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ledger lists the foliowing checks: Worksheet 4.1. Mateo Gonzalez has 6. Checking account reconciliation. u at the Second State Bank. His checkbook interest-paying (NOW) checking accou

ledger lists the foliowing checks: Worksheet 4.1. Mateo Gonzalez has 6. Checking account reconciliation. u at the Second State Bank. His checkbook interest-paying (NOW) checking accou

FINANCIAL ACCOUNTING
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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Here it is with the checkbook ledger info: it is question 6. 

6. Checking account reconciliation. U at the Second State Bank. His checkbook S achhing on their s Worksheet 4.1. Mateo Gonzalez has an interest-paying (NOW) checking accourt falls below $750 during four months account falls below minimum balance, average monthly balance $815, accour would you recommend them to view the ad- a low-interest-rate environment, and how What would you tell this retired couple about Financial Planning Exercises 10:06 1 Financial Planning Exercises LO1 1. to a low-interest-rate envi- Cem about the really low interest rate they're e gon r savings. They've LO4 a oy an adviser who says he has re-fire" way to get them higher returns ledger lists the following checks: Amount Check Number 654 $206.05 Viser's new prospective investments? 2. Comparing banks online. What type LO2, 3,4 55.22 658 103.00 bank serves your needs best?Visit the Internet sites of the following institutions and prepare a chart comparing the services offered, such as traditional and online banking, investment services, and personal financial advice. Which one would you choose to patronize, and why 662 99.00 668 6.10 670 50.25 671 24.90 672 a. 32.45 Wells Fargo (https://www.wellsfargo .com)-a nationwide, full-service bank 673 44.50 674 b. A leading, local commercial bank in your area 30.00 675 30.00 676 C. A local savings institution 111.23 677 d. A local credit union 38.04 678 LO2, 3,4 3. Choosing a new bank. You're getting married and believe your present bank is not a good fit. Discuss how you should go about choosing a new bank and opening an account. Consider the factors that are important to you in selecting a bank-such as the type and ownership of new accounts and bank fees and charges 97.99 679 486.70 680 43.50 681 75.00 682 98.50 683 Mateo also made the following withdrawals and deposits at an ATM near his home: 4. Exposure from stole card. Suppose that someone stole your ATM card and withdrew $1,000 from your checking account. How much money could you lose (according to federal legislation) if you reported the stolen card to the bank: (a) the day the card was stolen, (b) 6 days after the theft, (c) 65 days after receiving your periodic statement? Date Amount Transaction 11/1 $50.00 Withdrawal 11/2 $525.60 Deposit 11/6 $100.00 Deposit 5. Calculating the net costs of checking accounts. Determine the annual net cost of these checking accounts: 11/14 $75.00 Withdrawal 11/21 $525.60 Deposit 11/24 $150.00 Withdrawal Monthly fee $4, check-processing a. fee of 20 cents, average of 23 checks 11/27 $225.00 Withdrawal written per month 11/30 $400.00 Deposit b. Annual interest of 1.5 percent paid if balance exceeds $750, $8 monthly fee if Mateo's checkbook ledger shows an ending balance of $286.54. He has just ing Basic Assets Send a chat 4924
Transcribed Image Text:6. Checking account reconciliation. U at the Second State Bank. His checkbook S achhing on their s Worksheet 4.1. Mateo Gonzalez has an interest-paying (NOW) checking accourt falls below $750 during four months account falls below minimum balance, average monthly balance $815, accour would you recommend them to view the ad- a low-interest-rate environment, and how What would you tell this retired couple about Financial Planning Exercises 10:06 1 Financial Planning Exercises LO1 1. to a low-interest-rate envi- Cem about the really low interest rate they're e gon r savings. They've LO4 a oy an adviser who says he has re-fire" way to get them higher returns ledger lists the following checks: Amount Check Number 654 $206.05 Viser's new prospective investments? 2. Comparing banks online. What type LO2, 3,4 55.22 658 103.00 bank serves your needs best?Visit the Internet sites of the following institutions and prepare a chart comparing the services offered, such as traditional and online banking, investment services, and personal financial advice. Which one would you choose to patronize, and why 662 99.00 668 6.10 670 50.25 671 24.90 672 a. 32.45 Wells Fargo (https://www.wellsfargo .com)-a nationwide, full-service bank 673 44.50 674 b. A leading, local commercial bank in your area 30.00 675 30.00 676 C. A local savings institution 111.23 677 d. A local credit union 38.04 678 LO2, 3,4 3. Choosing a new bank. You're getting married and believe your present bank is not a good fit. Discuss how you should go about choosing a new bank and opening an account. Consider the factors that are important to you in selecting a bank-such as the type and ownership of new accounts and bank fees and charges 97.99 679 486.70 680 43.50 681 75.00 682 98.50 683 Mateo also made the following withdrawals and deposits at an ATM near his home: 4. Exposure from stole card. Suppose that someone stole your ATM card and withdrew $1,000 from your checking account. How much money could you lose (according to federal legislation) if you reported the stolen card to the bank: (a) the day the card was stolen, (b) 6 days after the theft, (c) 65 days after receiving your periodic statement? Date Amount Transaction 11/1 $50.00 Withdrawal 11/2 $525.60 Deposit 11/6 $100.00 Deposit 5. Calculating the net costs of checking accounts. Determine the annual net cost of these checking accounts: 11/14 $75.00 Withdrawal 11/21 $525.60 Deposit 11/24 $150.00 Withdrawal Monthly fee $4, check-processing a. fee of 20 cents, average of 23 checks 11/27 $225.00 Withdrawal written per month 11/30 $400.00 Deposit b. Annual interest of 1.5 percent paid if balance exceeds $750, $8 monthly fee if Mateo's checkbook ledger shows an ending balance of $286.54. He has just ing Basic Assets Send a chat 4924
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