An important function of the U.S. Federal Reserve is to a. set the debt ceiling. b. control the supply of money. c. mint coins. d. fund Congressional spending.

Answers

Answer 1

Answer:

b. control the supply of money.

Explanation:

The Federal Reserve System ( popularly referred to as the 'Fed') was created by the Federal Reserve Act, passed by Congress in 1913, and began operations in 1914. It is just like all central banks, the Federal Reserve is a United States government agency. The following are the responsibilities of the Fed Reserves System;

- It has the power to supervise and regulate banks.

- They promote public goals such as economic growth, low inflation, and the smooth operation of financial markets (monetary policies).

- The Federal Reserve is the "lender of last resort."

Hence, an important function of the U.S. Federal Reserve is to control the supply of money. The monetary liabilities of the Federal Reserve include currency in circulation and reserves. The currency in circulation includes all of the US paper currency (dollar bill) that are available in the country while reserves refers to the minimum deposits being held for the U.S Treasury and depository financial institutions by the Fed.

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Which of the following meetings would be subject to the open-meeting provisions of the federal Sunshine laws? a. a meeting of the staff attorneys of the SEC enforcement division b. a meeting of the nine justices of the U.S. Supreme Court c. a meeting of the division heads of the Federal Trade Commission d. a meeting of three of the five commissioners of the Federal Aviation Administration

Answers

Answer:

The correct answer is D. a meeting of three of the five commissioners of the Federal Aviation Administration.

Explanation:

Sunshine laws are regulations that require openness in government or business. Sunshine laws make public meetings, records, voting, deliberations and other official actions available for observation, participation and / or inspection. Sunshine laws also require that government meetings be held well in advance and at times and locations that are convenient and accessible to the public, with exceptions for emergency meetings.

In some cases, an event or document that would normally be accessible through the laws of sunlight is closed to public access (as a legally protected matter currently under investigation), but the laws of sunlight are supposed to minimize these exceptions. . Sunshine's laws also differentiate entities that are subject to laws from those that are not. For example, any entity with authority to create binding laws would be subject to the law, but an advisory committee that lacks such authority may not be subject to the laws of sunlight, even if it deals with matters related to government.

Answer:

d. a meeting of three of the five commissioners of the Federal Aviation Administration.

Explanation:

Federal Sunshine law was passed in the U.S in the year 1976. It's sole purpose was to ensure that there is transparency in the federal government. This law applies to a country, state, political subdivisions and it makes meetings, voting, records and other official actions available to the public to observe, participate and inspect.

The meeting that would be subject to the open-meeting provisions of the federal sunshine laws would be a meeting of three of the five commissioners of the Federal Aviation Administration.

Macinski Leasing Company Leases a new machine to Sharrer Corporation. The machine has a cost of $70,000 and fair value of $95,000. Under the 3 year, non-cancelable contract, Sharrer will receive title to the machine at the end of the lease. The machine has a 3 year useful life and no residual value. The lease was signed on January 1, 2017. Macinski expects to earn an 8% return on its investment, and this implicit rate is known by Sharrer. The annual rentals are payable on each December 31, beginning December 31, 2017.a) Discuss the nature of the lease agreement and the accounting method that each party to the lease should applyb) Prepare amortization schedule suitable for both the lessor and lesseec) Prepare the journal entry at commencement of the lease for Macinskid) Prepare the journal entry at commencement of the lease for Sharrere) Prepare the journal entry at commencement of the lease for Sharrer, assuming (1) Sharrer does not know Macinski's implicit rate (Sharrer's incremental borrowing rate is 9%), and (2) Sharrer incurs initial direct costs of $10,000.

Answers

Answer:

Explanation:

amortization schedule:

Date Lease PMT Interest Principal Lease Balance

01.01.17 95,000

12.31.17 37,534.57 8550 28,984.57 66,015.43

12.31.18 37,534.57 5,941.39 31,593.18 34,422.25

12.31.19 37,534.57 3,112.33 34,422.25 0

Present value interest factor of annuity for 9% and 3 years = 2.531

Annual payment will be = 95,000/2.531 = $37,534.57

Interest for the 1st year will be = 95,000*0.09 = $8550

Dr Fixed Asset 95,000

Cr Lease Paybale 95,000

31/12/17

Dr Lease Payable 28,984.57

Dr Interest 8550

Cr Cash 37,534.57

31/12/18

Dr Lease Payable 31,593.18

Dr Interest 5,941.39

Cr Cash 37,534.57

31/12/19

Dr Lease Payable 34,422.25

Dr Interest 3,112.33

Cr Cash 37,534.57

Final answer:

The journal entry at commencement of the lease for Macinski includes debit: Lease Receivable $234,618.36, debit: Machine Cost $70,000.00, and credit: Lease Revenue $304,618.36. The journal entry at commencement of the lease for Sharrer includes debit: Machine $304,618.36, credit: Lease Payable $234,618.36, and credit: Cash $70,000.00.

