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hram777 [196]
3 years ago
8

A bank has total interest income of $67 million and total noninterest income of $14 million. This bank has total interest expens

es of $35 million and total noninterest expenses (excluding PLL) of $28 million. Its provision for loan losses is $6 million and its taxes are $5. What is this bank's net interest income?
Business
1 answer:
tresset_1 [31]3 years ago
7 0

Answer:

$32 million

Explanation:

Data provided in the question:

Total interest income = $67 million

Total noninterest income = $14 million

Total interest expenses = $35 million

Total noninterest expenses (excluding PLL) = $28 million

Provision for loan losses = $6 million

Taxes = $5 million

Now,

Bank's net interest income = Total interest income - Total interest expenses

= $67 million - $35 million

= $32 million

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The W. J. Clinton Company issued 750 shares of $1 stated value common stock in exchange for land from the Whitewater Investment
MrMuchimi

Explanation:

The journal entry is as follows:

Land  Dr $70,000

Additional paid in capital  $5,000

             To Common stock $75,000

(Being the common stock is issued in exchanged for cash)

The computation of the additional paid in capital is shown below:

= Common stock - the appraised value of land

where,

The common stock = 750 shares × $100 = $75,000

And, the  appraised value of land is $70,000

So, the remaining balance is

= $75,000 - $70,000

= $5,000

The $5,000 would be recorded as an additional paid in capital

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"Universal Containers wants to maintain Service Level Agreements on its customer cases. Customers are provided different service
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Answer:

The answer is "Entitlements and Milestones ".

Explanation:

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3 years ago
Jackson Company produces plastic that is used for injection-molding applications such as gears for small motors. In 2016, the fi
valentina_108 [34]

Answer:

a.Income Statement using variable costing

                                                                     2016                 2017

Sales                                                     $7,872,000      $9,840,000

Less Cost of Sales                              ($1,338,240)      ($1,672,800)

Opening Stock                                     <em>        $0         </em>      <em> $334,560</em>

Add Cost of Goods Manufactured      <em>$1,672,800 </em>      <em>$1,338,240</em>

Less Closing Stock                              <em> ($334,560) </em>         <em>     $0</em>

Contribution                                        $6,533,760       $8,167,200

Less Expenses :

Fixed manufacturing costs                ($3,075,000)     ($3,075,000)

Selling Expenses : Variable                  ($862,920)      ($1,082,400)

Selling Expenses : Fixed                       ($500,000)       ($500,000)

Net Income / (loss)                               $2,095,840       $3,509,800

b.Income Statement using  absorption costing

                                                                     2016                 2017

Sales                                                     $7,872,000      $9,840,000

Less Cost of Sales                              ($3,798,240)      ($5,362,800)

Opening Stock                                     <em>        $0         </em>      <em> $949,560</em>

Add Cost of Goods Manufactured      <em>$4,747,800 </em>      <em>$4,413,240</em>

Less Closing Stock                              <em> ($949,560) </em>         <em>     $0</em>

Gross Profit                                           $4,073,760          $4,477,200

Less Expenses :

Selling Expenses : Variable                  ($862,920)      ($1,082,400)

Selling Expenses : Fixed                       ($500,000)       ($500,000)

Net Income / (loss)                                 $2,710,840       $2,894,800

c. Reconciliation of Absorption costing Net Income to variable costing profit

                                                                                   2016                      2017

Absorption Costing Net Income                           $2,710,840       $2,894,800

Fixed Manufacturing  Cost in Opening Stock             $0                $615,000

Fixed Manufacturing Cost in Closing Stock         ($615,000)               $0

Variable Costing Net Income                               $2,095,840       $3,509,800

Explanation:

Part a.

Under Variable Costing, Only Variable Manufacturing Costs are treated as Product costs. Fixed Manufacturing costs and All Non-Manufacturing Costs are treated as period costs.

Part b

Under Absorption Costing, Both Variable Manufacturing Costs  and  Fixed Manufacturing costs are treated as Product costs. All Non-Manufacturing Costs are treated as period costs.

Part c.

The difference between the Net Income under Absorption Costing and Variable Costing is due to Fixed Manufacturing Costs that are deferred in Inventory. This needs to be reconciled accordingly.

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gayaneshka [121]
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Answer:

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Explanation:

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