The manager of a bank recorded the amount of time each customer spent waiting in line during peak business hoursone Monday. The frequency table below summarizes the results. If we randomly select one of the customersrepresented in the table, what is the probability that the waiting time is at least 12 minutes or between 8 and 15 minutes?Round to three decimal places as needed.WaitingTime (minutes)Number ofCustomers0-394-7108-111212-1516-1920-2302442A. 0.727B. 0.093C. 0.651OD. 0.558

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Answered: The manager of a bank recorded the…

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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You are looking for a bank in which to open a checking account for your new part-time business. You estimate that in the first year, you will be writing 30 checks per month and will make three debit transactions per month. Your average daily balance is estimated to be $900 for the first six months and $2,400 for the next six months. Use the following information to solve the problem. Bank Monthly Fees and Conditions Bank 1 $16.00 with $1,000 min. daily balance-or-$25.00 under $1,000 min. daily balance Bank 2 $4.50 plus $0.40 per check over 10 checks monthly$1.00 per debit transaction Bank 3 $5 plus $0.25 per check$2.00 per debit transaction Bank 4 $8 plus $0.15 per check$1.50 per debit transaction (a) Calculate the cost (in $) of doing business with each bank for a year. Bank 1 Bank 2 Bank 3 Bank 4 (b) Which bank should you choose for your checking account? Bank 1 Bank 2 Bank 3 Bank 4
Sarawat company provided the following data for the month of February: Use One MS Excel file for this assessmenttask. Use ONE TAB sheet for every Test number. In presenting your answers use VERTICALORIENTATION, where answers will be presented vertically or going down NOT horizontally. Balance per book, February 28 Collection on February 28 but undeposited NSF Check received from a customer returned by the bank on March 5 with the February bank statement Check outstanding on February 28 Balance per bank, February 28 Bank debit memo for safety deposit boxrental not recorded by depositor A creditor check for P30,000 was incorrectly recorded in the depositor's book as A customer check for P200,000 was recorded by the depositor as The depositor neglected to make an entry in its books fora check drawn in payment of an account payable Task Requirements: Your taskis to prepare the following: P3,130,000 550,000 50,000 650,000 3,500,000 5,000 300,000 20,000 125,000 1. Aformal Bank Reconciliation…
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Lowell Bank reported the following checking account fees: $2 to see a real-live teller, $20 to process a bounced check, and $1 to $3 if you need an original check to prove you paid a bill or made a charitable contribution. This past month you had to transact business through a tellet six times-a total $12 cost to you. Your bank statement shows a $305,33 balance your checkbook shows a $1,009.76 balance. You received $1.10 in interest. An $80115 deposit was not recorded on your statement. The following checks were outstanding: No. 413. $28.30, No. 414, $18.60, and No. 418, $60.72. Prepare your bank reconciliation (Input all amounts as positive values. Round your answers to 2 decimal places) Checkbook balance Add: Interest Subtotal Deduct Teller fee Reconciled balance Y BANK RECONCILIATION $ 1,009 76 Bank balance Add: 1.10 $1,010.86 12.00 $ 998 58 Deposit in transit Subtotal Deduct Outstanding checks (total) Reconciled balance - ** $ 74 $ 305.33 801.15 1,106.48 107,62 998.86
Suppose that the average daily balance on William's American Express Card is $382.2 for a 30-day billing cycle, the amount of the latest running balance on the card is $6941, and the bank charges 1.5% per month on the average daily balance. Determine each of the following. Round the amount to the nearest penny and express it in two decimal places. For example, 97.45, or 34.50, or 57.00. The finance charge for this billing cycle is $ The account balance on the next billing is $
Your neighbor goes to the post office once a month and picks up two checks, one for $13,000 and one for $3,000. The larger check takes 2 days to clear after it is deposited; the smaller one takes 4 days. Assume 30 days per month. 1. What is the total float for the month? 2. What is the average daily float? 3a. What is the average daily receipts? 3b. What is the weighted average delay?
A household savings-account spreadsheet shows the following entries for the first day of each month: Month January February March April May June July August Additions Withdrawals Value 148,000 2,500 4,000 1,500 13,460 3,000 23,000 198,000 Required: Use the Excel function XIRR to calculate the dollar-weighted average return for this period. (Round your answer to 2 decimal places.) Dollar-weighted average Answer is complete but not entirely correct. 70.01%
At the end of April, Meyer Company had a $7,890 balance in its cash account, while its bank state-ment for April showed an ending cash balance of $7,200. The April bank statement showed $10 of interest earned by Meyer on its checking account and a $200 NSF check written by one of Meyer’s customers. Meyer’s records show a $600 deposit in transit and $100 of outstanding checks at the end of April. Prepare the bank reconciliation of Meyer for April.
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