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Tomtit [17]
3 years ago
10

Jane is arguing with Joan about how much cash on hand their small retail outlet needs as they prepare their cash budget. Jane fe

els that with the Christmas season coming up, their busiest time, they need more cash handy. Joan feels they don't because their sales volume will be up significantly. Jane and Joan are discussing which step of the cash budgeting process
Business
1 answer:
eimsori [14]3 years ago
6 0

Answer: Determination of minimum cash balance required.

Explanation: In the give case, Jane and Joan have different opinions regarding the amount of cash balance they require for effectively operating their business, thus, we can say they are determining the adequate amount of cash balance required.

In this step, the operation in the past and the expected revenues in the future are taken into consideration for the budget making process.

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The records of Lohse Stores included the following data: Inventory, May 1, at retail, $14,500; at cost, $10,440 Purchases during
bulgar [2K]

Answer:

$9,3

Explanation:

                             COST    RETAIL    RATIO

Inventory, May 1 $10,440        $14,500 .72

Purchases           31,550            42,900

Freight-in          2,000

Purchase discounts

                          (250)

Net markups                                  3,400

Net markdowns                           (1,300)

Totals excluding beginning inventory

                        33,300                45,000   .74

Goods available $43,740          59,500

Sales                                          (46,500)

Inventory, May 31                         $13,000

Estimated inventory, May 31

($13,000 × .72) $ 9,360

3 0
3 years ago
Please answer the questions you can
ValentinkaMS [17]

Answer:

11. Explain the primary functions of a commercial bank.  

The Primary function of a commercial bank is to offer loans to individuals and businesses.

Explanation

A commercial bank receives money mostly from individuals and businesses opening saving or current accounts. Then they use these deposits to lend money to other businesses or individuals. This is possible because commercial banks only need to keep the 10% of the deposits made in a savings or current account.  

Other functions of commercial banks are to offer security to the funds deposited by their customer, teach the customers financial education and give them possibilities of investment such as Certificate Term Deposits

17. Describe the procedure of opening a savings bank account in a bank  

The procedure for opening a savings bank account is:

1. Fill in the application form.  

2. Present the following documentation with your application: government-issued identification (a driver's license number, military ID, or other ID), your Social Security number, and a mailing address.  

3. Go to a bank branch or to its website and open the account.

4. Make the initial deposit if required.  

Explanation:

Opening a savings account will require that you identify yourself to the bank with a document that proves who you are, where you live, how old are you and how to contact you. This basic information is gathered in an application form that will be filed as the banks support in front of the regulators in case of an audit and will prove that you are a real person.

Afterwards the bank takes that information and check that everything is true and legal. After making that investigation you are granted with an account number and a card that you might use in any ATM to withdraw money.  

For the las step of the opening of a bank account you need to deposit money so you have funds to save or make purchases.  

3 0
3 years ago
Advertising department expenses of $26,700 and purchasing department expenses of $46,700 of Cozy Bookstore are allocated to oper
allochka39001 [22]

Answer:

The advertising department expense allocated to each department are as follows:

Books Dept = $11,748

Magazines Dept = $8,010

Newspapers Dept = $6,942

Totals advertising department expenses allocated = $26,700

The purchasing department expenses allocated to each department are as follows:

Books Dept = $20,081

Magazines Dept = $10,741

Newspapers Dept = $15,878

Total purchasing department expenses allocated = $46,700

Explanation:

Note: See the attached excel for the completed table used in allocating the expenses of the two service departments (advertising and purchasing) to the three operating departments.

From the attached excel, the advertising department expense allocated to each department are as follows:

Books Dept = $11,748

Magazines Dept = $8,010

Newspapers Dept = $6,942

Totals advertising department expenses allocated = $26,700

From the attached excel, the purchasing department expenses allocated to each department are as follows:

Books Dept = $20,081

Magazines Dept = $10,741

Newspapers Dept = $15,878

Total purchasing department expenses allocated = $46,700

Download xlsx
7 0
3 years ago
The truth in lending act is contained in title of I of the:
densk [106]

Answer:

truth of lending act

Explanation:

laid the foundation for consumer protection

6 0
3 years ago
Which investment has the highest liquidity and can be converted into cash easily?
myrzilka [38]
Stocks should be your answer
3 0
3 years ago
Read 2 more answers
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