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3 years ago

The following data was identified by Raines Corp. in preparation of its bank reconciliation on October 31, 2017:

Business

1 answer:

Elena-2011 [213]3 years ago

3 0

Answer:

the adjusted cash balance on October 31, 2017 is $29,600

Explanation:

The computation of the adjusted cash balance on October 31, 2017 is shown below:

Bank statement balance $30,700

Add: Deposits in transit $3,100

Less; Outstanding checks $4,200

Adjusted cash balance on October 31, 2017 $29,600

hence, the adjusted cash balance on October 31, 2017 is $29,600

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Answer:

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3 years ago

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3 years ago

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4 years ago

Bank A has an increase in deposits of $20 million dollars and all bank reserve requirements are 10%. Bank A loans out the full a

dexar [7]

Answer:

Total increase in deposit = $54,200,000

Explanation:

given data

deposits = $20 million dollars

bank reserve = 10%

solution

we know that Deposit in bank A is = $20,000,000

and Reserve @ 10% = $2,000,000

Bank A loans or bank B deposit will be = $20,000,000 - $2,000,000

Bank A loans or bank B deposit = $18,000,000

here Reserve @ 10% = $1,800,000

Bank B loans or Bank C deposit will be here = $18,000,000 - $1,800,000

Bank B loans or Bank C deposit = $16,200,000

so that

Total increase in deposit will be = Bank A + Bank B + Bank C ...............1

put here value we get

Total increase in deposit = $20,000,000 + $18,000,000 + $16,200,000

Total increase in deposit = $54,200,000

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3 years ago