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Alex_Xolod [135]

3 years ago

9

Suppose the required reserve ratio is 8% and the fed purchases $100 million worth of treasury bills from wells fargo. by how muc

h is wells fargo able to increase its loans

1 answer:

Setler [38]3 years ago

3 0

8 million
hope this helped

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What are the five economic activities?

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The five economic activities are:

producing, exchanging, consuming, saving, and investing.

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imagine that a new study reveals that onion consumption is correlated with cancer. this shift in popularity will likely cause th

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Problem 8-2A Record notes payable and notes receivable (LO2)

Finger [1]

Answer:

1. Prepare the journal entries on October 1, 2015, to record the issuance of the note.

Journal entry for Precision Castparts

Dr Cash 40,600,000

Cr Notes payable 40,600,000

Journal entry for Midwest Bank

Dr Notes receivable 40,600,000

Cr Cash 40,600,000

2. Record the adjustment on December 31, 2015.

Journal entry for Precision Castparts

Dr Interest expense 812,000

Cr Interest payable 812,000

Journal entry for Midwest Bank

Dr Interest receivable 812,000

Cr Interest revenue 812,000

3. Prepare the journal entry on September 30, 2016, to record payment of the notes payable at maturity

Journal entry for Precision Castparts

Dr Notes payable 40,600,000

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Cr Cash 43,848,000

Journal entry for Midwest Bank

Dr Cash 43,848,000

Cr Notes receivable 40,600,000

Cr Interest receivable 812,000

Cr Interest revenue 2,436,000

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3 years ago