Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Thank you in advance for your work! 3. Below is the firm's most recent monthly analysis statement from its bank for a 30-day month during
Thank you in advance for your work!
3. Below is the firm's most recent monthly analysis statement from its bank for a 30-day month during which time the ecr was .35%. Service Description Price Units Charges Account Maintenance $30.00 $90.00 Cash Deposited ($3.50/$1,000) $3.50 25 $87.50 Cash supplied (per strap) $1.25 43 $53.75 Deposits Credited $0.75 58 $43.50 items Deposited $0.15 512 $76.80 Returned Items $22.00 14 $308.00 Items Paid $0.32 450 $144.00 Stop Payments $40.00 5 $200.00 Electronic Debits $0.15 48 $7.201 Electronic Credits $0.20 32 $6.40 Total Charges for Services (Analysis Charges) $1,017.15 A. Calculate the value of the average balances and complete the rest of the analysis statement EC = CB* (1 - RRR) * [ECR* (D/365)] Average Positive Ledger Balance $750,950.00 Less: Average Float $187,737.50 Average Collected Balance $563,212.50 Less: Reserve Requirement (10%) Average Available Balance Value of Average Available Balance (0.35%) Total Charges Net Analysis Position B. Of the total charges, how much was implicitly paid with balances and how much paid explicitly in feesStep 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