3.5hrs/2=1.75hrs 1¾ hours e. State the solution. The solution is 1¾ hours Interest Problem: Julian deposits money into two different savings accounts. He deposits $600 more into Account B than Account A. After a certain amount of time‚ Account A has earned $180 at a rate of 4%‚ and Account B has earned $375 at a rate of 5%. How much did Julian initially deposit into each account? a. What equation is used to solve this problem? What does each variable represent? b. Identify the given
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compute net accounts receivable. a. Accounts Receivable has a balance of $14‚000. The Allowance for Uncollectible Accounts has a credit balance prior to adjustment of $300. An aging schedule prepared on December 31 reveals $1‚100 of uncollectible accounts. b. Accounts Receivable has a balance of $25‚700. The Allowance for Uncollectible Accounts has a debit balance prior to adjustment of $400. An aging schedule prepared on December 31 reveals $2‚300 of uncollectible accounts.
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The question stated that when a Trial Balance balances‚ it means the accounts are free of errors. I disagree with the statement. There may still be errors even if the trial balance is balances. There are six types of errors. The first type of error is the “error of omission” and the word omission mean left out. Its mean that a transaction is not recorded in the books of original entry‚ which mean both the debit and credit effects of the transaction are not shown in the Trial Balance. For example
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1.1 Introduction An early market economy and an early form of mercantilism‚ sometimes called "Islamic capitalism"‚ were developed between the eighth and twelfth centuries. The monetary economy of the period was based on the widely circulated currency the gold dinar‚ and it tied together regions that were previously economically independent. A number of economic concepts and techniques were applied in early Islamic banking‚ including billsofexchange‚ partnership (mufawada‚including limitedpartnerships
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transfer between bank accounts. Copyright 2003 Pearson Education Canada Inc. 20 - 10 What is kiting? Kiting is an irregularity whereby an overstatement of cash is created by a cash transfer between bank accounts. The deposit is recorded in cash receipts but the disbursement is not recorded in cash disbursements. Copyright 2003 Pearson Education Canada Inc. 20 - 11 Kiting example On 12/31‚ Ace’s bookkeeper writes a $5‚000 cheque on the National Bank and deposits the cheque in the
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Complete the following 2 exercises 1. Prepare a bank deposit detail for a $2230.00 deposit. Use the information in questions A-D. Record your answers to the deposit slip provided. NOTE: The bank deposit slip is setup for you to manually type the necessary information to successfully complete the assignment. A. Cash receipts total $646.68; $2.68 was in coins. B. Check payments were # 2387 for $67.00 from Sue Patrick and # 460 for $50.00 from Ronald Rodriguez. C. Credit card payments were
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have been assigned to review the internal controls over mail cash receipts of Manhattan Company. Your review reviews the following: checks are promptly endorsed “For Deposits Only”‚ but no list of the checks is prepared by the person opening the mail. The mail is opened either by the cashier or by the employee who maintains the accounts receivable records. Mail receipts are deposited in the bank weekly by the cashier. Instructions: Write a letter to Jerry Mays‚ owner of the Manhattan company explaining
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provide a detailed explanation for each issue. Issue A: For the last 19 years‚ Mary has been depositing $500 in her savings account ‚ which has earned 5% per year‚ compounded annually and is expected to continue paying that amount. Mary will make one more $500 deposit one year from today. If Mary closes the account right after she makes the last deposit‚ how much will this account be worth at that time? Future Value of Annuity = P (1+i)n – 1 i = $500 (1.05)20 – 1 .05 = $500 (1.653) (0
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modes of acceptance of deposits; identify various methods of granting loans; describe agency and general utility services of modern commercial banks. 22 :: Business Studies 33.3 Functions of Commercial Banks The functions of a commercial banks are divided into two categories: i) Primary functions‚ and ii) Secondary functions including agency functions. i) Primary functions: The primary functions of a commercial bank include: a) accepting deposits; and b) granting
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have in your checking or savings account. Suppose you have a choice of keeping your money for five years in a savings account with a 2% interest rate‚ or in a five year certificate of deposit with and interest rate of 4.5%. Calculate how much interest you would earn with each option over five years time with continuous compounding. I’m going to do this for my checking and savings account amount Checking Account A = Ce^RT My total money in the checking account is 2100 dollars Since the formula
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