Everything Christmas Emporium expects a seasonal profit of close to 1 billion dollars. A typical monthly ledger balance during the season is 3.2 million dollars with a deposit float of 1.15 million dollars. Arcadia Bank pays an earnings credit rate of 0.25%. The reserve requirement ratio is 10% and the monthly service charges equal $385. How much will the bank debit from the firm's account (for the monthly service charge)? Assume 30 days in a month. (Note: round answer to two decimal places)

Everything Christmas Emporium expects a seasonal profit of close to 1 billion dollars. A typical monthly ledger balance during the season is 3.2 million dollars with a deposit float of 1.15 million dollars. Arcadia Bank pays an earnings credit rate of 0.25%. The reserve requirement ratio is 10% and the monthly service charges equal $385. How much will the bank debit from the firm's account (for the monthly service charge)? Assume 30 days in a month. (Note: round answer to two decimal places)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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