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coldgirl [10]
3 years ago
5

Franklin Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of b

usiness on August 31, its Cash account shows a debit balance of $22,662. Franklin's August bank statement shows $21,837 on deposit in the bank. Determine the adjusted cash balance using the following information: Deposit in transit $ 7,350 Outstanding checks $ 5,800 Bank service fees, not yet recorded by company $ 145 The bank collected on a note receivable, not yet recorded by the company $ 870
Business
1 answer:
N76 [4]3 years ago
6 0

Answer:

Adjusted balance = $23,387

Explanation:

                    Franklin Company

        Bank Reconciliation statement

Bank balance as of August 31                 $21,837

Add: Deposit in transit          <u>                   $ 7,350</u>

                                                                 $29,187

<u>Less: Outstanding check                        $(5,800)</u>

Adjusted cash balance                          $23,387

Cash balance as of August 31                $22,662

Add: Collection of Note receivable     <u>   $     870</u>

                                                                 $23,532

<u>Less: Bank service charge                      $(    145)</u>

Adjusted cash balance                          $23,387

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inysia [295]

Answer:

The answer is: this is an example of a preview statement

Explanation:

Preview statements are used to present the main topics of your speech. As a speaker you should not only introduce your main topics to your audience, you must be able to capture your audience's attention. Usually the preview statement is the second thing you say during a speech, the first should be a general greeting, so it is very critical that your audience understands how you are going to cover your main topics and in what order.

5 0
2 years ago
A purely domestic firm that sources and sells only domestically, Multiple Choice should never hedge since this could actually in
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Answer:

faces exchange rate risk to the extent that it has international competitors in the domestic market.

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Exchange rate risk is defined as the risk that exists when a company engaged in transactions that are denominated in a foreign currency rather than the domestic currency.

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For example if international competitors can source raw materials cheaper because of the exchange rate of a foreign country, it will be a disadvantage to local firms that cannot reduce their prices.

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3 years ago
A bond with 15 detachable warrants has just been offered for sale at $1,000.00 . The bond matures in 25 years and pays a semi-an
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Answer:

$15.64

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2 years ago
The point where P1 and Q1 intersects represents the
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Good evening, Benedettoanna24!

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I hope this answer has satisfied your needs, and if you have anymore questions, feel free to ask. Have a good night!
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3 years ago
Consider the following simplified balance sheet of a commercial bank: ASSETS LIABILITIES Vault cash $200 $3500 Deposits Deposits
andrezito [222]

Answer:

Check the following calculations

Explanation:

(a)

Actual Reserves = Vault cash + Deposits at the Federal Reserve

Actual Reserves = $200 + $300

Actual Reserves = $500

The actual reserves are $500.

Calculate Required Reserves -

Required Reserves = Deposits * Required reserve ratio

Required Reserves = $3500 * 0.10 = $350

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Calculate Excess Reserves -

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Excess reserves = $500 - $350 = $150

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So, this bank can increase its loans by $150.

(c)

Calculate Money multiplier -

Money multiplier = 1/Required reserve ratio = 1/0.10 = 10

The money multiplier is equal to 10.

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(e)

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The deposits has expanded by $1,500.

So, new wealth directly created from this expansion of deposits is $1,500.

5 0
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