Answered: EX 8-4 Internal Pacific Bank prov…

EX 8-4 Internal Pacific Bank prov Department. Sma while larger loans a loan is approve terms. Pacific Bar to approve loans to approve loans As an in in policy?

Accounting (Text Only)

26th Edition

ISBN:9781285743615

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter8: Sarbanes-oxley, Internal Control, And Cash

Section: Chapter Questions

Problem 8.22EX

See similar textbooks

Related questions

Q: Using the following information, prepare a bank reconciliation. Bank balance: $4,021 Book balance:…

A: A bank reconciliation statement is prepared by the management at a certain time period to identify…

Q: banker requires financial information to assess whether: I. The borrower can repay the loan…

A: Loan is amount of money lent by borrower which can be used for the purpose of business or any other…

Q: LO 8.6Identify where each of the following transactions would be found on the bank reconciliation.…

A: Outstanding checks and deposits in transit are the transactions yet to be recorded in the bank…

Q: Problem 7-8 (IFRS) to a On January 1, 2021, Global Bank loaned P3,000,000. 6-year borrower. The…

A: Impairment loss in receivables: It is the loss of value in the amounts that is to be claimed from…

Q: s no loan outstanding will be granted. (b) If customer has an account with the bank but some amount…

A: “Since you have posted a multiple questions , we will solve second question for you . To get…

Q: 22. A cheque issued by the company but not presented to bank is known as ______. a. Deposit in…

A: A cheque issued by the company but not presented to bank is known as Outstanding cheque... d.…

Q: #7 Date of invoice: March 14 Credit terms: 2/20, 1/45, n/60 Determine the last date on which the…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: QUESTION 16 Which of the following items found on a bank reconciliation does NOT require an…

A: Dear student, Since you have specified Question #16 to be answered, I am posting the answer for the…

Q: e mc nor

A: 3. Carrying Value at closing = Note receivable + Direct Origination Cost - Non refundable…

Q: True or False. 5. Deposits in transit refer to collections received on the last day of the month…

A: Since there are multiple subparts, we will answer only first three subparts.

Q: Outstanding Regular Payment Principal Component of Payment Period Interest Balance Component of…

A: A = Loan amount = 100,000.00 B = Regular Payment = 31,547.08 C =…

Q: Loans Loan Expected Standard Amount Return Deviation A $ 15 8.1% 1.1% million В $ 15 9.2% 1.3%…

A: The following solution is given below:

Q: Problem 7-14 (IAA) On December 31, 2021, Oregon Bank recorded an investment of P5.000,000 in a loan…

A: SOLUTION WORKING NOTE- TOTAL PRESENT VALUE OF CASH FLOWS- PRESENT VALUE OF PRINCIPLE…

Q: fill in the blanks to complete each sentence. 7. From a bank's viewpoint, a standby letter of…

A: A letter of credit is referred to as a guarantee where the bank uses the letter to give the…

Q: EB8. LO 8.6Prepare the journal entry to reconcile the bank statement in Exercise 8.7.(Previous…

A: Bank reconciliation is a statement prepared to check what are the items that has caused a difference…

Q: PA8. LO 8.6 Which of the following transactions will require a journal entry? Indicate if it will be…

A: Bank reconciliation statement is prepared by almost every organization at a particular time. It is a…

Q: 12- a loan that requires the borrower to maket he same payment every period until the maturity date…

A: An Annuity is a continuous flow of systematic timely cash flows made or received for a stipulated…

Q: On August 1, 20X1, the accountant for Midwest Imports downloaded the company’s July 31, 20X1, bank…

A: The bank reconciliation statement records the cash as per bank statement and books and further…

Q: Short-term commercial bank loans can be used to finance inventory and accounts receivable. TRUE…

A: Short term loans are the loans which are for period less than 1 year. Long term loans are the loans…

Q: Specialization

A: Introduction: Banks are financial institutions which perform the task of accepting deposits from the…

Q: Skip to question [The following information applies to the questions displayed below.] The…

A: The bank reconciliation statement is prepared to adjust the balance of cash book and passbook with…

Q: Question 10 All of the following statenments are True about Bank overdrafts: O A. O B. If no…

A: Bank overdraft is like a loan or credit where the bank provides its customer credit to allow a…

Q: QUESTION 16 Which of the following items found on a bank reconciliation does NOT require an…

A: Deposit in transit since the amount is already recorded in the company accounts no adjusting entry…

Q: true or false: 21) The indivisible reserve of savings and credit cooperatives is NOT covered by…

A: COSSEC is the regulatory authority for credit and savings cooperatives. The main area of…

Q: Obj. 5 • PR 7-3A Bank reconciliation and entries The cash account for Pala Medical Co. at June 30,…

A: The financial transactions are recorded in the form of journal entry.

Q: 28 [Question text] If a company’s average collection period is higher than the industry average,…

A: Average average collection period is the average number of days that is required to collect the…

Q: Required information Problem 8-4A Preparing a bank reconciliation and recording adjustments LO P3…

A: A journal is the company's official book in which all business transactions are recorded according…

Q: Question 16 Covidfree Corp. has a credit line of P1,500,000. The bank requires compensating balance…

A: A compensating balance is the balance a borrower must keep with a lender, usually when taking out an…

Q: When credit card sales occur, the seller may receive cash immediately, or within a few days,…

A: The given statement is true.

Q: Amount due at maturity: 2,900 Discount rate: 6 ¼ Time: 180 days Maturity Value (MV) = 2900…

A: Given, Principal = $2900 Discount Rate = 6 1/4 Time (n) = 180 days

Q: 47. The entry in the books of a government agency with foreign service post to record the receipt of…

A: Cash disbursement ceiling is a form of disbursement authority which is issued by DBM to agencies.

