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MariettaO [177]
3 years ago
7

A bank has an allowance for loan loss of $4.5m at the beginning of the year and $4.2m at the end of the year, non performing loa

ns of $6.2m at the beginning of the year and $5.8m at the end of the year, and has net charge offs of $2.7m in bad loans. what was the bank’s provision for loan loss for the year?
Business
1 answer:
Marrrta [24]3 years ago
7 0

Answer:

0.259

Explanation:

difference in loan loss allowance in the year= 4.5-4.2= 0.3m

difference in non performing loans in the year= 6.2-5.8= 0.4m

Provision for loan loss= (difference in loan loss allowance + difference in non performing loans)/ net charge offs

provision for loan loss= (0.3+0.4)/2.7=0.259

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3 years ago
Which of the following statements are true concerning the predetermined overhead rate when the direct labor-hour requirement for
In-s [12.5K]

Answer: The predetermined overhead rate increased because the total direct labor-hours dropped

Explanation:

The predetermined overhead rate refers to an allocation rate which is used in applying the estimated manufacturing overhead cost to the cost objects for a particular reporting period.

When there's reduction in the direct labor-hour requirement from 5 hours to 2 hours, the predetermined overhead rate increased because the total direct labor-hours dropped

The predetermined overhead rate is calculated as the total overhead cost divided by the machine hour. Therefore, if there's reduction in the direct labor hour rate, then there will be a rise in the predetermined overhead rate.

6 0
3 years ago
A note to the financial statements of the First Security Bank indicates that the company self insures itself for the first $500,
trapecia [35]

Answer:

A standard unmodified opinion.

Explanation:

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5 0
3 years ago
Read 2 more answers
4. Discuss four sources of financing for starting up a small business.
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LENDING REDEFINED

Many business owners are turning to alternative lending options and steering clear of banks and their ridiculous loan qualifications. Most online lenders are brokers that auction your application to the highest bidder, leaving you with unanswered questions. We provide a simple and direct answer. SnapCap appeals to today’s entrepreneurs because we offer:

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NO Collateral Requirements

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We offer short term loans ranging from $5,000 - $600,000 that can cover a number of needs like renovations, inventory, storage, or perhaps new equipment to give your company the edge it needs.

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3 years ago
A company's board of directors votes to declare a cash dividend of $1.10 per share of common stock. The company has 22,000 share
lutik1710 [3]

Answer:

$18,150

Explanation:

Calculation for the total amount of the cash dividend

Since A company's board of directors  has votes to declare the  cash dividend of $1.10 per share of common stock, this means we have to multiply the cash dividend per  share of common stock by the shares outstanding which is $16,500

Using this formula

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=$18,150

Therefore the total amount of the cash dividend  will be $18,150

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4 years ago
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