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17. The Barminster Bank is reviewing its service charges and interest paying policies on current accounts....
The First Chicago Bank is reviewing its service charges and interest-paying policies on checking accounts. The...
The First Chicago Bank is reviewing its service charges and interest-paying policies on checking accounts. The daily balance of a checking account is defined to be the balance in the checking account at 2:00pm. The bank has found that for all personal checking accounts the mean of all the daily balances is $750 and the standard deviation is $150. In addition, the distribution of personal checking account daily balances can be approximated very well with a normal model. Question 1....
The First Chicago Bank is reviewing its service charges and interest-paying policies on checking accounts. The...
The First Chicago Bank is reviewing its service charges and interest-paying policies on checking accounts. The daily balance of a checking account is defined to be the balance in the checking account at 2:00pm. The bank has found that for all personal checking accounts the mean of all the daily balances is $ 750 and the standard deviation is $100. In addition, the distribution of personal checking account daily balances can be approximated very well with a normal model. Question...
Bank account
A bank in your town updates its customers’ accounts at the end of each month. The bank offers two typesof accounts: Savings and Current. Every customer must maintain a minimum balance. If a customer’sbalance falls below the minimum balance, there is a service charge of $10.00 for savings accounts and$25.00 for current accounts. If the balance at the end of the month is at least the minimum balance, theaccount receives interest as follows:a. Savings accounts receive 4% interest.b. Current accounts...
1. First National Bank charges 11.11 % compounded monthly on its business loans. First United Bank...
1. First National Bank charges 11.11 % compounded monthly on its business loans. First United Bank charges 11.81%, compounded semiannually. Calculate the EAR for First United Bank. 2. One of your customers is delinquent on his accounts payable balance. You’ve mutually agreed to a repayment schedule of $559 per month. You will charge 1.29 % per month interest on the overdue balance. If the current balance is $13709, how many years will it take for the account to be paid...
Question 8 View Policies Current Attempt in Progress Swifty Corporation had the following accounts and balances:...
Question 8 View Policies Current Attempt in Progress Swifty Corporation had the following accounts and balances: Accounts payable Accounts receivable Buildings en el Cash $29900 Equipment 5400 Land ? Unearned service revenue 15100 Total stockholders' $35400 34400 9600 Cash equity If the balance of the Bulldings account was $73100 and $4600 of Accounts Payable were paid in cash, what would be the balance of the total stockholders' equity? $174400 $139000 $133500 $123900 A Ad VIS
Question 2 4/8 View Policies Show Attempt History Current Attempt in Progress On July 31, Oriole...
Question 2 4/8 View Policies Show Attempt History Current Attempt in Progress On July 31, Oriole Ltd. had a cash balance of $12,690 in its general ledger. The bank statement from the Caisse Populaire on that date showed a balance of $21,513. A comparison of the bank statement with the Cash account revealed the following: 1. The bank statement included service charges and credit card fees of $116. 2. The bank statement included electronic collections from customers on account totalling...
Question 3 View Policies Current Attempt in Progress Margaret Sells is unable to reconcile the bank...
Question 3 View Policies Current Attempt in Progress Margaret Sells is unable to reconcile the bank balance at January 31. Margaret's reconciliation is shown here. Cash balance per bank $4,677.20 Add: NSF check 605.00 Less: Bank service charge 51.50 Adjusted balance per bank $5,230.70 Cash balance per books $4,975.20 Less: Deposits in transit 566.50 Add:Outstanding checks 925.00 Adjusted balance per books $5,333.70 (a) What is the proper adjusted cash balance per bank? (Round answers to2 decimal places, e.g. 52.75.) The...
Problem 7-B Bank Reconciliation Dontuant At January 1, of the current year, the Bittersweet Company's balance...
Problem 7-B Bank Reconciliation Dontuant At January 1, of the current year, the Bittersweet Company's balance of Cash was $6007 During the month of January, Bittersweet made deposits of $1,000 and wrote checks totaling $ 1,120. The bank's records, on the same date, show a balance of $500. The following information is available to reconcile these two balances: a the bank collected a $35 note receivable from one of Bittersweet's customers. The principal amount of the note was $30 with...
1. My credit card charges interest of 0.04% per day compounded daily. (a) What is the...
1. My credit card charges interest of 0.04% per day compounded daily. (a) What is the APR for this credit card? (b) What is the APY? Assume 360 days in a year (twelve 30-day months). 2. A local credit union is advertising a car loan with an APR of 6.75%. If interest is compounded monthly, (a) what is the interest rate per compounding period, and (b) what is the effective annual interest rate (i.e., the APY)? 3. Your local credit...
Question 4 of 6 -/S View Policies Current Attempt in Progress On April 1, Larkspur, Inc....
Question 4 of 6 -/S View Policies Current Attempt in Progress On April 1, Larkspur, Inc. began operations. The following transactions were completed during the month 1 2. 3. 4 5. 6 7 Issued common stock for $18.200 cash Obtained a bank loan for $5,300 by issuing a note payable. Paid $8,400 cash to buy equipment Paid $900 cash for April othcerent. Paid $1.100 for supplies. Purchased $460 of advertising in the Daily Herold, on account. Performed services for $13,700:...
Question 8 View Policies Current Attempt in Progress Swifty Corporation had the following accounts and balances: Accounts payable Accounts receivable Buildings en el Cash $29900 Equipment 5400 Land ? Unearned service revenue 15100 Total stockholders' $35400 34400 9600 Cash equity If the balance of the Bulldings account was $73100 and $4600 of Accounts Payable were paid in cash, what would be the balance of the total stockholders' equity? $174400 $139000 $133500 $123900 A Ad VIS
Question 2 4/8 View Policies Show Attempt History Current Attempt in Progress On July 31, Oriole Ltd. had a cash balance of $12,690 in its general ledger. The bank statement from the Caisse Populaire on that date showed a balance of $21,513. A comparison of the bank statement with the Cash account revealed the following: 1. The bank statement included service charges and credit card fees of $116. 2. The bank statement included electronic collections from customers on account totalling...
Question 3 View Policies Current Attempt in Progress Margaret Sells is unable to reconcile the bank balance at January 31. Margaret's reconciliation is shown here. Cash balance per bank $4,677.20 Add: NSF check 605.00 Less: Bank service charge 51.50 Adjusted balance per bank $5,230.70 Cash balance per books $4,975.20 Less: Deposits in transit 566.50 Add:Outstanding checks 925.00 Adjusted balance per books $5,333.70 (a) What is the proper adjusted cash balance per bank? (Round answers to2 decimal places, e.g. 52.75.) The...
Problem 7-B Bank Reconciliation Dontuant At January 1, of the current year, the Bittersweet Company's balance of Cash was $6007 During the month of January, Bittersweet made deposits of $1,000 and wrote checks totaling $ 1,120. The bank's records, on the same date, show a balance of $500. The following information is available to reconcile these two balances: a the bank collected a $35 note receivable from one of Bittersweet's customers. The principal amount of the note was $30 with...
Question 4 of 6 -/S View Policies Current Attempt in Progress On April 1, Larkspur, Inc. began operations. The following transactions were completed during the month 1 2. 3. 4 5. 6 7 Issued common stock for $18.200 cash Obtained a bank loan for $5,300 by issuing a note payable. Paid $8,400 cash to buy equipment Paid $900 cash for April othcerent. Paid $1.100 for supplies. Purchased $460 of advertising in the Daily Herold, on account. Performed services for $13,700:...
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