Explanation:

a) The lease agreement between Macinski Leasing Company and Sharrer Corporation is a finance lease because it transfers ownership of the machine to Sharrer at the end of the lease term. Both parties should apply the accounting method for finance leases.

b) To prepare the amortization schedule, we need to calculate the annual lease payment, which is the present value of the future lease payments. We can use the formula PV = PMT x [(1 - (1 + r)^-n) / r], where PV is the present value, PMT is the annual payment, r is the interest rate, and n is the number of periods. Using the given information, we can calculate the annual payment and then prepare the amortization schedule.

c) The journal entry at commencement of the lease for Macinski is:

Debit: Lease Receivable $234,618.36
Debit: Machine Cost $70,000.00
Credit: Lease Revenue $304,618.36

d) The journal entry at commencement of the lease for Sharrer is:

Debit: Machine $304,618.36
Credit: Lease Payable $234,618.36
Credit: Cash $70,000.00

e) The journal entry at commencement of the lease for Sharrer, assuming (1) Sharrer does not know Macinski's implicit rate and (2) Sharrer incurs initial direct costs of $10,000, is:

Debit: Machine $304,618.36
Debit: Lease Liability (including initial direct costs) $244,618.36
Debit: Lease Liability (excluding initial direct costs) $234,618.36
Credit: Cash $70,000.00

Learn more about Lease Accounting here:

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Tell me tree critical risk that organization are likely to face in determination of requirement

Answers

i do not what your talking about

Debt contracts:A) are agreements by the borrowers to pay the lenders fixed dollar amounts at periodic intervals.B) have a higher cost of state verification than equity contracts.C) are used less frequently to raise capital than are equity contracts.D) never result in a loss for the lender.

Answers

Answer:

A) are agreements by the borrowers to pay the lenders fixed dollar amounts at periodic intervals.

Explanation:

Debt contracts are formed when a borrower agrees to repay a lender. Convenants are usually used to settle disputes between the borrower and the lender. Convenants limits the the extent to which debtors take risks, dividend payouts, claim dilution, and other activities that can cause the lender to lose money.

Debt contracts are obtained by businesses to finance short term operations activities or long term expansion plans.

Answer: A) are agreements by the borrowers to pay the lenders fixed dollar amounts at periodic intervals.

Explanation: A debt contract is an agreement in which a borrower agrees to repay funds borrowed to a lender. Usually classes into a short-term and long-term debt contracts, they are used in raising money for working capital or capital expenditures and in return for lending the money, the individuals or institutions become creditors and receive a promise that the capital and interest on the debt will be repaid (usually in fixed amounts over a period of time) in accordance with the terms of the contract. Debt contracts include detailed provisions on collateral involved, interest rate, the schedule for interest payments, and the timeframe to maturity if applicable.

Kevin invests $800 in an account that earns 5% simple interest. Jeremy invests $600 in an account earning 6%interest compounded annually. Who will have earned more interest after 3 years? How much more?
A. Kevin will have earned $5.39 more than Jeremy after 3 years.
B. Jeremy will have earned $5.39 more than Kevin after 3 years.
C. Kevin will have earned $18.10 more than Jeremy after 3 years.
D. Jeremy will have earned $18.10 more than Kevin after 3 years.

Answers

Answer:

Explanation:

Mixed Costs and Cost Formula Ben Palman owns an art gallery. He accepts paintings and sculpture on consignment and then receives 20% of the price of each piece as his fee. Space is limited, and there are costs involved, so Ben is careful about accepting artists. When he does accept one, he arranges for an opening show (usually for 3 hours on a weekend night) and sends out invitations to his customer list. At the opening, he serves wine, soft drinks, and appetizers to create a comfortable environment for prospective customers to view the new works and to chat with the artist. On average, each opening costs $600. Ben has given as many as 20 opening shows in a year. The total cost of running the gallery, including rent, furniture and fixtures, utilities, and a part-time assistant, amounts to $120,000 per year.Required:1. Assume that the cost driver is number of opening shows. Develop the cost formula for the gallery's costs for a year.
2. Using the cost formula developed above, what is the total cost for Ben in a year with 12 opening shows?
$
Using the cost formula developed above, what is the total cost for Ben in a year with 14 opening shows?
$

Answers

Answer:

$136,200 is the total costs for 14 opening shows

Explanation:

See attached file

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