Bank HW 1

Questions continue on next page Question 4 YY is a large banking organisation. It has a branch in most of the towns in the country in which it operates. The bank's business is mainly concerned with private individuals. It is a very 'traditional' bank that offers only 'over the counter' services during limited opening hours. At a recent board meeting, the directors of the bank stated that they were worried that the bank was losing customers to the new style banks that offer a much more friendly service, longer opening hours, internet banking and a diverse range of banking services. It has now been decided that the bank will pursue strategies to achieve the goal of being "The bank that people choose" and will use a balanced scorecard to monitor progress towards that goal. Required: a) Produce, for each of the three non-financial perspectives of a balanced scorecard, an objective and a performance measure that the bank could use. (In your answer you must state each perspective, and the…

The COVID-19 pandemic has affected one of your customers, NEST Ltd adversely. Even though the economies are fast recovering, they have contacted your company to request to purchase on credit instead of cash on delivery. Your boss, Alan, the Marketing Manager has instructed you to review their request. He has asked you to review NEST Ltd’s latest set of financial statements.   (a)In addition, identify other information(other than balance sheet, incomes statement and cash flow statement) that will be helpful in deciding whether to accede to NEST Ltd’s request?    (b)You have also noticed that compared to last year, the allowance for bad debt for Nest Ltd has increased from 2% to 4 % of the accounts receivable. Discuss how this information will impact your review.

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Current Attempt in Progress         Bramble Company is a very profitable small business. It has not, however, given much consideration to internal control. For example, in an attempt to keep clerical and office expenses to a minimum, the company has combined the jobs of cashier and bookkeeper. As a result, Bret Turrin handles all cash receipts, keeps the accounting records, and prepares the monthly bank reconciliations.The balance per the bank statement on October 31, 2020, was $17,820. Outstanding checks were No. 62 for $150.10, No. 183 for $186, No. 284 for $267.75, No. 862 for $200.70, No. 863 for $232.00, and No. 864 for $177.10. Included with the statement was a credit memorandum of $179.80 indicating the collection of a note receivable for Daisey Company by the bank on October 25. This memorandum has not been recorded by Daisey.The company’s ledger showed one Cash account with a balance of $21,870.00. The balance included undeposited cash on hand. Because of the lack…

On March 31,2020, XXX Company receive its bank statement. However, the closing balance of the account was unreadable. Attempts to contact the bank after hours did not secure the desired information. The following data are available in preparing a bank reconciliation: February 28,book balance Note collected by bank 1,460,000 100,000 Interest earned on note 10,000 NSF check of customer 130,000 Bank service charge on NSF check 2,000 Other bank services 3,000 Outstanding checks Deposit of February 28 placed in night depository 222,000 95,000 Check issued by YYY Company charged to XXX's Account 20,000 10. What is the cash balance per bank statement?

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MC43 The cash account shows a balance of P450,000 before reconciliation. The bank statement does not include a deposit of P23,000 made on the last day of the month. The bank statement shows a collection by the bank of P9,400 and a customer's check for P3,200 was returned because it was NSF. A customer's check  for P4,500 was recorded on the books at P5,400, and a check written for P790 was recorded as P970.   The correct balance in the cash account was? (with solution) a. P455,120 b. P455,480 c. P457,280 d. P478,480

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On Thursday 25th August, 2022, George deposited a cheque from Second Hand Cars Limited for US$100,000 via the automated teller machine. On Tuesday 30th August, 2022, George tried to pay his credit card bill via online banking but noticed that his bank  account is frozen. He later received a call from the bank. The bank called to find out where the $100,000 came from. His response was that it was written on the cheque and he angrily hung up, wondering aloud why the bank would call to ask him such a stupid question. Notwithstanding, a Suspicious Activity Report is filed by the Bank against George. On Thursday 1st September 2022, the police called George and ask him to come down to the police station to answer some questions about the cheque for $100,000 that he deoposited into his account on Thursday 25th August, 2022. Advise George and the Bank.

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11.4 The assistant finance director for the city of Tustin, California, was fired after city of- ficials discovered that she had used her access to city computers to cancel her daugh- ter's $300 water bill. An investigation revealed that she had embezzled a large sum of money from Tustin over a long period. She was able to conceal the embezziement for so long because the amount embezzled always fell within a 2% error factor used by the city's internal auditors. What weaknesses existed in the audit approach? How could the audit plan be improved? What internal control weaknesses were present in the system? Should Tustin's internal auditors have discovered this fraud earlier?

Current Attempt in Progress Your answer is incorrect. The cash account shows a balance of $90000 before reconciliation. The bank statement does not include a deposit of $5800 made on the last day of the month. The bank statement shows a collection by the bank of $1900 and a customer's check for $700 was returned because it was NSF. A customer's check for $960 was recorded on the books as $1230, and a check written for $245 was recorded as $293. The correct balance in the cash account was O $90978. O $90882. O $96778. $91518.

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Instructions: Prepare Cookie Creations' bank reconciliation for June 2024. (List items that increase as per bank first). Everything needed is inclulded in this problem!!

Prepare the bank reconciliation of Donald Insurance at Dec 31, 2018. Fill in the blanks on the reconciliation in the picture. All information that has been provided to me for this problem is also in the picture. Please actually cite the image this time. Last time I got the following: "Hi and thanks for your question! Unfortunately it looks incomplete. Please resubmit the question with complete adjustments. We've credited a question back to your account. Apologies for the inconvenience."   This is a constant issue. Utilize the information given, especially when it is stated that all of it is provided to you.

Q#7: Zeal Company has asked you to prepare the company's June bank reconciliation. Please know that Zeal always makes bank deposits after hours in the bank's night depository. You review Zeal's May bank reconciliation (i.e., not provided here) and you consider that as of May 31st check #2228 for $1,100 and check # 2231 for $1,650 both written by Zeal in April had not cleared the bank as of the end of May. Additionally, a May 31st deposit, made by Zeal in the amount of $3,200 was not reported on the May bank statement. Zeal has provided the company's general ledger activity for June and the bank's June statement below. Zeal Company's Accounting Records: Checks recorded (by Zeal) in June: Check # 2234 $4,400 Check #2235 3.300 Check #2236 985 125 1,560 1,800 350 1.920 $14.440 Check #2237 Check #2238 Check #2239 Check #2240 Check #2241 Main Street Bank's June Statement Checks Paid by Main Street Bank (from Zeal's account) in June: Check #2228 $1,100 Check # 2234 4,400 Check #2236 859 Check…

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Exposure from stolen ATM card. Suppose someone stole $1,000 dollars from your checking account. How much money could you lose if you reported the card to the bank the day it was stolen, 6 days later, and after you receive your periodic statement?