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pochemuha
3 years ago
6

After reading the new account insert in his monthly​ statement, Tony Mercadante determined that the FDIC considers a joint accou

nt as a separate depositor. He and his wife Cynthia have three accounts at ABC Bank​ & Trust, one joint account with a balance of ​$60 comma 09960,099 and two individual accountsminus−his has a ​$120 comma 712120,712 balance and hers has a ​$253 comma 629253,629 balance. What amount of FDIC coverage do Tony and Cynthia have on their​ accounts?
Business
1 answer:
yarga [219]3 years ago
5 0

Answer: Please refer to Explanation

Explanation:

According to the Federal Deposit Insurance Corporation, the limit to the amount a person can be insured for is, $250,000 per depositor, per insured bank.

That means that Tony's account at a balance of $120,712 is covered completely as it is well below $250,000.

Their Joint account is also completely covered at $60,099.

Cynthia however does not have complete coverage as her bank account exceeds to the coverage limit by $3,629 which will not be covered.

Should be noted that should she transfer this excess to the joint account then she should be fully covered.

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Answer:

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The correct option is D, since the 48.67 was simply rounded down to one decimal place.

6 0
3 years ago
Typically, the firms' lowest cost source of financing is ____________ as its cost is tax deductible and it also tends to offer t
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Answer:

Debt

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Debt is the lowest cost source of financing because the <em>interest</em> return given to holders of debt has a <em>tax shield</em> (tax deductible) that is provided by the Section 11j  of the Income tax Act.

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2 years ago
The firm initially produced 500 pants and 700 shirts. If the firm decides to increase the number of shirts by 100 units, the opp
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4 0
3 years ago
Read 2 more answers
Smith &amp; Sons obtained a patent for a new optical scanning device. The fees incurred to file for the patent and to defend the
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Answer:

$3,750                            

Explanation:

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Useful Life                       12

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2 years ago
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Answer:

Option (d) is correct.

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Given that,

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A gift card is having an amount of money that is used by the gift card holder for the purpose of purchasing goods. So, in the books of GAP, the value of gift card is debited as an unearned revenue and the sales revenue is credited.

The journal is as follows:

Unearned revenue A/c Dr. $340

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6 0
3 years ago
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