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skelet666 [1.2K]
4 years ago
15

Label each statement as either "True" or "False" below.

Business
1 answer:
Umnica [9.8K]4 years ago
4 0

Answer:

The answer is

1. False

2. True

3. True

4. True

5. False

Explanation:

1. False. Banks does not keep the entire value of all customer deposits in the bank vault. Some customers deposit will be given out as loan and other Investment opportunities.

2. True. Loans given out to borrowers are part of customers' deposits.

3. True. Bank run occurs when customers try to withdraw their money from a bank at once, maybe the bank is in crisis.

4. True. Federal Deposit Insurance Corporation protects customers' deposits

5. False. The fractional reserve banking system requires all banks to keep part of customer deposits in the bank vault to prevent bank runs

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Unfortunately, Angie doesn't have enough money in her account right now. She needs to make additional contributions at the end o
SIZIF [17.4K]

Answer: $770.22

Explanation:

If she makes equal contributions then those would be annuities. The $9,000 she wants to have will be the future value of the amount currently in her account and the annuity.

9,000 = 5,000 ( 1 + r) ^ n + ( annuity * future value interest factor of an annuity, 9%,  3 years)

9,000 = 5,000 ( 1 + 9%) ^ 3 + ( Annuity * 3.2781)

9,000 = 6,475.145‬ + 3.2781 * Annuity

Annuity  = (9,000 - 6,475.145‬) / 3.2781

Annuity = $770.22

4 0
3 years ago
After an impairment loss is recognized, the adjusted carrying amount of the intangible asset shall be its newaccounting basis. W
Mandarinka [93]

Answer:

A, it is prohibited

Explanation:

Under the U.S GAAP, subsequent reversal of a previously recognised intangible asset impairment loss is prohibited with the exception that the intangible asset is held up for the purpose of sale.

Cheers.

3 0
3 years ago
Clear, accurate writing is a way for you to show what quality?
Dmitry [639]

Clear, accurate writing is a way for you to show Professionalism

7 0
3 years ago
On January 1, Feld traded a delivery truck and paid $10,000 cash for a tow truck owned by Baker. The delivery truck had an origi
S_A_V [24]

Answer:

gain on disposal                     30,000

Explanation:

First we do the numbers for the old truck:

Asset        140,000

Acc Dep          80,000

Book Value  60,000

Now, becuase there are commercial subtance we will recognize the dgain or loss at disposal.

Total given-up for the tow truck

bake tow truck                      100,000

cash                                     <u>   (10,000)  </u>

Baker valuation of our truck  90,000

book value                             (60,000)

gain on disposal                     30,000

<u>journal entry</u>

tow truck                      100,000

acc dep delivery truck   80,000

    cash                                                   10,000

   delivery truck                                   140,000

   gain on disposal                                30,000

7 0
4 years ago
Temporary investmentsa. are reported as current assetsb. include cash equivalentsc. do not include equity securitiesd. All of th
gulaghasi [49]

Answer:

D. All of the above

Explanation:

Temporary investments are investments carried out by owners of funds that wants to earn interest from their excess funds that is only available for a short term. The owners of such fund prefer to earn little interest by investing in near cash or cash equivalent investment instead of leaving his fund in an interest-free condition. Example of temporary investment is certificate of deposit and some fixed deposits instrument available for the short term.

Temporary investments are reported as current assets in the balance sheet of a business.

5 0
3 years ago
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