The purpose of a memo is to _____.
1 answer:
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Answer:
$8,000, and she has to complete 60 days
Explanation:
Whenever money has to be taken out of the first plan, then it is the requirement of IRA to complete the rollover within 60 days, also the amount to be withheld is 20% this is in the case where the amount is directly paid o the concerned participant. Then the person concerned for such payment has to keep 20%
Here in the instance Total amount = $10,000
20% of such = $2,000
Thus, amount received from the administrator = 80% = $10,000 80% = $8,000
Missing information:
total deposits in bank XYZ = $4,000,000
total reserves = $3,800,000
Answer:
the required reserve = $250,000
excess reserves = $4,550,000
Explanation:
required reserve ratio = 5%
the Fed buys $1,000,000 worth of bonds
the $1,000,000 are deposited entirely in bank XYZ
total checkable deposits will increase to $5,000,000
the required reserve = $5,000,000 x 5% = $250,000
excess reserves = total checkable deposits - total loans - required reserves = $5,000,000 - $200,000 - $250,000 = $4,550,000
