Century 21 Accounting General Journal
11th Edition
ISBN: 9781337680059
Author: Gilbertson
Publisher: Cengage
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Selecting a Bank. Julie wants to open a bank account with $43. Julie estimates that she will write 23 checks per month and use her ATM card at the home bank. She will maintain a monthly balance of $500. Which bank should Julie choose?
Hillsboro Bank
First National
South Trust Bank
Sun Coast Bank
ATM charges:
Home bank
Free
Free
Free
Free
Other bank
5
free, then
$1.15
per use
$1.40
per use
$1.40
per use
$1.40
per use
Checking:
Minimum deposit
$100
$28
$1
$1
Minimum balance required to avoid fees*
N/A
N/A
$500
N/A
Monthly fees
$8.66
$10.11
$15.88
$3.61
Check-writing charges
15
free, then
$0.85
per check
10
free, then
$0.85
per check
Unlimited
Each check
$0.43
* N/A means monthly fees apply irrespective of account balances.
Based on the information given in the chart, which bank should Julie…
Case Study:
You have been appointed as a loans officer for the local state bank. One day a person walks into
the bank looking for loan to buy a new car. List items about that individual that you should find
out before making a decision whether or not to approve the loan.
Note: Provide reasons for your answer at each step.
THE END
Marcel Yang is a young college graduate who did not take a planning course. personal finance. Now her finances are a problem. She has come to you so that you prepare her basic personal financial statements. Marcel Yang has provided you with the following information:
Prepare Income and Balance Sheet
Info:
Take-Home Pay=4,100
Visa Monthly Payment=255
Stocks=2,700
Money Market Acct=500
Apple Card Monthly Payment=440
Mortgage Monthly Payment=525
Phone=80
Cable=65
Mutual Funds=1,800
IRA=2500
Car Monthly Payment=320
Electricity Payment=125
Water Payment=50
Savings Acct=1,000
Check Acct Balance=850
Car Insurance Monthly=425
Apartment Value=90,000
Food (Monthly)=725
Car Value=7000
Furniture Value=2000
Comics Collection=500
Mortgage=85000
Balance Auto Loan=4500
Other property=800
other Monthly expenses=150
Apple Card Balance=5000
Visa Card Balance=3500
Macys Card Balance=1500
Macys Card Monthly Payment=100
Life Insurance Value=50000
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- Tamika Harms needs $18,000 to prepare her web-page design business for opening. Her bank will loan her the money at a banker's discount rate of 9.2% for 195 days. Find the face value of the note so that Ms. Harms will have the required $18.000. Use banker's interest of 360 daysarrow_forwardIndicate whether the follow statement is true or false: It will be acceptable for Triple D to just make use of a Debtors Control account for record keeping on all their customer's credit. Scenario Damen Dayal, Charles Dlamini, and Darren Denbury are three young entrepreneurs. While at school, at the age of 17, they turned their love for surfing into a business by manufacturing customisable surfboards. Customers (Debtors) can choose the dimensions to suit their height and body weight, and can submit images and quotes to be used in the graphic design. They named their business Triple D. Triple D started as a little shoestring operation in Damen's grandparent's garage. Initially sales were slow, however after displaying a few posters throughout the neighbourhood and asking family and friends to 'spread the word', the number of orders began to increase. Now that they have matriculated, they wish to find ways to grow the business. Charles proposed that they take their business to the next…arrow_forwardYou have two credit cards with the following balances: Card A Credit limit: $20,000 Current Balance: $2,000 Card B Credit limit $25,000 Current Balance $ 14,000 Assuming that both cards have been held by you for the same amount of time and you make regular payments on time. Which card is harming your credit more than the other one? Show your work and explain.arrow_forward
- Your friend is trying to establish good credit. Your friend is thinking about taking out a $15,000 auto loan to establish some credit on his credit report. Do you think this is a good idea for your friend to do this? Do you have an alternate suggestion? Why?arrow_forwardUse the example attached to help fill out Zoe's checking account register. Use the information below to log Zoe’s payments and deposits in her checking account register. Saturday, 9/29 Zoe and her friends go to the movies on Saturday night. The price of admission is $12, and she also buys popcorn and a soda for $6.50. She uses her debit card twice at the theatre to pay for her entertainment purchases. Date Check no. Provide Description of transaction Payment/debit (-) Credit (+) Balancearrow_forward4 Ken is a customer at Orange Grove Bank and frequently banks online. One day he receives an email with his banks logo on the top. The email states: You have been preapproved for a premium credit card, with an introductory rate of zero percent APR. The email then asks Ken to click on a link provided in the email to activate his card. Ken clicks on the link and is directed to a website where he is asked to provide personal financial information and his Social Security number. What law, or rule, applies to this situation?arrow_forward
- You have been appointed as a loans officer for the local state bank. One day a person walks intothe bank looking for loan to buy a new car. List items about that individual that you should findout before making a decision whether or not to approve the loan.arrow_forwardPROBLEM RECOGNITION TASK Determine the maximum deposit insurance coverage by PDIC in the following items. 3. Jessa Manucdoc has the following deposit accounts in a closed bank: Jessa Manucdoc’s modeling business (sole proprietorship) P300,000 Jessa Manucdoc P400,000 Jessa Manucdoc and Elmira Gersaniva P900,000 Jessa Manucdoc and Francia Cabezudo P500,000 What is the maximum deposit insurance coverage as far as Jessa is concerned?arrow_forwardPlease answer both parts, a. The qualities you look for in a friend are the same qualities a lending institution hopes to find in you. Do you agree or disagree with this statement? Explain. b. Suppose you are a loans officer in a bank. List three questions you would want to ask a customer who has come in to borrow $15 000 to buy a new boat?arrow_forward
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