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3 years ago

Elliot wants to open a checking account.

Business

2 answers:

Paraphin [41]3 years ago

5 0

Answer:

The common differences in benefits and or fees include :

1. Minimum opening amount

2. Withdrawal limitation - maximum spending or withdrawal depending on age

3. Cost of notification on transaction and monthly statement or hard copy statement fee.

4. Return deposit charge - fee charged on a bounced cheque

5.Overdraft charge - fee charge on unfulfilled commitment

Explanation: The benefits attached and the charges or fees incurred in managing a checking account may differ depending on the policy and business process of the financial establishment.

AnnyKZ [126]3 years ago

3 0

Answer:

The accounts may differ in minimum balance required, interest rate, ATM fees, overdraw protection, the monthly service fee, and the annual fee.

Explanation:

Please just trust me on this one (edg2020)

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"Prepare the issuer's journal entry for each of the following separate transactions.

Charra [1.4K]

Answer:

Dr cash $303,500

Cr common stock $133,500

Cr paid in capital in excess of par value $170,000

Second issue of shares:

Dr cash $74,000

Cr common stock $74,000

Explanation:

The cash received from the issuance of 44,500 at $3 par value is $303,500 which is to debited to cash and credited to common stock for$133,500 ($3*44,500) while the balance of $170,000 ($303,500-$133,500) is credited to paid in capital in excess par value account.

On the issuance of no par value common stock for cash of $74,000,the cash account is debited as usual with $74,000 while the common stock account is credited with same amount.

3 0

3 years ago

Statutes that are enacted to protect the public are called licensing statutes. Generally, unlicensed persons cannot recover paym

guapka [62]

Answer:

If a statute is silent on this point, enforcement depends on whether it is a(n) REGULATORY statute or a revenue-raising statute.

Explanation:

Regulatory statutes regulate practitioners, e.g. doctors, constructors, real estate brokers, dentists, etc., and its main purpose is to protect the general public. This statues are state laws meant to regulate certain professions that may be considered sensitive or hazardous. E.g. a person that pretends to be a doctor can severely injure a patient or even kill him/her. A person that pretends to be a real estate broker can be committing fraud against his/her clients.

8 0

3 years ago

Read 2 more answers

Alfred owned a term life insurance policy at the time he was diagnosed with a terminal illness. After paying $18,300 in premiums

iVinArrow [24]

Answer:

Explanation:

Alfred paid in premiums = $18,300

company paid Alfred = $125,000

Alfred died after 18 months, then,

Company collected the face amount of the policy = $150,000

Sale of policy = [ company compensation - premium paid]

= $125,000 - $18,300

= $106,700

In this situation, Alfred receives the submission price from the insurance company consequential in profit.

There is no gain in the income of the insurance policy that is purchased by the Alfred for the long term.

That's why he is not required to include the amount of sale of policy i.e. $106,700.

Hence, Alfred required to include in his gross income will be zero ($0).

3 0

3 years ago

the general rule associated with the segregation of duties is that accounting controls should be set up to separate (1) custody

irina1246 [14]

The general guideline for the segregation of duties is that the following areas should be separated by accounting controls : 1. custody of assets, 2. authorization of transactions, and 3. record-keeping responsibilities.

<h3>Give a brief account on segregation of duties.</h3>

The assignment of distinct steps in a process to different personnel is known as the segregation of duties. By exercising extreme control over a process, the goal is to prevent situations in which someone might steal something or do another fraud. In essence, distinct parties should have physical custody of an asset, record-keeping responsibilities for it, and acquisition and disposal authority.

A key component of a control system is the separation of roles. When evaluating an entity's system of internal controls, auditors will consider duty segregation and will give the system a lower rating if there are any segregation problems.

The auditors will change their methods when there are segregation problems because they will presume that the danger of fraud has increased. This method shift typically entails a rise in audit workload, which is passed on to the customer in the form of higher audit fees.

To know more about, segregation of duties, visit :

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4 0

1 year ago

Diaz Company owns a milling machine that cost $126,600 and has accumulated depreciation of $92,600. Prepare the entry to record

Vlada [557]

Answer:

The Journal entries are as follows:

(i)

Accumulated Depreciation - Machine Equipment A/c Dr. $92,600

Loss on Disposal A/c Dr. $34,000

To Machine Equipment $126,600

(To record the disposal)

(ii)

Cash A/c Dr. $17,500

Accumulated Depreciation - Machine Equipment A/c Dr. $92,600

Loss on sale/disposal A/c Dr. $16,500

To Machine Equipment $126,600

(To record the sale)

(iii)

Cash A/c Dr. $34,000

Accumulated Depreciation - Machine Equipment A/c Dr. $92,600

To Machine Equipment $126,600

(To record the sale)

(iv)

Cash A/c Dr. $40,900

Accumulated Depreciation - Machine Equipment A/c Dr. $92,600

To Gain on sale/disposal A/c $6,900

To Machine Equipment $126,600

(To record the sale)

4 0

4 years ago