Your firm must submit the transfer instruction to the carrying member through the ACATS <u>A) Immediately.</u>
<h3>What is the Automated Customer Account Transfer Service (ACATS)?</h3>
The Automated Customer Account Transfer Service (ACATS) is a standardized and automatic system sanctioned by the Financial Industry Regulatory Authority (FINRA) that transfers financial securities in customers' accounts from one brokerage firm or bank to another.
Under the FINRA's Uniform Practice Code, a customer may transfer some or all of their securities.
Thus, the FINRA's Uniform Practice Code requires that your firm <u>immediately</u> forwards the TIF to the next broker.
Learn more about Financial Industry Regulatory Authority (FINRA) at brainly.com/question/8777317
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<h3>Question Completion with Answer Options:</h3>
What does FINRA's Uniform Practice Code require?
A) Immediately.
B) within 1 business day.
C) within 3 business days.
D) within 2 business days.
Answer:
$870
Explanation:
When a company makes sales on account, debit accounts receivable and credit sales. Based on assessment, some or all of the receivables may be uncollectible.
To account for this, debit bad debit expense and credit allowance for doubtful debt. Should the debt become uncollectible (i.e go bad), debit allowance for doubtful debt and credit accounts receivable.
Allowance for uncollectible accounts at 5%
= 5% * $302,000
= $1,510
Since the Allowance for Uncollectible Accounts was $640 (credit) before any adjustments, the bad debt expense for the year
= $1,510 - $640
= $870
Answer:
Nill
Explanation:
Given that;
Capital gain tax = $6,000
Capital losses = $9,000
Net loss = Capital loss - Capital gain
Net loss = $9,000 - $6,000
Net loss = $3,000
Recall that maximum net loss deductible from taxes in a year is $3,000
Therefore,
Unsecured loss carried into next year
= Net loss - Deductible
= $3,000 - $3,000
= Nil
Answer:
9.14%
Explanation:
The computation of the weighted average cost of capital is shown below:-
Debt = $500,000 × 1.02
= $0.51 m
Preferred = 40,000 × $34
= $1.36 m
Common = 104,000 × $20
= $2.08 m
Total = $0.51 m + $1.36 m + $2.08 m
= $3.95 m
So, Weighted average cost of capital = ($2.08 ÷ $3.95 m × 0.11) + ($1.36 m ÷ $3.95 m × 0.08) + (($0.51 m ÷ 3.95 m × 0.07 × (1 - 0.34))
= 0.057924 + 0.027544 + 0.005965
= 0.091433
or 9.14%
Therefore for computing the weighted average cost of capital we simply applied the above equation.
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