows from interest) *Series of deposits worth P10, 000, P20, 000 P8, 000 and P5,000 were made at t=0,1,4,6 quarter, respectively. Withdrawals were made on the 2nd and on the 4th quarter respectively. Money is worth 10% CSA (a) Solve for X (b) the amount of money in the bank at t=5In the following balance sheet, Loan A(8%, 3 year)= $150 Deposit A(5%, 2 years)=$250Loan B(11%, 4 years)= $200 Deposit B(7%, 3 year)= $100Total Assets = $350 Total Liabilities = $350The GAP 3 yr=-200 if all interest rates decrease by 3%, net impact on net interest income (ΔNII) is a. +$6 b. +$7 c. +$8 d. +$9
- Chang Co. issued a $50,000, 120-day, discounted note to Guarantee Bank. The discount rate is 6%. Assuming a 360-day year, the cash proceeds to Chang Co. are: Question 29 options: $49,750 $47,000 $49,000 $51,000QUESTION 5 The following balance sheet is available for Smith Bank (in millions). Which of the following is true? Assets Potential Potential Amount Liabilities Potential Potential Amount Rate Withdrawal in Rate Withdrawal in Change 6-month millions Change 6-month millions 90-day Treasury Bills 0.50% $25 30-day CDs 0.25% $50 180-day Treasury Bills 0.75% $35 90-day CDs 0.35% $100 1-year Treasury Bills 1.00% $50 Savings Deposits 0.10% $50 1-year consumer loans 1.25% 20% $200 Time-Deposits 180-day 0.60% $200 5-year Consumer loans 1.50% 20% $150 Time Deposits -2 years 1.00% 30% $235 10-year Corporate Loans 1.75% 15% $250 Stockholder's equity $75 Total $710 Total $710 Including potential withdrawals and excluding savings deposits, the six-month earnings at risk is $238,750…Assets- reserves: 75000 loans : 430000 liabilities : deposites : 500000 net worth : 5000 a) Suppose that a bank has the following balance sheet and you deposit $5000 in currency into your cheque account at such bank. Use a T-account to show the initial impact of this transaction on the bank’s balance sheet. What is the impact of this transaction on M1? (b) If the bank holds a reserve ratio of 0.1, what is the maximum amount the bank can loan out. Suppose that the bank intends to loan out the maximum amount it can. Show the impact of the loan on the balance sheet.