The balance sheet for the newly formed ACME Bank is shown below.ACME Bank Balance Sheet 1AssetsLiabilities and net worthReserves117,000 Checkable deposits116,000Property309,000 Stock shares310,000Instructions: Enter your answers as a whole number.a. Toshi, the owner of Toshi's Produce, has obtained a bank loan of $30,500 to buy a new delivery truck. The amount of the loan willbe added to the available balance of Toshi's checking account. What will ACME Bank's balance sheet look like immediately after theloan has been finalized? Fill in the values in the table.ACME Bank Balance Sheet 2AssetsLiabilities and net worthReservesCheckable depositsLoansStock sharesPropertyb. Toshi then writes a check from his checking account to purchase the delivery truck from Bob's Motors for the entire amount of theloan, $30,500. Bob's Motors deposits the check in its checking account at XYZ Bank. What will ACME Bank's balance sheet look likeafter the check has been processed? Fill in the values in the table below.ACME Bank Balance Sheet 3AssetsLiabilities and net worthReservesCheckable depositsLoansStock sharesPropertyC. After all transactions are complete, how much in additional loans can ACME Bank make to its other customers? Assume the reserverequirement is 25 percent.

The balance sheet for the newiy formed ACME Bank is show ACME Bank Balance Sheet 1 Ansets Liabilities and net worth $ 117,000 Checkable deposits Reserves Property 309,000 Stock shares nstructions: Enter your answers as a whole number. . Toshi, the owner of Toshi's Produce, has obtained a bank I pe added to the available balance of Toshi's checking accou oan has been finallzed? Fill in the values in the table. ACME Bank Balance Sheet 2

The balance sheet for the newiy formed ACME Bank is show ACME Bank Balance Sheet 1 Ansets Liabilities and net worth $ 117,000 Checkable deposits Reserves Property 309,000 Stock shares nstructions: Enter your answers as a whole number. . Toshi, the owner of Toshi's Produce, has obtained a bank I pe added to the available balance of Toshi's checking accou oan has been finallzed? Fill in the values in the table. ACME Bank Balance Sheet 2

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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On May 27, you received your bank statement showing a balance of $1,026.34. Your checkbook shows a balance of $1,056.29. Outstanding checks are $245.50 and $377.20. The account earned $62.59. Deposits in transit amount to $705.24, and there is a service charge of $10.00. Calculate the reconciled balance. $29.95 $943.80 O $1,003.70 O $1,108.88
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Your Corporation's unadjusted bank balance at September 30, 2021 is $400. The following information is available for the bank reconciliation. $900 $300. Deposits in transit, $500 Outstanding checks, $300 Bank service charges, $75 Bank collected an accounts receivable for Your Company, NSF check written by one of Your Company's customers, What is Your Company's true cash balance?
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