Answer: The bank reserves part of the money and uses the rest to make loans to other people who need them.
Explanation: money doesn't just sit in the banks. the money will still there but some will be used by the banks for other loans and interests.
(i also took the test so this is most likely correct)
hope it goes well!
Answer:
debit Accounts Receivable $350 and credit Unearned Service Revenue $350.
Explanation:
Based on the information provided within the question it can be said that in order to correct this entry the bookkeeper needs to debit Accounts Receivable $350 and credit Unearned Service Revenue $350. This is because the $350 are coming into the account (debit), but since it is for a future service it also needs to be placed as credit Unearned Services.
Answer:
$43,000
Explanation:
Warranty expense for 2021 = $40.8 millions * 1%
Warranty expense for 2021 = $408,000
Balance in Liability on 31 Dec = Warranty Liability on 1 Jan + Warranty Expenses - Warranty Expense paid
Balance in Liability on 31 Dec = $88,000 + $408,000 - $453,000
Balance in Liability on 31 Dec = $43,000
So, the balance in the warranty liability account as of December 31, 2021 is $43,000.
Answer:D. An unrealized loss on trading investments, $5,200.
Explanation:A valuation allowance contra-account to a deferred tax asset. It is also a reserve that is used to offset part or all of the value of a deferred tax asset. It is very important and necessary for a financial analyst to always scrutinize
and review the valuation allowances of a company as it may be used to manipulate earnings of a company for their own gains.
The income statement of Butte will be report as follows
Fair value-liabilities(debit balance and cost of the trading portfolio)
=$98,000-23,200-$80,000
=-$5,200
THE UNREALISED LOSS ON TRADING INVESTMENT IS $5200.
Answer:
A debit card
Explanation:
A debit card allows customers to make electronic payments to third parties directly from their bank checking accounts. Debit cards eradicate the need to carry cash around. Banks and other major financial institutions issue debit cards.
Debit cards and credit cards have identical looks and are used for making electronic payments. The major difference is that credit cards are a type of credit facility, but debit cards make payments by drawing directly from the customer's account. Debit cards do not attract interests like credit cards. In many instances, debit card payments will not go through if the customer's account has insufficient funds.
