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2 years ago

Which are the roles of a bank? Check all that apply.

1 answer:

5 0

Since you did not give a list of choices, here are some of the major functions of a bank. These functions include the following:

1. - accepts deposits <span>
- advances loans
- receivesof valuables for safe custody
- acts as referee
- issues letter of credit in foreign trade
- acts as underwriters
- acts as information banks
- merchant banking service provider
- deals in foreign exchange
- issues gift cheques
- issuers of travelers cheque and credit cards
- bullion trader
- sale and purchase of stock exchange securities
- acst as clearing house
- administration of wills and trusteeship

</span>

I hope this helps!

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E10.12 (LO 3), AP On August 1, 2022, Gonzaga Corporation issued $600,000, 7%, 10-year bonds at face value. Interest is payable a

Jet001 [13]

Answer:Gongaza journal $

Date.

a. August 1 2022

Bank. Dr. 600,000

Creditors Cr. 600,000

Narration. Issuance of $600,000 of 7 %, 10 years with annual Interest payment.

b. Interest Dr 8400

Creditors Cr 8400

Narration. Accrued interest on bond as at December 31, 2022.

c. August 1 2023

Creditors Dr 420,000

Bank. Cr. 420,000

Narration. Payment of interest on bond as at date.

Explanation:

The bond is a way of raising fund from the public and on payment it's received into the bank account and the bond holders are treated as creditors to the company .

The accompanying Interest on the bond account are accrued for monthly, debited to the income statement and credited to the bond account if not pay for immediately or credited to the bank account when payment is made.

The total accrued interest on the bond maturity is credited to bank account and debited to bond account on payment.

8 0

2 years ago

Midyear on July 31st, the Digby Corporation's balance sheet reported: Total Liabilities of $77.152 million Cash of $6.030 millio

jonny [76]

Answer:

$45.027 million

Explanation:

The accounting equation shows the relationship between the various elements of the balance sheet. These are the assets, liabilities and equity. It is given as

Assets = Liabilities + Equity

The owner's equity is made up of the common stock and retained earnings (which is the net income less dividend paid over the period).

Equity = $125.989 million - $77.152 million

= $48.837 million

Retained earnings = Equity - Common stock

= $48.837 million - $3.810 million

= $45.027 million

Digby Corporation's retained earnings is $45.027 million

5 0

2 years ago

Friends International is an NGO that fosters greater cultural awareness and understanding by arranging for people of different b

bulgar [2K]

Answer:

Dr Travel Expenses 40,000

Cr Prepaid Expenses 40,000

Explanation:

Friends International

Dr Travel Expenses 40,000

Cr Prepaid Expenses 40,000

Travel Expense for $40,000 was been DEBITED in order to recognize the expense associated with the use of the tickets and cPrepaid Expense for $40,000 was been CREDITED because the company no longer has the right to receive benefits from the prepaid tickets.

6 0

2 years ago

Hassock Corp. produces woven wall hangings. It takes 2 hours of direct labor to produce a single wall hanging. Hassock’s standar

Anastasy [175]

Answer:

Direct labor rate variance= $3,630 favorable

Explanation:

Giving the following information:

Standard production= 2 hours per unit

Standard labor cost= 14 per hour.

During August, Hassock produced 12,000 units and used 24,200 hours of direct labor at a total cost of $335,100.

To calculate the direct labor rate variance, we need to use the following formula:

Direct labor rate variance= (Standard Rate - Actual Rate)*Actual Quantity

Actual rate= 335,100/24,200= $13.85

Direct labor rate variance= (14 - 13.85)*24,200= $3,630 favorable

6 0

2 years ago

The following information relates to the manufacturing operations of the JNR Printing Company for the year: Beginning Ending Raw

grin007 [14]

Answer: $117,000

Explanation:

So we are to calculate the Raw Materials purchased during the year.

Logically speaking the following should hold,

Raw materials purchased during the year + beginning raw materials = ending Raw materials + Raw materials used

Agreeing on that and rearranging the formula we will have,

Raw Material purchased during the year = Raw Material used during the year + Ending Raw Material Inventory - Opening Raw Material Inventory

Slotting in the figures we will then have,

Raw Material purchased during the year = 114,000 + 56,000 - 53,000

= $117,000

Raw materials purchased during the year amount to $117,000.

8 0

2 years ago