Q: Q. 4 Prepare a Bank Reconciliation Statement as on 31t December 2019 from the following particulars:…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: 33 - What is the record to be made when the company pays a debt that arises from the purchase of…

A: Journal entries refers to the process of systematic recording the financial transactions of a…

Q: PA7. LO 8.6 Identify where each of the following transactions would be found on the bank…

A: Definition: Bank reconciliation: Bank statement is prepared by the bank. The company maintains its…

Q: Question 11 of 30 In case of the party pays the money or not. the bank has to pay the money on due…

A: A bank guarantee is a promise that is made by the bank on the behalf of its customer to the clients…

Q: Bank Reconciliation

A: Bank reconciliation statement means a reconciled summary of differences between balance as per books…

Q: Problem 7-13 (IAA) D 2025, plus annual interest payment at 12% beginning December 31, 2021. 31,…

A: SOLUTION WORKING NOTE DEC 31 2023 (1500000*0.89) 1335000 DEC 31 2024 (2000000*0.80) 1600000…

Q: LO 8.6Which of the following transactions will require a journal entry? Indicate if it will be a…

A: Outstanding checks and deposits in transit are the transactions yet to be recorded in the bank…

Question

EX 8-4 Internal
Pacific Bank prov
Department. Sma
while larger loans
a loan is approve
terms. Pacific Bar
to approve loans
to approve loans
As an in
in policy?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

12 - CODE AND NAME OF THE ACCOUNT WILL BE DEBT 102 02 BANK CURRENCY DTH 62.000121 02 CERTIFICATES OF FX RECEIVABLES 62.000What transaction does the registration made above belong to?A) Acceptance of the policy by the bankB) Endorsement of the policyC) Returning the policy to the bankD) Payment of the policy by the bankE) Collection of the policy by the bank
12 - CODE AND NAME OF THE ACCOUNT WILL BE DEBT 102 02 BANK CURRENCY DTH 62.000121 02 SHARES OF FX RECEIVABLES 62.000What transaction does the above record belong to?A) Acceptance of the policy by the bankB) Endorsement of the policyC) Returning the policy to the bankD) Payment of the policy by the bankE) Collection of the policy by the bank
9. A Co-operative bank QLB grants loans under the following conditions. - (a) If customer has an account witbank and has no loan outstandingwill be granted.(b) If customer has an account with thebank but some amount is outstandingfrom previous loan, then loan will begranted if special arrangementapproval is obtained.(c) Reject loan applications in all other cases. Draw Decision Tree and Table for the bank. 10. Suppose you are the manager of aclothing store with 10 salespersons.Devise the steps that will pay salesbonus of 5% of total sales to salespersonswho sell (5 million worth of clothes.Represent the algorithm in flowchart.
QUESTION 7 Which type of short-term loan is secured with Treasury bills as collateral? A. Federal funds B. Repurchase agreements C. Commercial paper D. Certificates of deposit
EB8. LO 8.6Prepare the journal entry to reconcile the bank statement in Exercise 8.7.(Previous question) LO 8.6Using the following information, prepare a bank reconciliation. Bank balance: $4,021 Book balance: $2,928 Deposits in transit: $1,111 Outstanding checks: $679 Bank charges: $35 Notes receivable: $1,325; interest: $235
PA7. LO 8.6Identify where each of the following transactions would be found on the bank reconciliation. Transaction Increase to Bank Side Decrease to Bank Side Increase to Book Side Decrease to Book Side Outstanding check Interest income NFS check Wire transfer by customer Deposit in transit Bank charges
13- Banks advance loans to its customers up to a certain amount, if there are no deposits in the current account. Which of the following is being referred to? a. Bills of Exchange b. Fixed Deposit c. Overdraft d. Long Term Loans
iii. iv. Describe how each of the following helps a bank control its credit risk: 1. Position limits 2. Conditions precedent 3. Loan covenants 4. Risk rating systems
Suppose that a bank does the following: a. Sets a loan rate on a prospective loan with BR = 4.23% and ϕ = 3.16%. b. Charges a 0.33 percent loan origination fee to the borrower. c. Imposes a 9 percent compensating balance requirement to be held as noninterest-bearing demand deposits. d. Holds reserve requirements of 8 percent imposed by the Federal Reserve on the bank’s demand deposits. Calculate the bank’s ROA on this loan.
MC49 The following bank reconciliation is presented for the Pony Co. for the month of November, 2020: Balance per bank statement, 11/30/2020 P180,400 Add: Deposit in transit P41,500 Erroneous bank charge 15,500 56,500 Subtotal P236,900 Less: Outstanding Checks 78,200 Balance per books, 11/30/2020 P158,700 Data for the month of December 2020 follow: Per bank: December deposits/credits — P261,000 December charges/debits — P224,200 Balance, December 31, 2020 — P217,200 All items that were outstanding as of November 30 cleared through the bank in December, including the bank charge. In addition, P25,000 checks were outstanding as of December 31, 2020. What is the amount of cash disbursements per books in December 2020? (WITH SOLUTION) a. P146,000 b. P171,000 c. P249,200 d. P249.200
30.The process of selling a promissory note to a bank at any time before maturity is known as _____ a note. a.discounting b.lending c.maturing d.investing
nk.9 A check written correctly for $50 was recorded in the general ledger as $55. This would appear on a bank reconciliation as a(an) a)addition to the book balance. b)deduction from the book balance c)deduction from the bank balance. d)addition to the bank balance.