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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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On Jan 1 2020, Ethan Corporation issued 12% bonds with a face value of $4,000,000. These bonds mature in ten years, and interest

AVprozaik [17]

Answer:

Ethan Corporation

Using the effective-interest method of amortization, the amount of interest expense that should be reported for 2020 is:

= $449,096

Explanation:

a) Data and Calculations:

Face value of bonds issued = $4,000,000

Issue price of the bonds = 4,498,490

Premium on the bonds = $498,490 ($4,498,490 - $4,000,000)

Coupon interest rate = 12%

Effective interest rate = 10%

Interest payments = June 30 and December 31

June 30:

Cash payment for bond interest = $240,000 ($4,000,000 * 6%)

Interest expense = 224,925 ($4,498,490 * 5%)

Amortization of bond premium = $15,075 ($240,000 - $224,925)

Bonds value = $4,483,415 ($4,498,490 - $15,075)

December 31:

Cash payment for bond interest = $240,000 ($4,000,000 * 6%)

Interest expense = 224,171 ($4,483,415 * 5%)

Amortization of bond premium = $15,829 ($240,000 - $224,171)

Bonds value = $4,467,586 ($4,483,415 - $15,829)

Interest expense for 2020 = $449,096 ($224,925 + $224,171)

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3 years ago

I need help on this this is 22 points I need help on question 7&8

Burka [1]

Answer:

4.a

3.e

5.b

2.d

1.c

Explanation:

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3 years ago

Employees at Border Bookstores, a chain of bookstores, recently held a strike to force their employer to negotiate a labor contr

vladimir2022 [97]

The question is incomplete, it lacks options.

A) Norris La Guardia Act

B) National Labor Relations Act

C) Occupational Safety and Health Act

D) Fair Labor Standard Act

Answer:

National Labor Relations Act

Explanation:

The National Labor Relations Act was enacted in 1935. It is also known as the Wagner Act. This law enacted to enable employees in various organizations to organize different forms of trade union and collectively bargain with their employers.

The National Labor Relation Acts enables employees to bargain for an increase in salary, better working conditions such a provision of safety equipments for workers in a work environment.

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3 years ago

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On January 1, Truesdale, Inc., purchased a piece of machinery for use in operations. The total acquisition cost was $33,000. The

hammer [34]

Answer:

Annual depreciation= $10,000

Explanation:

Giving the following information:

The total acquisition cost was $33,000. The machine has an estimated useful life of 3 years and a salvage value of $3,000.

To calculate the depreciation expense under the straight-line method, we need to use the following formula:

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= (33,000 - 3,000)/3

Annual depreciation= $10,000

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3 years ago

Samantha is trying to decide where she should place her extra money. She has heard of two types of financial institutions—deposi

Rom4ik [11]

Answer:

The two types of financial institutions—depository and non-depository

The main difference:

Depository institutions earn money from what customers put into the institution.

Non-depository institutions earn a profit from the interest paid on loans made to customers.

Explanation:

The best way to differentiate a depository institution from a non-depository institution is to compare the two terms. Whereas a depository institution is a savings bank, legally allowed to accept monetary deposits from consumers (for example, commercial banks, savings and loan associations, or credit unions), non-depository institutions do not accept monetary deposits from customers (for example insurance companies, pension funds, securities firms, government-sponsored enterprises, and finance companies), but they all render financial services.

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2 years ago

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