FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A firm received the following monthly analysis statement from the bank for a 30-day month: Average Positive Ledger Balance $1,025,645 Less: Average Float $205,129 Average

image text in transcribed
image text in transcribed
A firm received the following monthly analysis statement from the bank for a 30-day month: Average Positive Ledger Balance $1,025,645 Less: Average Float $205,129 Average Collected Balance $820,516 Less: 10% Reserve Requirement $82,052 Average Available Balance $738,464 Value of Average Available Balance (0.25%) Total Charges $1,114.08 Net Analysis Position Value of Balances = Avg. Available Balance * [(ecr/365)(n)] Did the firm maintain sufficient balances to cover its service charges? No Yes

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Sports Finance And Management Real Estate Media And The New Business Of Sport

Sports Finance And Management Real Estate Media And The New Business Of Sport

Authors: Jason A. Winfree, Mark S. Rosentraub, Brian M Mills, Mackenzie Zondlak

2nd Edition

1138341819, 9781138341814

More Books

Students also viewed these Finance questions

Question

★★★★★
(a) Explain why the maximum emf produced by an ac generator occurs when the flux through its armature coil is zero. (b) Explain why the emf produced by an ac gennrator is zero when the flux through...

Answered: 1 week ago

Question

★★★★★
74. If A is a k x k regular circulant then B is a k x k symmetric circulant, where P' A = B and hence A = PR, where P = [e .. e*, ek_1> ... ~, e:zl, where e, is the i-th unit vector (the i-th column...

Answered: 1 week ago

Question

★★★★★
Customers arrive at a single-server station in accordance with a Poisson process with rate . All arrivals that find the server free immediately enter service. All service times are exponentially...

Answered: 1 week ago

Question

★★★★★
Mazir Coleman had driven a school bus for the Casey County, Kentucky, Board of Education for four years. After that time, Colemans left leg had to be amputated. Coleman was fitted with an artificial...

Answered: 1 week ago

Question

★★★★★
An auditor includes a separated paragraph to give which one of the following type of audit opinion? Durbon 11 Not yet amwered Marked out of 100 Flag question Disclaimer of Opinion Qualified Opinion...

Answered: 1 week ago

Question

★★★★★
List of Accounts Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Allowance for Doubtful Accounts Bad Debt Expense Bonds Payable Buildings...

Answered: 1 week ago

Question

★★★★★
Business and Management Due to the rise of other nations, the nature of competition between global companies has changed. Explain giving examples especially of America, India,China, united states

Answered: 1 week ago

Question

★★★★★
Fastnar is a large European industrial supplies company with a market capitalization of 17 billion. During the COVID-19 pandemic, Fastnar's supply chain experienced significant stress, leading to the...

Answered: 1 week ago

Question

★★★★★
Choose the five most important variances that do not meet the expected range and explain the auditing strategies and techniques (i.e., sampling or testing) you would use to determine why. Essay...

Answered: 1 week ago

Question

★★★★★
SHOW ALL YOUR WORK Please answer these two questions thoroughly and I will leave a good review Problem # 7 (12.5 pts). In the following table 277 college students are classified according to their...

Answered: 1 week ago

Question

★★★★★
The 1-kg bar is held in the position shown in figure QB3, where the spring is unstretched. Note that the spring attached to its end always remains vertical due to the roller guide at C. 1 kg 2 m...

Answered: 1 week ago

Question

★★★★★
=+3. What do you think explains the fact that, in Europe, the market for Fair Trade Certified products is three times larger in dollar sales than it is in the U.S.?59

Answered: 1 week ago

Question

★★★★★
=+1. Is any job (at any wage) better than no job? Does your answer change if you apply the question to a worker in a developing, rather than developed country?

Answered: 1 week ago

Question

★★★★★
=+2. What is a fair wage? What does fair mean? What is the lowest hourly wage for which you would be willing to work?

Answered: 1 week ago

Previous Question Next Question