C) $30,000. D) $12,000. 4. Rhoden Company wrote checks totaling $17,080 during October and $18,650 during November. $16,240 of these checks cleared the bank in October, and $18,220 cleared the bank in November.
The business claimed that the highly advertised delay to deposit the check was not a solicitation to make a loan. These payday lenders required the consumer to sign a statement saying that they had the funds in their account to cover the check, even though they were verbally told otherwise by the lender. The payday lenders claim that they are not making loans but that their customers are simply paying a high fee because of the convenience of cashing a check at their store. This was a feeble excuse with the presence of banks and ATMs throughout the area, why would someone pay a high fee to cash a check? Finally, the last method used to get through the legal requirement of the North Carolina Consumer Finance Act has been the claim that the payday lender is really an out of state bank and that they are exempt from North Carolina law.
A note for $7,500, plus interest was paid directly to the bank under an agreement singed five month ago. The note payable was recorded at $ 7,500 on the company’s books. Required: 1. Prepared a bank reconciliation that shows both the unadjusted and adjusted balance per books. 2.
Banks weren’t always consider too big to fail, mostly because no one believed that a bank would ever fail. During the Depression, hundreds of banks became insolvent and depositors lost their money. In this time banks were allowed to fail because there were no regulations. As a result, the U.S. enacted the 1933 Banking Act, sometimes called the Glass-Steagall Act, which created the Federal Deposit Insurance Corporation (FDIC) to insure deposits up to a limit and prohibited banks from selling and buying securities from their costumers or selling mutual funds. In exchange for the deposit insurance provided by the federal government, depository banks are highly regulated and expected to invest excess customer deposits in lower-risk assets.
This case represented a turning point in policy where complete ownership and complete control are no longer of significance in determining taxability. In Commissioner V. Bollinger a partnership bought many buildings through a “corporation.” The corporation had no assets, liabilities, employees, or bank accounts. The court found that the corporation served no other business purpose other than to act as an agent of the partnership aforementioned. It was argued that evidence of an arm’s length transaction was needed in order for an agency relationship to exist and that based on the six National Carbide factors, it should be recognized as a separate entity. The court refused refuse an agency relationship based solely on the six carbide factors stating, It seems to us that the genuineness of the agency relationship is adequately assured, and tax-avoiding manipulation adequately avoided, when the fact that the corporation is acting as agent for its shareholders with respect to a particular asset is set forth in a written agreement at the time the asset is acquired, the corporation functions as agent and not principal with respect to the asset for all purposes, and the corporation is held out as the agent and not principal in all dealings with third parties relating to the
Checks are promptly endorsed "For Deposit Only" 2. No list of the checks is prepared by the person opening the mail 3.The mail is opened either by the cashier or by the employee who maintains the accounts receivable records 4.Mail receipts are deposited in the bank weekly by the cashier The purpose of internal controls is the related methods and procedures adopted within an organization to safeguard its assets and to enhance the accuracy and reliability of its accounting records. While I have no indication that employees are stealing, just currently there is no way to be 100% sure. For this reason, my recommendations for improvements of the mail cash receipts process are as follows:
1. Question: When opening a checking account, the authorized signer(s) must sign a check stub, which is kept on record at the bank Your Answer: True False CORRECT Points Received: 2 of 2 2. Question: When a checking account is opened, the person(s) who will be writing checks must sign a: Your Answer: check register check stub signature card CORRECT deposit slip none of the above Points Received: 2 of 2 3. Question: The one who writes the check is known as the: Your Answer: payee endorsee maker CORRECT drawee none of the above Points Received: 2 of 2 4. Question: When completing a check stub, to arrive at the ending balance, take the beginning balance and: http://gradebook.ecollege.com/Manager/GradeD...06X$23j36$25IK&NewTS=False&Locale=&TimeZone= (1 of 4) [11/19/2009 3:10:15 PM] Gradebook Detail Your Answer: add the deposit and the check subtract the check and add the deposit CORRECT subtract the check and the deposit add the check and subtract the deposit all of the above Points Received: 2 of 2 5.
In March 19, 2011 the accounts payable were 2,881.00. • What were the company’s total current liabilities at the end of its 2 most recent annual reporting periods? PepsiCo, Inc. total current liabilities at the end of its 2 most recent annual reporting periods data was collected from the income statement sheet were |Total Current Liabilities |18,057.00 |16,840.00 |15,892.00 |17,117.00 |14,572.00 | | | | • What were the company’s two largest current liabilities at the end of its 2 most recent annual reporting
A customer is not liable for the amount of the overdraft if the customer did not sign or benefitted from the proceeds of the action. §4-401(b) This is a difficult scenario, the bank may be forced to re-credit Smiths account the $495. Is the bank without a remedy? According to 4-208: When a check is deposited into a bank and sent through to the bank upon which it is drawn, the depositary bank warrants that the item has not been altered and that it is entitled to enforce the instrument. If there is a problem with the indorsements, or if the check has been altered, the payor bank can bring a claim against the depositary bank for breach of the warranty.
I soon came back down to reality and read the only paper that came with the check. It didn’t really make a whole lot of sense, it just said that I had been chosen to be a mystery shopper and for my observation of a Walmart worker and a western union worker, I would get paid with the check. I simply just had to send some of the money and my reports back to the given address in the letter. Now it did seem a little weird to me. Why would they need me to cash the check and then send them some money back?