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kramer
2 years ago
15

The First National Bank has total deposits of $675,000 and excess reserves of $22,300. If the required reserve ratio is 9 percen

t, the First National Bank has total reserves of:
Business
1 answer:
Nookie1986 [14]2 years ago
3 0

Answer: $83050

Explanation:

Based on the information given in the question, the total reserves of First National Bank will be given as follows:

Total deposit = $675000

The Required reserve ratio will be:

= 675000 × 9%

= 675000 × 9/100

= $60750

Since the bank has excess reserves of $22,300, then the total reserve will be:

= $60750 + $22300

= $83050

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Loban Company purchased four cars for $9,000 each and expects that they will be sold in 3 years for $1,500 each. The company use
VLD [36.1K]

Answer:

a). The journal entries required to record the acquisition of the four cars are as follows:

     i)  credit motor vehicle account with the amount paid to purchase the four cars = $ 36,000

     ii) Credit bank  account with the the amount paid to purchase the four cars = $ 36,000

b). The journal entries required to record the 1st year's depreciation expense :

     i)  Debit the motor vehicle expense account with the amount accruing for the periods expense =$ 10,000 .

     ii) Credit the accumulated depreciation with the same amount = $ 10,000 .

b)   The journal entries required to record the gain on disposal of the motor vehicle is as follows:

    i) Debit the Cash account by amount gained = $ 500 .

    ii) Debit the Accumulated depreciation account by amount = $ 500 .

     iii) Credit the Motor vehicle account by amount = $ 500 .

     iv) Credit the Gain on disposal account by amount = $ 500 .

Explanation:

<u>a).  Determining the depreciation expense</u>

<u>Step 1 </u>

Get the purchase price for all the four cars using the expression below;

Total purchase price=purchase price per car×number of cars purchased

where;

purchase price per car=$9,000

number of cars purchased=4

replacing;

Total purchase price=(9,000×4)=36,000

Total purchase price=$36,000

<u>Step 2 </u>

Determine the salvage value after the useful life as shown;

Salvage value=selling price per car×number of cars

where;

selling price per car=$1,500

number of cars=4

replacing;

Salvage value=(1,500×4)=6,000

Salvage value=$6,000

<u>Step 3 </u>

Determine the depreciation base as shown;

depreciation base=total purchase price-salvage value

where;

total purchase price=$36,000

salvage value=$6,000

replacing;

depreciation base=(36,000-6,000)=$30,000

annual depreciation cost=depreciation base/useful life

annual depreciation cost=30,000/3

annual depreciation cost=$10,000

The first year's depreciation expense=$10,000  

Therefore, expected journal entries are as follows:

    i)  credit motor vehicle account with the amount paid to purchase the four cars = $ 36,000

     ii) Credit bank  account with the the amount paid to purchase the four cars = $ 36,000

b). The journal entries required to record the 1st year's depreciation expense :

     i)  Debit the motor vehicle expense account with the amount accruing for the periods expense =$ 10,000 .

     ii) Credit the accumulated depreciation with the same amount = $ 10,000 .

b)<u>.  Determining whether car was sold at a loss or gain.</u>

Car book Value = Acquisition cost - Accumulated depreciation

Car book Value = 9,000 - 2,500 = $ 6,500

Loss /Gain =  Consideration price( disposal price)  - Acquisition cost

Loss /Gain = $7,000 - $6,500 = $ 500

The company realized a gain of = $ 500

Therefore, expected journal entries are as follows:

i) Debit the Cash account by amount gained = $ 500 .

ii) Debit the Accumulated depreciation account by amount = $ 500 .

iii) Credit the Motor vehicle account by amount = $ 500 .

iv) Credit the Gain on disposal account by amount = $ 500 .

7 0
3 years ago
Why do we need brainly plus to see answers it really isnt fair
iogann1982 [59]

Answer:

FAX

Explanation:

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A business function, like accounting and human resources, which moves information about people, products, and processes across t
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Answer:

The correct answer is "management information systems"

Explanation:

The management information system (MIS) is a system of financial information, such as accounting and human resources, that provides valuable information in order to take business decisions and solve the problems of the company. The management information system generates normal reports on operations for every level of management.

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Match each term to its definition. Part Aa. surplus b. debt c. interest d. deficit Part B1. the total of all accumulated and unp
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Answer:

The answers are as follows;

1. the total of all accumulated and unpaid deficits (b. Debt)

2. a situation in which outlays exceed revenue (d. Deficit)

3. a situation in which revenue exceeds outlays (a. Surplus)

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Explanation:

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A special assessment tax is a tax levied against specific properties that will benefit from a public improvement. It is only lev
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Answer:

It would take the form of a tax on houses in a small neighborhood, to pay for the new street lamps in that area.

Explanation:

Special taxes are taxes that have a specific application since they affect only a certain group of goods and services that, given their characteristics or effects, are chosen by the government or the tax authority to be subject to a particular tax.

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