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SOVA2 [1]
3 years ago
7

The ____ act requires banks and financial institutions to alert customers of their policies and practices in disclosing customer

information.
Business
1 answer:
maw [93]3 years ago
3 0
<span>The Gramm-leach-Bliley Act requires banks and financial institutions to alert customers of their policies and practices in disclosing customer information. The act was created in 1999. If the customer did not like the policies and practices of the financial institutions they could opt out. A major concern was how financial institutions used customer's private information and what third parties the institutions sold the info to. This act helped customers avoid this.</span>
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you lend a friend 10,000 dollars for which your friend will repay you 27,027 dollars at the end of 5 years. What interest rate a
Step2247 [10]

Answer:

The interest rate is "21.999%".

Explanation:

The given values are:

Amount lent,

= 10,000

Amount repaid,

= 27,027

Years (n),

= 5

As we know,

⇒  Amount \ repaid = Amount \ lent\times (1+r)^n

On substituting the given values, we get

⇒                27,027=10,000\times (1+r)^5

⇒                  \frac{27,027}{10,000}=(1+r)^5

⇒                 2.7027=(1+r)^5

⇒                 1+r = (2.7027)^{(1/5)}

⇒                 1+r=1.21999

On subtracting "1" from both sides, we get

⇒          1+r-1=1.21999-1  

⇒                      r=0.21999

i.e.,

⇒                      r=21.999 \ percent

5 0
3 years ago
Ayayai Inc. had the following balance sheet at December 31, 2019.
Mrrafil [7]

Answer:

(a) Increase in cash = $50,200

(b) Total Assets =  Liabilities and Stockholders' Equity = $298,900

Explanation:

Note: There are errors as date and name inconsistency in the requirements in this question. The requirements are therefore correctly stated before answering the question as follows:

(a) Prepare a statement of cash flows for the year 2020 for Ayayai Inc.

(b) Prepare the balance sheet as it would appear as of December 31, 2020.

The explanation of the answer is now provided as follows:

(a) Prepare a statement of cash flows for the year 2020 for Ayayai Inc.

Note: See part (a) of the attached excel file for the statement of cash flows for the year 2020 for Ayayai Inc.

In the attached excel file, we have:

Increase in cash = $50,200

(b) Prepare the balance sheet as it would appear as of December 31, 2020.

Note: See part (b) of the attached excel file for the balance sheet as it would appear as of December 31, 2020.

In the attached excel file, we have:

Total Assets =  Liabilities and Stockholders' Equity = $298,900

Download xlsx
8 0
3 years ago
Zen Arcade paid the weekly payroll on January 2 by debiting Salaries and Wages Expense for $47,000. The accountant preparing the
hram777 [196]

Answer:

Salaries and wages payable...................Dr                    $20,000

                                      Salaries and wages expense                  $20,000

Explanation:

As per accrual system, an expense is incurred when it is accrued irrespective of when it is paid. So, $20,000 was accrued in December 31, salary and wages expenses would have been debited then amounting to $20,000.

In order to rectify the mistake of double counting, the entry passed by the accountant would be reversed to nullify the effect.

Adjusting Journal entry:

Particulars                                            Debit              Credit

Salaries and wages payable               $20,000

                 Salaries and wages expense                    $20,000

(Being double counting of salaries and

wages expense rectified)

4 0
3 years ago
Suppose the following transactions occur during the current year:
Genrish500 [490]

Answer:These transactions combines will increase the Gross Domestic Products by +2500

Explanation:

Gross domestic product is the Value of all goods and service produced within the boarders of the country over a period of time. Gross domestic product is measured in monetary terms. Gross domestic product can also be calculated as a total of all expenditures on goods and services in the economy.

we will now sow how these Transactions affect the gross domestic product

1. 50 cases of beer from a dutch distributor at $40 per case

When Dmitri (assuming he is in the United States) Purchases a 50 cases of beer abroad, Imports increase by $2000 ($40 x 50 cases)

Imports have a negative impact on the Gross domestic product, Therefore the Gross domestic product will decrease by $2000

-$2000 imports = -2000 Gross Domestic Product. ceteris pa

2.US Company sells 200 Transistors to a Spanish company at $15 per case

Exports increase Gross domestic product. When a US Company sells 200 transistors to a Spanish Company at a price of $15 per transistor, Exports will increase by $3000. When export increase Gross domestic product will also increase by -$3000 ceteris par

+$3000 export = + 3000 Gross Domestic Product.

3. Jake US Citizen pays $1500 for a laptop he orders from microell (a US company)

This transaction will increase Consumer's domestic consumption which is represent by a Variable denoted by C in the Consumption equation. When Jake pays $1500, Consumption increases by $1500 which also increases Gross domestic Product by $1500 ceteris pa

+$1500 Consumption = + $1500 Gross domestic product

Combined effect of these Transactions

Consumption + Investment + government spending + (export - import)= GDP

+$1500 + 0 + 0 + 0 + ($3000 - $2000) = + $2500        

These transactions combines will increase the Gross Domestic Products by +2500

8 0
3 years ago
Read 2 more answers
What qualifications are the officials of lilliput expected to have in order to hold high office?
kifflom [539]
<span>The officials are expected to have a very good sense of balance. To achieve the office in the first place, the officials are required to cross a tightrope suspended above the ground, reach the middle, and jump as high as they can without falling or otherwise injuring themselves.</span>
6 0
3 years ago
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