Answer:
The answer is
1. False
2. True
3. True
4. True
5. False
Explanation:
1. False. Banks does not keep the entire value of all customer deposits in the bank vault. Some customers deposit will be given out as loan and other Investment opportunities.
2. True. Loans given out to borrowers are part of customers' deposits.
3. True. Bank run occurs when customers try to withdraw their money from a bank at once, maybe the bank is in crisis.
4. True. Federal Deposit Insurance Corporation protects customers' deposits
5. False. The fractional reserve banking system requires all banks to keep part of customer deposits in the bank vault to prevent bank runs
Answer:
Workplace
Explanation:
The attitude and temper problems of the one coworker could hinder the capabilites of the rest of the team
Answer:
Debit Cash for $1,050; Debit Cash over and short for $9; and Credit Sales for $1,059.
Explanation:
The journal entries will look as follows:
<u>Date Account Title Debit ($) Credit ($) </u>
Sept 1 Cash 1,050
Cash over and short (w.1) 9
Sales 1,059
<em><u> To record cash over and short for the day. </u></em>
Working:
w.1: Cash over and short = Cash recorded - Actual cash collected = $1,059 - $1,050 = $9
Answer: The projected benefit obligation is $494 millions
Explanation:
Using the formula
Closing PBO = Opening PBO + S + I -B ± A
Where PBO = Projected Benefit Obiligation, S = service cost, I = interest cost, B = Pension benefit paid, A = Gain due to changes in actuarial assumptions
Interest cost = 5% of 460
= (5÷ 100) = 0.05 × 460
= 23
Closing PBO = 460 + 48 + 23 - 23 - 14
= $494
There is an increase in the Projected benefit obligation to $494 million
