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4 years ago

How to open a saving bank explain

Business

1 answer:

sweet [91]4 years ago

4 0

Answer:

Gather the information you need, open an account online or in person. Sumit an application.

Explanation:

Gather the information you need to open an account: government-issued identification (a driver's license number, military ID, or other ID), your Social Security number, and a mailing address. Open an account online or in person by submitting an application. Fund the account with an initial deposit if required

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The current assets and current liabilities sections of the balance sheet Allessandro Scarlatti Company appear as follows.

guajiro [1.7K]

Answer:

A. Total Current Assets $286,696

Total current liabilities $140,000

B. Decreaseto retained earnings $58,575.92

Explanation:

A. Calculation to Restate the current assets and current liabilities sections of the balance sheet in accordance with good accounting practices.

ALLESANDRO SCARLATTI COMPANY

Partial Balance Sheet

As of December 2018

CURRENT ASSET

Cash Balance $40,000

Cash disbursement after discount$38,220

(39000*98%)

Less Cash sale in january) ($8,500)

($30000-$21500)

Less Cash collected on account ($23,324)

Less Bank loan proceeds ($12,000)

ADJUSTED CASH $34,396

Add Account Receivable $91,300

Less Allowance for doubtful account ($7,000)

Inventories $159,000

($171,000-$12,000)

Prepaid expense $9,000

TOTAL CURRENT ASSETS $286,696

CURRENT LIABILITIES

Accounts payable $85,000

Notes payable $55,000

($67,000-$12,000)

TOTAL CURRENT LIABILITIES $140,000

b. Calculation to State the net effect of your adjustments on Allessandro Scarlatti Company's retained earnings balance

ADJUSTMENT TO RETAINED EARNINGS STATEMENT

January sales discounts $795.92

($39000/.98*0.02)

Add January sales $30,000

Add January purchase discount $780

($39000*0.02)

Add December purchase $15,000

($27000-$12000)

Add consignment inventory $12,000

Change (decrease) to retained earnings $58,575.92

Therefore The net effect of your adjustments on Allessandro Scarlatti Company's retained earnings balance will be a Decrease to retained earnings of the amount of $58,575.92

Working:

Calculation for ADJUSTED ACCOUNTS RECEIVABLE

Account Receivable balance $89,000

Accounts reduced from january $23,800

collection ($23,324/.98)

Less Account receivable in January ($21,500)

ADJUSTED ACCOUNTS RECEIVABLE $91,300

Calculation for ADJUSTED ACCOUNT PAYABLE

Accounts Payable $61,000

Cash disbursement $39,000

Less Purchase invoice ommitted($15,000)

($27,000-$12000)

ADJUSTED ACCOUNT PAYABLE $85,000

6 0

3 years ago

You are evaluating two different silicon wafer milling machines. The Techron I costs $276,000, has a three-year life, and has pr

kramer

Answer:

Techron I

-$154,842

Techron II

-$144,981

Explanation:

Techron I

Cash Flow From Year 1 to Year 3

Pretax operating costs ($75,000)

Depreciation ($276,000 / 3) ($92,000)

Profit before tax ($167,000)

Tax (21% x $167,000) $35,070

Profit after tax ($131,930)

Add back Depreciation $92,000

Cash Flow after tax ($39,930)

Terminal Value = Salvage value - Tax = $52,000 - ($52,000 x 21%) = $41,080

NPV = ($276,000) + [ (39,930) x (1+12%)^-1] + [ (39,930) x (1+12%)^-2] + [ (39,930) x (1+12%)^-3] = ($276,000) + ($35,652) + ($31,832) + ($28,421) = ($371,905)

EAC = NPV/(1-(1+r)^-n)/r

EAC = -371,905 / ( 1 - ( 1 + 12% )^-3/12% = -$154,842

Techron II

Cash Flow From Year 1 to Year 3

Pretax operating costs ($48,000)

Depreciation ($480,000 / 5) ($96,000)

Profit before tax ($144,000)

Tax (21% x $167,000) $30,240

Profit after tax ($113,760)

Add back Depreciation $96,000

Cash Flow after tax ($17,746)

Terminal Value = Salvage value - Tax = $52,000 - ($52,000 x 21%) = $41,080

NPV = ($480,000) + [ (17,746) x (1+12%)^-1] + [ (17,746) x (1+12%)^-2] + [ (17,746) x (1+12%)^-3] = ($480,000) + ($15,845) + ($14,147) + ($12631) = ($522,623)

EAC = NPV/(1-(1+r)^-n)/r

EAC = -522,623 / ( 1 - ( 1 + 12% )^-5/12% = -$144,981

7 0

3 years ago

What is the periodicity assumption?a. None of theseb. Companies should match expenses with revenuesc. Companies should recognize

Misha Larkins [42]

Answer: The economic life of a business can be divided into artificial time periods.

Explanation: As per the principal of continuity the existence of a company is perpetual thus to report the performance of the company to the stakeholders the existence of such company is divided into smaller periods and this method is termed as periodicity assumption.

8 0

3 years ago

The balance in the equipment account is $3,150,000, and the balance in the accumulated depreciation—equipment account is $2,075,

yKpoI14uk [10]

Answer:

A. $1,075,000

B. No

Explanation:

A. Calculation for the book value of the equipment

Using this formula

Book value of the equipment=Equipment account -Accumulated depreciation—equipment account

Let plug in the formula

Book value of the equipment= $3,150,000-$2,075,000

Book value of the equipment=$1,075,000

Therefore the book value of the equipment will be $1,075,000

(b) NO the balance in the accumulated depreciation account does NOT mean that the equipment's loss of value is the amount of $2,075,000.

8 0

3 years ago

On January 1, Year 1, Stratton Company borrowed $300,000 on a 10-year, 6% installment note payable. The terms of the note requir

ZanzabumX [31]

Answer:

debit interest expense of $16,634 , debit note payable $24,126 : Credit cash $40,760

Explanation:

Please attachment.

6 0

3 years ago

How to open a saving bank explain​

How to open a saving bank explain