The average daily net transaction accounts of a local bank during the most recent reserve computation period is $332 million. The amount of average daily reserves at the Fed during the reserve maintenance period is $25.30 million, and the average daily vault cash corresponding to the maintenance period is $4.5 million. a. Under the rules effective in 2013, what is the average daily reserve balance required to be held by the bank during the maintenance period? b. Is the bank in compliance with the reserve requirements? Complete this question by entering your answers in the tabs below. Required A Required B Under the rules effective in 2013, what is the average daily reserve balance required to be held by the bank during the maintenance period? (Do not round intermediate calculations. Enter your answer in millions rounded to 3 decimal places. (e.g., 32.161)) Average daily reserve required $ 2.537 million

The average daily net transaction accounts of a local bank during the most recent reserve computation period is $332 million. The amount of average daily reserves at the Fed during the reserve maintenance period is $25.30 million, and the average daily vault cash corresponding to the maintenance period is $4.5 million. a. Under the rules effective in 2013, what is the average daily reserve balance required to be held by the bank during the maintenance period? b. Is the bank in compliance with the reserve requirements? Complete this question by entering your answers in the tabs below. Required A Required B Under the rules effective in 2013, what is the average daily reserve balance required to be held by the bank during the maintenance period? (Do not round intermediate calculations. Enter your answer in millions rounded to 3 decimal places. (e.g., 32.161)) Average daily reserve required $ 2.537 million

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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XYZ bank currently has 600 million in transaction deposits on its balance sheet. The current reserve requirement, set by the central bank, is 8%. The central bank has decided to increase the reserve requirement from 8% to 10%. Show the effect of their decision on: Required reserve. Excess reserve. Change in bank deposit.
The following information pertains to Cuay Corporation, whose deposits in transit totaled P49,000 at December 31, 2020: Based on the above, answer the following questions: Cuay Corporation BANK RECONCILIATION 13. What is the total book receipts for December? 14. What is the cash balance per books on December 31, 2020? 15. What is the total outstanding checks on December 31, 2020? 16. What is the adjusted cash balance on November 30, 2020? 17. What is the adjusted cash balance on December 31, 2020? November 30, 2020 Balance per bank statement Less: Outstanding checks Check No. 4321 Check No. 4329 P 435,000 P 6,000 15,000 Check No. 4340 1,700 Check No. 4341 The cash receipts and cash payments of Detuya Company for April 2020 follow: 4,675 27,375 P 407,625 16,200 P 423,825 Total Add: Deposits in transit Balance per books CASH RECEIPTS CASH PAYMENTS Date Cash Debit Check No. Cash Credit P 208,700 20,350 27,950 109,350 92,700 53,000 16,850 P 44,550 7,350 96,500 33,200 73,600 50,000 31,600…
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