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3 years ago

Which of the following were provisions of the Monetary Control Act of 1980? Check all that apply.

Business

1 answer:

egoroff_w [7]3 years ago

7 0

Answer:

The correct answers are letters "B" and "C": The act allowed the Federal Reserve to set uniform reserve requirements for all commercial banks; and, the act allowed commercial banks to pay unrestricted interest rates on checking accounts.

Explanation:

The Monetary Control Act (MAC) passed in 1980 is considered to be the first set of rules established in the banking industry after the Great Depression (1929). It mainly forced all the banks to remain under the rules of the Federal Reserve. Besides, it provided banks the autonomy to choose the interest rate on accounts under their own discretion.

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Basic Break-Even Calculations Suppose that Larimer Company sells a product for $24. Unit costs are as follows: Direct materials

kati45 [8]

Answer:

Instructions are below.

Explanation:

Giving the following information:

Selling price= $24.

Unit costs are as follows:

Direct materials $4.98

Direct labor 2.10

Variable factory overhead 1.00

Variable selling and administrative expense 2.00

Total unitary variable cost= $10.08

Total fixed factory overhead= $26,500

Total fixed selling and administrative expense= $15,260.

a. Variable cost per unit= 4.98 + 2.1 + 1 + 2= $10.08

Unitary contribution margin= 24 - 10.08= $13.92

Contribution margin ratio= contribution margin / selling price

Contribution margin ratio= 13.92 / 24= 0.58

Variable cost ratio= unitary variable cost / selling price

Variable cost ratio= 10.08 / 24= 0.42

c. To calculate the break-even point in units, we need to use the following formula:

Break-even point in units= fixed costs/ contribution margin per unit

Break-even point in units= (26,500 + 15,260) / 13.92

Break-even point in units= 3,000

d. Finally, the contribution margin income statement:

Sales= 3,000*24= 72,000

Total variable cost= 3,000*10.08= (30,240)

Contribution margin= 41,760

Total fixed factory overhead= (26,500)

Total fixed selling and administrative expense= (15,260)

Net operating income= 0

8 0

3 years ago

On January 1, 2021, Splash City issues $460,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and

Effectus [21]

Answer:

The journal entry is shown below:

Explanation:

Journal Entry.

Jan.1 Cash A/c Dr $460,000

To Bonds payable A/c $460,000

(Bond issue is being recorded)

Jun.30 Interest Expense A/c Dr $18,400

To Cash A/c $18,400 ($460,000×4% = $18,400)

(Interest is being recorded)

Dec.31 Interest Expense A/c Dr $18,400

To Cash A/c $18,400 ($460,000×4% = $18,400)

(Interest is being recorded)

3 0

3 years ago

The following transactions are for Kingbird Company.

raketka [301]

Answer and Explanation:

The Journal entries are shown below:-

1. Account Receivable Dr, $450,000

To Sales revenue $450,000

(Being credit sales is recorded)

here we debited the accounts receivable as it increased the assets and we credited the sales revenue as it also increased the sales.

Cost of goods sold Dr, $310,000

To Inventory $310,000

(Being Cost of goods sold is recorded)

here we debited the cost of goods sold as it increased the expenses and we credited the inventory as it decreased the assets

2. Sales return and allowances Dr, $ 22,000

To Account Receivable $22,000

(Being sales return is recorded)

here we debited the sales return and allowances as it increased the sales return and we credited the accounts receivable as it decreased the assets

3. Cash Dr, $423,720

Sales discount Dr, $4,280 ($428,000 × 1%)

To Account Receivable $428,000 ($450,000 - $22,000)

(Being cash and sales discount is recorded)

Here we debited the cash and sales discount as it increased the assets and sales discount and we credited the accounts receivable as it decreased the assets

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3 years ago

In this statement, which type of spending is President

sineoko [7]

Answer: Option 2 discretionary

Explanation:

Spending can be mandatory spending or discretionary spending. Mandatory spending means the spending on essentials goods such as food. Discretionary spending means the spending on recreation and entertainment where people have additional money in hand after meeting their necessary expenses.

In this speech Obama speaks about the non essential expenses when they are controlled more investments can be made. He says when all the departments cut down their discretionary expenses then can result in economic growth.

7 0

3 years ago

Read 2 more answers

A small manufacturing firm is currently negotiating with a union, but negotiations are not going well. The firm is concerned abo

padilas [110]

I need answer choices

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3 years ago