Matt has two single accounts at Midtown Bank. One account has a balance of $74,112.09 and the other has a balance of $77,239.01. Question: Is all of Matt's money insured by the FDIC? Explain.
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Matt has two single accounts at Midtown Bank. One account has a balance of $74,112.09 and the other has a balance of $77,239.01.
Question: Is all of Matt's money insured by the FDIC? Explain.
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- Mr. Khalid has a current account in a bank with a credit balance of RO 97,000. He has withdrawn cash of RO 1,000 through ATM machine and paid RO 24,400 to his creditor by cheque. After these transactions his current account balance will be: a. RO 71,600 b. RO 51,600 c. RO 71,400 d. RO 21,600When Chris balanced her business check book, she had an adjusted bank balance of $8,911. She had three outstanding deposits worth $349 each and seven checks outstanding with a total value of $948. What is the amount of the collection float on this account?A, Mr. B and Mr. C have the following accounts in the closed XY Bank: Account No. 1 in the name of Mr. A, P150,000, Account No. 2 in the name of “Mr. A in trust for Mr. B”, P350,000, Account No. 3 in the name of “Mr. A by Mr. C”, P200,000. How much is the insured and uninsured deposit of Mr. A, Mr. B and Mr. C with the PDIC? Explain.
- a. Illustrate and record the following events on a T account John deposits his $10,000 paycheck into his checking account at Chase Bank b.Chase Bank deposits the check at the Fed and Fed collects the funds for Chase Bank c.What happens to a bank's reserves when it receives a deposit? d.John withdraws $2000 cash and pays his rent. His landlord deposits the $2000 in Citi BankFrank forges the signature of his father on a cheque and draws $5,000 from the account. Examine the legal position of the paying bank. Who is the drawer, drawee, payee, and holder of the BoE?After reading the new account insert in his monthly statement, Tony Mercadante determined that the FDIC considers a joint account as a separate depositor. He and his wife, Cynthia, have three accounts at ABC Bank & Trust, one joint account with a balance of $77,073 and two individual accounts--his has a $105,916 balance, and hers has a $255,100 balance. What amount of FDIC coverage do Tony and Cynthia have on their accounts?
- After reading the new account insert in his monthly statement, Tony Mercadante determined that the FDIC considers a joint account as a separate depositor. He and his wife, Cynthia, have three accounts at ABC Bank & Trust, one joint account with a balance of $61 comma 34561,345 and two individual accountslong dash—his has a $137 comma 454137,454 balance, and hers has a $252 comma 304252,304 balance. What amount of FDIC coverage do Tony and Cynthia have on their accounts?After reading the new account insert in his monthly statement, Tony Mercadante determined that the FDIC considers a joint account as a separate depositor. He and his wife, Cynthia, have three accounts at ABC Bank & Trust, one joint account with a balance of $61 comma 34561,345 and two individual accountslong dash—his has a $137 comma 454137,454 balance, and hers has a $252 comma 304252,304 balance. What amount of FDIC coverage do Tony and Cynthia have on their accounts? Question content area bottom Part 1 What amount of FDIC coverage do Tony and Cynthia have on their accounts? (Select the best answer below.) A. Tony's account balance of $137 comma 454137,454 is completely covered as is their joint account of $61 comma 34561,345; both accounts are under the $250,000 FDIC limit. Cynthia's account is over the insurance limit by $2 comma 3042,304, but is fully insured because they only have $61 comma 34561,345 in their joint account. B.…Xia and John have joint accounts at Downtown Bank that is insured by the FDIC. They have $220,000 in their checking account, $350,000 in regular savings account, and $150,000 in an investment account. Unfortunately, Downtown Bank went bankrupt. How much would Xia and John recover from their accounts? Show work.
- After reading the new account insert in his monthly statement, Tony Mercadante determined that the FDIC considers a joint account as a separate depositor. He and his wife, Cynthia, have three accounts at ABC Bank & Trust, one joint account with a balance of $68 comma 55868,558 and two individual accountslong dash—his has a $138 comma 348138,348 balance, and hers has a $253 comma 634253,634 balance. What amount of FDIC coverage do Tony and Cynthia have on their accounts? Question content area bottom Part 1 What amount of FDIC coverage do Tony and Cynthia have on their accounts? (Select the best answer below.) A. Tony and Cynthia have a total of $460 comma 540460,540 in this institution. Each institution is insured up to $250,000, so they are over the insurance limit by $210 comma 540210,540 and should move money into other institutions. B. Tony's account balance of $138 comma 348138,348 is completely covered as is their joint account of…Mr. P's bank statement dated 31.12.2021 showed a balance with his Bank of $924, when checked with his Cash Book the following were noted :(a) During December, the Bank had paid $200 for a yearly contribution of Mr. P made to a local charity, as per his standing order. This amount appeared in the Bank statement but not in the Cash Book.(b) The Bank had credited his account with $28 interest and had collected on his behalf `$230 as dividends. No corresponding entries were made in the Cash Book.(c) A cheque of $65 deposited into the Bank on 28.12.2021 was not cleared by the Bank till after 31.12.2021(d) A cheque of $150 deposited into and cleared by the Bank before 31.12.2021 was not entered in the Cash Book, through an oversight.(e) Cheques drawn by and posted to parties by Mr. White on 31.12.2021 for $73, $119 and $46 were presented for payment to the Bank only on 3.1.2021.Using the T-accounts of the First National Bank and theSecond National Bank given in this chapter, describewhat happens when Jane Brown writes a check for $90on her account at the First National Bank to pay herfriend Joe Green, who in turn deposits the check in hisaccount at the Second National Bank