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3 years ago

Castle State Bank has the following financial information.

Business

1 answer:

Setler79 [48]3 years ago

4 0

Answer:

Castle State Bank's equity multiplier is 2.2

Explanation:

Total Assets = $2,200

Total Liabilities and Equity = $2200

Net Loans = $1,200

Total Equity = $2,200 - $1,200 = $1,000

Equity multiplier = Total Assets / Total Shareholders Equity

Equity multiplier = 2,200 / $1,000

Equity multiplier = 2.2

Total Assets is equal to Total equity and Liabilities. Total equity and Liabilities includes the balance of Both equity and liabilities. Total equity is calculated by subtracting Total Loans from Total equity and Liabilities.

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The Pita Pit borrowed $100,000 on November 1, 2021, and signed a six-month note bearing interest at 12%. Principal and interest

ch4aika [34]

Answer:

December 31 2021 Interest expense $2000 Dr

Interest Payable $2000 Cr

Explanation:

The interest on note payable is an expense. Assuming that the year end adjusting entries are made on 31 December, we will accrue the interest on note that relates to this year i.e. 2021 following the accrual basis of accounting. The interest that relates to 2 months of 2021 i.e. November and December will be:

Interest expense = 100000 * 0.12 * 2/12 = $2000

The interest will be recorded as interest expense and the interest expense account will be debited. As the interest is due but will be paid on maturity, we will credit interest payable account by the amount of interest due.

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4 years ago

Common situations for unethical behavior at work include all of the following except

eimsori [14]

Answer:

c) favoritism.

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3 years ago

Read 2 more answers

Manuel works for a very large company that sells stocks to shareholders. This is an advantage for which type of business structu

Rom4ik [11]

Answer:

Corporation

Explanation:

A corporation is a business ownership structure where the business is considered a legal entity separate from the owners. A corporation is subdivided into small units known as shares. Owning a share implies owning part of the corporation. Shareholders own the shares and the corporation.

The shares of a public corporation can be acquired by purchasing them at the security exchange market. Anyone can purchase shares and become a shareholder.

3 0

3 years ago

The following units of a particular item were available for sale during the calendar year:

nalin [4]

Answer:

The cost of goods sold for eachs ale and the inventory balance after each sale, assuming the LIFO (last-in, first-out) method:

Cost of goods sold Ending Inventory

Apr. 19 Sale $100,000 $60,000

Sept. 2 Sale $218,000 $40,000

Explanation:

a) Data and Calculations:

Date Description Units Unit Cost Total Balance

Jan. 1 Inventory 4,000 $40 $160,000

Apr. 19 Sale (2,500) (100,000) $60,000

June 30 Purchase 4,500 $44 198,000 258,000

Sept. 2 Sale (5,000) (218,000) 40,000

Nov. 15 Purchase 2,000 $46 92,000 132,000

Cost of goods sold: Ending Inventory

April 19: = 2,500 * $40 = $100,000 = 1,500 * $40 = $60,000

Sept 2: = 4,500 * $44 + 500 * $40 = 1,000 * $40 = $40,000

= $198,000 + $20,000

= $218,000

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3 years ago

The main pupose of an investment institution is to A. Allow customers to deposit money into accounts at no charge B. Use deposit

Leya [2.2K]

Answer:

The answer is "Option D".

Explanation:

Credit unions or financial institutions, among many others, have depository institutions. It provides customers with a reliable, stable but easy way of saving money or residences and businesses credits. The bank provides interest rates on deposits and uses that money to lend at rising interest rates.

Its main source of income for depositary entities is interest from loans. They build consumer deposits and facilitate economic development in households and businesses.

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3 years ago