I need help with Question 2, if possible. Thanks. Please see the question image attached. Simplifying the ABC System: TDABCGolding Bank provided the following data about its resources and activities for its checking account process:ResourcesSupervisionPhone and suppliesSalariesComputerTotalActivities$70,000 Processing accounts90,000 Issuing statements275,000 Processing transactions25,000 Answering customer inquiries$460,000DriverNo. of accountsNo. of statementsNo. of transactionsNo. of inquiriesTime per Unit Traditional Interest-Bearingof Activity0.20 hr.AccountAccount1,0000.10 hr.0.05 hr.0.15 hr.Calculate the activity rates for the four activities. Round your answers to the nearest cent.Processing accounts3.68 ✓per accountIssuing statementsProcessing transactions1.84 ✔ per statement0.92✔ per transaction2.76 ✓ per inquiryAnswering inquiries2,00060,000160,0001,500At practical capacity, Golding uses 25,000 check processing hours.Required:1. Calculate the capacity cost rate for the checking account process. Round your answers to the nearest cent.18.4per hour10,000120,0001,5002. 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 $3.81 X3. 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.3.81 X

Disclaimer: As per instruction of question we have to solve question 2 Activity-based costing…

Simplifying the ABC System: TDABC Golding Bank provided the following data about its resources and activities for its checking account process: Resources Activities $70,000 Processing accounts 90,000 Issuing statements 275,000 Processing transactions 25,000 Answering customer inquiries $460,000 Supervision Phone and supplies Salaries Computer Total At practical capacity, Golding uses 25,000 check processing hours. Required: Driver No. of accounts No. of statements No. of transactions No. of inquiries Time per Unit Traditional Interest-Bearing of Activity Account Account 2,000 1,000 60,000 10,000 160,000 120,000 1,500 1,500 0.20 hr. 0.10 hr. 0.05 hr. 0.15 hr. 1. Calculate the capacity cost rate for the checking account process. Round your answers to the nearest cent. 18.4 ✓ per hour

Simplifying the ABC System: TDABC Golding Bank provided the following data about its resources and activities for its checking account process: Resources Activities $70,000 Processing accounts 90,000 Issuing statements 275,000 Processing transactions 25,000 Answering customer inquiries $460,000 Supervision Phone and supplies Salaries Computer Total At practical capacity, Golding uses 25,000 check processing hours. Required: Driver No. of accounts No. of statements No. of transactions No. of inquiries Time per Unit Traditional Interest-Bearing of Activity Account Account 2,000 1,000 60,000 10,000 160,000 120,000 1,500 1,500 0.20 hr. 0.10 hr. 0.05 hr. 0.15 hr. 1. Calculate the capacity cost rate for the checking account process. Round your answers to the nearest cent. 18.4 ✓ per hour

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,...

