Answer:
Assets are reported on a company's balance sheet and are bought or created to increase a firm's value or benefit the firm's operations. An asset can be thought of as something that, in the future, can generate cash flow, reduce expenses or improve sales, regardless of whether it's manufacturing equipment or a patent.
Explanation:
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Answer:
$3.68 million
Explanation:
Reserve Ratio = 8%
Reserves are currently = $25 million
Amount of deposits = $ 312.5 million
Deposit outflow = $4 million
Remaining Deposits = Amount of deposits - Deposit outflow
= $ 312.5 million - $4 million
= $308.5 million
Current Required Reserve after outflow of deposits(CR):
= $25 million - $4 million
= $21 million
Therefore,
Shortage of Reserve = CR - (Remaining Deposits × Reserve Ratio)
= $21 - ($308.5 × 0.08)
= $21 - $24.68
= -($3.68)
Therefore, the reserve shortage created by a deposit outflow of $4 million is $3.68 million
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Answer:
C) reciprocity
Explanation:
Based on the information provided within the question it can be said that this scenario is an example of reciprocity. This term refers to exchanging one thing for another in which both parties benefit in their own unique way. Which is the case since Bob buys equipment from Allied Tools which generates revenue for Allied Tools thus benefiting them, and Allied Tools hires Bob periodically which generates revenue for Bob thus benefiting him.
Answer:
Adjusted cash balance : $25850
Explanation:
The goal of a reconciliation statement is to ascertain the differences between the banks records and the depositor’s records and make accounting changes as deemed appropriate. There is a general flow that is used to make the correcting entries:
1. The process flow starts with the bank’s ending cash balance
2. Add any deposits made by the company to the bank that are in transit
3. Deduct any cheques that are uncleared by the bank
4. Add or deduct any other differences available as necessary
5. In the company bank records, once again start with the ending balance
6. Add interests earned
7. Deduct any bank service fees, penalties and NSF (Non-Sufficient Funds) cheques.
8. Add or deduct any other differences available as necessary
At the end of this process, it is likely that both accounts would be equal and tally.
Please refer attached table for details on the calculation.
