Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 11, 2024

Chase Bank issued a Guarantee for Mr. Martey needed in his business by an amount of $34,000 for a period of nine months starts on

Chase Bank issued a Guarantee for Mr. Martey needed in his business by an amount of $34,000 for a period of nine months starts on August 1, 2014. The bank charged him insurance 30% of the Guarantee, in addition to 1% commission and $100 stamps. What is the amount will be recorded as customer commitments for guarantee when guarantee issued? O a. Nothing b. 10,555 OC. 34,000 d. 10.200

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered Solutions

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

Step: 2

Step: 3

Ace Your Homework with AI

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

Get Started

Students also viewed these Accounting questions

Question

Define stigma by association. How are your own interactions affected by the possibility of this stigma?

Answered: 1 week ago

Question

★★★★★

For the data in exercise 14.4, use an a of 0.1 to make a forecast for July. 14.6. 14.7. 14.8. 14.9.

Answered: 1 week ago

Question

★★★★★

Chase Bank issued a Guarantee for Mr. Martey needed in his business by an amount of $34,000 for a period of nine months starts on August 1, 2014. The bank charged him insurance 30% of the Guarantee,...

Answered: 1 week ago

Question

★★★★★

You have just sold your house for $1,100,000 in cash. Your mortgage was originally a 30-year mortgage with monthly payments and an initial balance of $700,000. The mortgage is currently exactly 181/2...

Answered: 1 week ago

Question

★★★★★

Ami stops to fill her car with gas at Local Gas Station. Unbeknownst to Ami, Amari, one of the employees at the store, has placed a device on the pump that allows her to steal the credit card number....

Answered: 1 week ago

Question

★★★★★

Design a custom date function that showcases your coding abilities and originality. The function should take 3 inputs: the output of the Get-Date cmdlet, and two additional parameters. It must...

Answered: 1 week ago

Question

★★★★★

5. Find the tension in the cable and the force exerted by the hinge on the beam. The beam has mass 50.0 kg and length 7.00m. (754N; 492N at 10.2 below hzntl) 80.0 30.0 7.00 m 2.00 m

Answered: 1 week ago

Question

★★★★★

The ethical principle of applies to the security of payroll records. Multiple Choice Professional Competence and Due Care Integrity Confidentiality Objectivity and Independence

Answered: 1 week ago

Question

★★★★★

QS 1-7 (Algo) Applying the accounting equation LO A1 a. Total assets of Charter Company equal $730,000 and its equity is $435,000. What is the amount of its liabilities? b. Total assets of Martin...

Answered: 1 week ago

Previous Question Next Question