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3 years ago

When Congress established the Federal Reserve inâ€‹ 1913, its main responsibility was

Business

1 answer:

denis23 [38]3 years ago

8 0

Answer:

The correct answer is A

Explanation:

Federal Reserve also called as Fed, is the one central banking system and it is responsible for setting the policy on the monetary matters.

Fed has 3 functions, which are supervise the operations of the banking, conduct the monetary policy of nation and maintain and provide an efficient and effective system of payment.

When it is established in the year 1913, it primary responsibility is to make the discount loans to banks, which are suffering from the large withdrawals made by depositors.

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If you invest P dollars and you want the investment to grow to A dollars in t years, the interest rate that must be earned if in

hoa [83]

Answer: 18.92%

Explanation:

The formula to find the compound amount :-

$A=P(1+r)^t$ , where P is the Principal amount, r is the rate of interest and t is the time period.

Given : P= $1500

A = $6000

Time = 8 years

Then $6000=1500(1+r)^8$

i.e. $(1+r)^8=\dfrac{6000}{1500}=4$

Taking natural log on both sides , we get

$\Rightarrow\ 8\ln(1+r)=\ln(4)\\\\\Rightarrow\ \log(1+r)=\dfrac{\log4}{8}=\dfrac{1.38629436112}{8}=0.17328679514\\\\\Rightrarrow\ 1+r=e^{0.17328679514}\\\\\Rightarrow\ 1+r=1.189207115\\\\\Rightarrow\ r=1.189207115-1=0.189207115\\\\\Rightarrow\ r\approx0.1892\approx18.92\%$

3 0

3 years ago

Suppose the money supply (as measured by checkable deposits) is currently $850 billion. The required reserve ratio is 20%. Banks

Dmitrij [34]

The proposal was incidental to a plan to require gold certificate reserves be kept behind Federal Reserve notes. No.

7 0

2 years ago

On April 1, a patent with an estimated useful economic life of 12 years was acquired for $1,500,000. In addition, on December 31

Tasya [4]

Answer:

April 1

Debit : Patent $1,500,000

Credit : Cash $1,500,000

December 31

Debit : Amortization $125,000

Credit : Accumulated Amortization $125,000

December 31

Debit : Impairment loss $6,000,000

Credit : Accumulated Impairment loss $6,000,000

Explanation:

Both the Amortization and Impairment loss reduce the value of assets. They are therefore expenses accounted in Income Statement.

Amortization : is the loss of value of an asset due to passage of time.

Amortization Expense = (Cost - Residual Amount) ÷ Useful Life

= ( $1,500,000 - $ 0) ÷ 12

= $125,000

Impairment loss : is the excess of the Carrying Amount of an Asset over its Recoverable Amount( Higher of Value in Use and Fair Value less Cost to Sell)

6 0

2 years ago

Koch traded Machine 1 for Machine 2 when the fair market value of both machines was $50,000. Koch originally purchased Machine 1

nexus9112 [7]

Answer:

The right answer is $50,000

Explanation:

Simply put, adjusted basis is the cost of an object after factors that affects the cost has being considered. These factors usually include taxes, depreciation value and any other cost incurred in getting and retaining the said object. Adjusted basis is important so as to know the right amount to sell.

Adjusted basis increases when an individual factors the cost incurred from taxes and maintenance ad it reduces when he/she factors in depreciation.

In the case of Koch, he already exchanged his machine for another at $50,000, as far as he is concerned at that moment, the adjusted basis is $50,000 because it was exchanged in a fair market.

8 0

3 years ago

Prior to adjustment at August 31, Salaries Expense has a debit balance of $272,650. Salaries owed but not paid as of the same da

zlopas [31]

Answer:

A. Dr Salary Expense $3,140

Cr Salary expense outstanding $3,140

B. Dr Income summary $275,790

Cr Salary expense $275,790

Explanation:

A. Preparation of the adjusting entry to record accrued salaries as of August 31

August 31

Dr Salary Expense $3,140

Cr Salary expense outstanding $3,140

(To record accrued salaries)

B. Preparation of the Closing entry on August 31

August 31

Dr Income summary $275,790

Cr Salary expense $275,790

($272,650+$3,140)

(To record Closing entry)

5 0

2 years ago