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3 years ago

Please answer the questions you can

Business

1 answer:

ValentinkaMS [17]3 years ago

3 0

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.

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Consider each of the transactions below. All of the expenditures were made in cash.

Allushta [10]

Answer:

1. Dr Research and development expenses $25,000

Cr Cash $25,000

2. Dr Legal fees expenses $8,500

Cr Cash $8,500

3. Dr Equipment $38,000

Dr Discount on Note Payable $5,599

Cr Cash $19,000

Cr Note Payable $24,500

4. Dr Building - sprinkler system $41,000

Cr Cash $41,000

5. Dr Patent $25,000

Cr Cash $25,000

6. Dr Equipment new $13,900

Dr Accumulated Depreciation - equipment $7,000

Dr Loss on trade in $3,600

Cr Cash $10,600

Cr Equipment - old $13,900

Explanation:

Preparation of the journal entries

1. Dr Research and development expenses $25,000

Cr Cash $25,000

2. Dr Legal fees expenses $8,500

Cr Cash $8,500

3. Dr Equipment $38,000

Dr Discount on Note Payable $5,599

($38,000-$19,000-$24,500)

Cr Cash $19,000

Cr Note Payable $24,500

4. Dr Building - sprinkler system $41,000

Cr Cash $41,000

5. Dr Patent $25,000

Cr Cash $25,000

6. Dr Equipment new $13,900

Dr Accumulated Depreciation - equipment ($13,900 - $6,900) $7,000

Dr Loss on trade in $3,600

($10,600+$13,900-$13,900-$7,000)

Cr Cash $10,600

Cr Equipment - old $13,900

5 0

2 years ago

What determines the color or a translucent object

Lady bird [3.3K]

It's somewhat see through

5 0

3 years ago

Read 2 more answers

During 2017, Windsor Company changed from FIFO to weighted-average inventory pricing. Pretax income in 2016 and 2015 (Windsor’s

Illusion [34]

Answer:

Description 2017 2016 2015

Net Income $146,402‬ $107,281‬ $123,114‬

Explanation:

The question is to compute a statement of income comparative figures. The step is therefore to use the weighted average pricing method to replace the historical income before taxes for both years 2016 and 2015. After this is done, we then re-calculate the appropriate taxes and arrive at the net income.

Description 2017 2016 2015

Income before taxes 206,200 151,100 173,400

Subtract: Income tax @29% 59,798‬ 43,819‬ 50,286‬

Net Income 146,402‬ 107,281‬ 123,114‬

5 0

3 years ago

Starbucks is a global company that provides high-quality coffee products. Assume that as part of its expansion strategy, Starbuc

goldenfox [79]

No, there is not any requirement of recording when the fair value of bonds decreases to $6000000 on December 31 of the current year.

Given that Starbucks purchased bonds with $ 7 million face value at par for cash on July 1 of the current year and the bonds pay 7 percent interest the following June 30 and December 31 and mature in three years.

We are required to tell whether there is requirement of any recording when the fair value of bonds decreases to $6000000 on December 31 of the current year.

A bond is basically a debt security, similar to an IOU and borrowers issue bonds to raise money from investors willing to lend them money for a certain amount of time. When we buy a bond, we are lending to the issuer, which may be a government, municipality, or corporation.

There is not any requirement of any recording when the fair value decreases to $600000 because it is not affecting our books of accounts because in our books they are recorded at face values.

Hence there is not any requirement of recording when the fair value of bonds decreases to $6000000 on December 31 of the current year.

Learn more about bonds at brainly.com/question/25965295

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7 0

1 year ago

Brinker accepts all major bank credit cards, including First Savings Bank's, which assesses a 4% charge on sales for using its c

eduard

Answer:

Explanation:

The journal entry is shown below:

Cash A/c Dr $6,240

Credit card expense A/c Dr $260 ($6,500 × 4%)

To Sales A/c $6,500

(Being the deposit is recorded)

For recording the deposit, we debited the cash account, credit card expense and credited the sales account so that the proper posting can be done.

0 0

3 years ago