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1 year ago

Select each of the tasks associated with opening a checking account.

Business

1 answer:

garri49 [273]1 year ago

5 0

Tasks associated with opening a checking account are:

Provide information such as name, address, date of birth, and Social Security Number.
Provide identification.
Deposit at least the minimum balance.
Sign an authorization card.

A checking account makes it simple to access your money for daily transactions while also keeping it safe. Typically, customers can pay their bills or make purchases using a debit card or a cheque. Different methods may be available for accounts to help avoid the monthly service charge.

A checking account's main function is to store your money in a safe location for a brief period of time, making it accessible when you need it to cover bills and other costs.

Customers who open checking account consent to make deposits into the account, and in return, the bank is obligated to carry out their payment instructions.

Before creating a checking account, it is important to weigh your options and find out whether or not the entity will charge you for maintaining the account and any related items. Being of legal age and fulfilling the conditions established by the chosen financial institution are the second prerequisites you must meet in order to open a checking account.

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Purchased goods for $4,100 from Diamond Inc. with terms 2/10, n/30. 5 Returned goods costing $1,100 to Diamond Inc. for credit o

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Answer: $3,940

Explanation:

Purchase from Diamond

The company received a discount of 2% because they paid within 10 days as per the terms of the sale.

Cost of inventory from Diamond:

= (Cost of goods - Returns) * (1 - 2%)

= (4,100 - 1,100) * 98%

= $2,940

Purchase from Club

Discount period expired so the full $1,000 is paid.

Total inventory cost:

= 2,940 + 1,000

= $3,940

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2 years ago

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Answer:

work toward possible solutions

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2 years ago

Lenny's Landing has a net Section 1231 gain in the current year of $12,000. In the previous five years, there are $3,000 in unre

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Answer:

As the $3,000 is unrecaptured losses, it will be carried forward to this year and would be set off against the current year's capital gains.

Explanation:

The previous year unrecaptured loss of $3000 will carried forward and would be set off against the capital gains of $12,000. The gain for the year can be calculated as under:

Capital Gain for the year = Gain Before unrecaptured losses - Carried Forward Losses

By putting values, we have:

Capital Gain for the year = $12,000 - $3,000 = $9,000

The resultant $9,000 would be the capital gain for the year.

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2 years ago

The cost method that will yield an ending inventory value that is somewhere between possible high and low costs (prices) using t

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The weighted average cost of capital is the cost approach that will produce an ending inventory value that is in between probable high and low costs (prices) using classic costing methods.

The weighted average cost of capital is the average cost of attracting investors, whether bonds or shareholders.

The computation weights the cost of capital depending on the amount of debt and equity used by the firm, providing a clear barrier rate for internal initiatives or future acquisitions.

The weighted average inventory cost is one of the approaches used in inventory valuation. It is computed by dividing the cost of products for sale by the number of units for sale. i.e The cost of the items for sale and the quantity of units for sale. Because it is based on averages, the ending inventory value is generally somewhere between high and low cost.

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1 year ago

An investor makes three deposits into a fund, at the end of 1, 3, and 5 years. The amount of the deposit at time t is 100(1.025)

bulgar [2K]

Answer:

The size of the fund at the end of 7 years is $483.110

Explanation:

Number of quarters = 4

We are given that the nominal rate of discount convertible quarterly is 4/41

Discount rate in each quarter = $\frac{\frac{4}{41}}{4} = \frac{1}{41}.$

Let A is the value after discount and X is the original value:

$A = X - X(\frac{1}{41}) \\A=X(1 - \frac{1}{41}) \\A=\frac{40}{41}X\\X = \frac{41}{40}A$

Now To calculate the value after 7 years we need to multiply each value by the interest raised to the correct power.

$A=100 \times 1.025^1 \times \frac{41}{40}^{(7-1) \times 4}+100 \times 1.025^3 \times \frac{41}{40}^{(7-3) \times 4}+100 \times 1.025^5 \times \frac{41}{40}^{(7-5) \times 4}$

A=483.110

Hence the size of the fund at the end of 7 years is $483.110

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2 years ago