Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Golding Bank provided the following data about its resources and activities for its checking account process: Resources Activities Clerical Hours Supervision $77,000 Processing accounts 9,120

image text in transcribed

image text in transcribedimage text in transcribed

Golding Bank provided the following data about its resources and activities for its checking account process: Resources Activities Clerical Hours Supervision $77,000 Processing accounts 9,120 Phone and supplies 93,000 Issuing statements 5,040 Salaries 265,000 Processing transactions 6,960 Computer 23,000 Answering customer inquiries 2,880 Total $458,000 Total 24,000 Computers are used only by the issuing (30 percent) and processing transaction (70 percent) activities. Phone and supplies are 80 percent customer inquiries with the other 20 percent divided equally among the remaining activities, including supervising the checking operation. The supervisor spends 100 percent of his time on supervision. In addition to the 24,000 clerical hours, there are 3,000 hours of supervision used (the hours used by the supervising clerks activity, which is not listed above). Required: 1. Prepare a work distribution matrix for the five primary activities. If an answer is zero, enter "O". 1. Prepare a work distribution matrix for the five primary activities. If an answer is zero, enter "O". Golding Bank Percentage of Time on Each Activity Activity Supervisor Clerks Supervising clerks % % Processing accounts Issuing statements Processing transactions Answering customer inquiries 2. Calculate the cost of each activity. If required, round your answers to the nearest dollar. Activity Total Supervising clerks $ Processing accounts $ Issuing statements $ Processing transactions Answering customer inquiries $ 3. If the cost of the supervising activity is assigned to the other four activities, what is the final cost of these four primary activities? If required, round your answers to the nearest dollar. Processing accounts Issuing statements Processing transactions $ Answering customer inquiries

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_2

Step: 3

blur-text-image_3

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

Wiley CPA Exam Review Auditing And Attestation 2011

Authors: Patrick R. Delaney, O. Ray Whittington

8th Edition

0470554347, 978-0470554340

More Books

Students also viewed these Accounting questions

Question

What were your most important educational experiences?

Answered: 1 week ago

Question

Which personal relationships influenced you the most?

Answered: 1 week ago