See similar textbooks

Similar questions

Simplifying the ABC System: TDABC Golding Bank provided the following data about its resources and activities for its checking account process: Time per Unit Traditional Interest-Bearing Resources Activities Driver of Activity Account Account Supervision $70,000 Processing accounts No. of accounts 0.20 hr 2,000 1,000 Phone and supplies 90,000 Issuing statements No. of statements 0.10 hr. 60,000 10,000 Salaries 275,000 Prncessing transactions No, of transactions 0.05 hr. 160,000 120,000 Computer 25.000 Answering customer inquiries No. af inquiries 0.15 hr. 1,500 1,500 Total $460,000 At practical capacity, Golding uses 25,000 check processing hours. Required: 1. Calculate the capacity cost rate for the checking account process. Round your answers to the nearest cent. 18.4 V per haur Calculate the activity rates for the four activities. Round your answers to the nearest cent. Processing accounts 3.68 V per account Issuing statements 1.84 V per statement Processing transactions 0.92 V per…
Simplifying the ABC System: TDABC Golding Bank provided the following data about its resources and activities for its checking account process: Time per Unit Traditional Interest-Bearing Resources Activities Driver of Activity Account Account Supervision $70,000 Processing accounts No. of accounts 0.20 hr. 2,000 1,000 Phone and supplies 90,000 Issuing statements No. of statements 0.10 hr. 60,000 10,000 Salaries 275,000 Processing transactions No. of transactions 0.05 hr. 160,000 120,000 Computer 25,000 Answering customer inquiries No. of inquiries 0.15 hr. 1,500 1,500 Total $460,000 At practical capacity, Golding uses 25,000 check processing hours. Required: 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…
Simplifying the ABC System: TDABC Golding Bank provided the following data about its resources and activities for its checking account process: Time per Unit Traditional Interest-Bearing Resources Activities Driver of Activity Account Account Supervision $70,000 Processing accounts No. of accounts 0.20 hr. 2,000 1,000 Phone and supplies 90,000 Issuing statements No. of statements 0.10 hr. 60,000 10,000 Salaries 275,000 Processing transactions No. of transactions 0.05 hr 160,000 120,000 Computer 25,000 Answering customer inquiries No. of inquiries 0.15 hr. 1,500 1,500 Total $460,000 At practical capacity, Golding uses 25,000 check processing hours. Required: 1. Calculate the capacity cost rate for the checking account process. Round your answers to the nearest cent. 18.4 V per hour Calculate the activity rates for the four activities. Round your answers to the nearest cent. Processing accounts 3.68 V per account Issuing statements 1.84 V per statement Processing transactions 0.92 V per…
Incorporate the following data into Bank X's revenue statement. Each item should be labelled and placed in the proper category and order. Commission ,exchange and brokerage received.Income on InvestmentsInterest paid on depositsPayments to and provisions for employeesInterest paid on BBI/ interbank borrowingsInterest/discount received on advances/billsIncome from leasing/hire purchaseInterest paid-othersProfit on exchange transactionsRent, taxes, lightingInsuranceLaw chargesProfit on sale of land, buildings and other assetsMiscellaneous incomeAuditor’s fees and expensesPrinting and stationaryProfit on sale of investmentsDepreciation on bank’s propertyIncome by way of dividends and subsidiariesAdvertisement and PublicityInterest earned – othersDirector’s fees, allowances and expensesMiscellaneous incomeRepairs and maintenanceOther expensesPostage, telegram, telephone and other communication expensesInterest received on balances with RBI and interbank funds.
Problem Solving. 1. Assuming the following information for Uno Company: bank balance P65,000; book balance ? ; deposit in transit P11,000; outstanding check P10,000; credit memo P2,000; and debit memo P500. How much is the adjusted bank balance?
How effective is the organization in collecting its receivables? Use the Hillside, Inc. Balance Sheet information in cells A2 through D18 and cells A21 through B38 to complete the Financial Performance Calculations in cells A40 through C60. Table 1: Hillside, Inc. Balance Sheet ($ 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…
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.
Assume that an organization asserts that it has $35 million in net accounts receivable. Describe specifically what management is asserting with respect to net accounts receivable.
Select the banking terms from drop down to match with the correct definition. Definitions Banking Terms a. A check that has been paid by the bank on behalf of the depositor. select a banking term Automated teller machine (ATM)Electronic funds transfer (EFT)MakerDepositorDebit memorandumPayeeBank statementPayerCredit memorandumDeposit slipCheckCanceled checkSignature cardEndorsement b. A disbursement system that uses wire, telephone, or computers to transfer cash balances from one location to another. select a banking term EndorsementBank statementDeposit slipDebit memorandumCheckDepositorElectronic funds transfer (EFT)PayeeSignature cardPayerCanceled checkCredit memorandumAutomated teller machine (ATM)Maker c. A document provided by the bank that requires the signature of all authorized signers of checks. select a banking term…
Accompanying the bank statement was a debit memo for bank service charges. What entry is required in the company's accounts? Oa. debit Miscellaneous Administrative Expense; credit Cash Ob. debit Cash; credit Other Income Oc. debit Cash; credit Accounts Payable Od. debit Accounts Payable; credit Cash
Using T-accounts, show what happens to checkabledeposits in the banking system when the Fed lends$1 million to the First National Bank
I need help with my homework please!!! Treasury management system generation of dual and multi-sided entries can combine transactions from which sources for automatic transfer of the entries to which destination? Sources: Bank transactions only; Destination: Sweep bank account Sources: Bank and internal transactions; Destination: Sweep bank account Sources: Bank transactions only; Destination: General Ledger Sources: Bank and internal transactions; Destination: General Ledger