How do private labels threaten band names

Suppose first main street bank, second republic bank, and third fidelity bank all have zero excess reserves. the required reserv

Dominik [7]

Complete Question:

Suppose First Main Street Bank, Second Republic Bank, and Third Fidelity Bank all have zero excess reserves. The required reserve ratio is 20%. Hubert, a client of First Main Street Bank, deposits $1,500,000 into his checking account at First Main Street Bank.

Complete the following table to reflect any changes in First Main Street Bank's T-account (before the bank makes any new loans).

Answer:

Dr Assets Reserves $1,500,000

Cr Liabilities Deposits $1,500,000

Explanation:

When the bank borrowed $1.5 million, it increased its cash reserves and the liability with the same amount. The increase in the assets side of T-account was $1,500,000 which increased the bank reserves and the increase in the liability side of the T-account was also $1,500,000 which increased the demand deposits.

The addition of reserves means that the bank can make loans to borrowers and earn interest on it. Likewise, the demand deposit can be withdrawn if Hubert wants to withdraw the amount because the bank is the borrower.

The double entry would be as under:

Dr Assets Reserves $1,500,000

Cr Liabilities Deposits $1,500,000

4 0

3 years ago

Lake Power Sports sells jet skis and other powered recreational equipment. Customers pay 1/3 of the sales price of a jet ski whe

vladimir1956 [14]

Answer:

1) In 2010, Lake would recognize realized gross profit of:______.

a) $0.

Revenue for calculating gross profit is only recognized when the cost of goods sold (COGS) has been fully recovered.

2) In 2012, Lake would recognize a realized gross profit of:_______.

c) $450,000.

gross profit related to 2010 sales = $900,000 - $450,000 (remaining COGS) = $450,000

gross profit related to 2011 sales = $900,000 - $900,000 = $0

3) In 2013, Lake would record a lost on repossessions of:______.

c) $200,000.

4) In its December 31, 2011, balance sheet, Lake would report:_______.

b) installment receivables (net) of $900,000.

total installments receivables = $300,000 + $1,000,000 = $1,300,000

remaining COGS from 2011 sales = $400,000

installment receivables (net) = $1,300,000 - $400,000 = $900,000

7 0

4 years ago

Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? What is his marginal rate if,

yulyashka [42]

Answer:

The question is not complete.

Here is the complete question:

Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. (Use the US tax rate schedule)

Required:

a. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income?

b. What is his marginal rate if, instead, he had $40,000 of additional deductions?

Here are the answers:

a. 24%

b. 12%

Explanation:

Marginal tax rate is an incremental tax rate that is paid out of the taxable income of a tax payer. It represents the rate at which the last unit of dollar of the taxable income is taxed. The marginal rate for each income bracket is supplied by the Internal Revenue Service (IRS).

Chuck Marginal Tax Rate

a) The marginal tax rate for Chuck if he earns additional $40,000 taxable income will be:

= $75,000 + $40,000

= $115,000

Marginal tax rate for $115,000 is 24% according IRS tax rate schedule.

b) If instead, it is an additional deduction of $40,0000, the marginal tax rate will be:

= $75,000 - $40,000

= $35,000

The marginal tax rate for taxable income of $35,000 is 12% according IRS tax rate schedule.

Note: the interest is categorized as interest from municipal bond, so it is tax free.

It is also assumed that Chuck is single. Hence, tax rate under single filer applies to him.

6 0

4 years ago

The city counsel has just voted to pass the city's budget for next year. If you were writing a report describing the budget so t

Liono4ka [1.6K]

Answer:

The answer is Pie chart

Explanation:

Pie Charts help show proportions and percentages between categories, by dividing a circle into proportional segments

6 0

3 years ago

• The ethical reasons for citation and attribution. Why is it ethically important to cite sources?

dsp73

Answer:

<u>1. The ethical reasons for citation and attribution. Why is it ethically important to cite sources? </u>

Ethically, it is important to cite source to ensure that you credit the correct person for the work included in the citation.

In order to conduct a certain study, researchers have to sacrifice countless of hours. Citing their work without giving them a proper recognition may be as bad as outright stealing.

<u>2. The practical uses and benefits of citation and attribution. Why is it helpful to cite sources?</u>

In term of practical use, citation and attribution could give a certain level of credibility to your statement.

For example, let's say that you're writing a blog post to argue about the positive use of vaccine. Citing research conducted by medical professionals will strengthen your argument over using random people's statement on social media.

5 0

3 years ago