In June 2018, individuals and businesses held: bullet $50 billion in currency and no traveler's checks bullet $1,000 billion in checkable deposits bullet $5,000 billion in savings deposits bullet $500 billion in time deposits bullet $250 billion in money market funds and other In June 2018, banks held: bullet $450 billion in currency bullet $100 billion in reserves at the central bank bullet $800 billion in loans to households and businesses. Using the information mentioned above, answer the following questions. Calculate the M1 and M2 measures of money. Calculate the monetary based. What are the currency drain ratio and the banks’ reserve ratio? What are the M1 and M2 money multipliers? How is the money multiplier influenced by the banks’ reserve ration?

Insurance companies have internal controls in place to protect assets, monitor the accuracy of accounting records and encourage operational efficiencies and adherence to policies. these internal controls are generally of two types: administrative controls and accounting controls. administrative controls are the policies and procedures that guide the daily actions of employees. accounting controls are the policies and procedures that delineate authorizations of financial transactions that are done, safeguard assets, and provide reports on the company’s financial status in a reliable and timely manner. internal controls should include both preventative and detective controls. the purpose of preventative controls is to stop problems and errors before they occur. detective controls identify problems after they have occurred. preventative controls are usually more effective at reducing problems, but they also tend to be more expensive. internal controls must be flexible to adjust for changes in laws and regulations in addition to adding new products or modifying current ones. companies must also do regular analyses to ensure that the benefits of implementing the controls are worth their costs. when concerned about paying unwarranted insurance claims which type of control would be useful?

Harwood company uses a job-order costing system that applies overhead cost to jobs on the basis of machine-hours. the company's predetermined overhead rate of $2.50 per machine-hour was based on a cost formula that estimates $240,000 of total manufacturing overhead for an estimated activity level of 96,000 machine-hours. required: 1. assume that during the year the company works only 91,000 machine-hours and incurs the following costs in the manufacturing overhead and work in process accounts: compute the amount of overhead cost that would be applied to work in process for the year and make the entry in your t-accounts. 2a. compute the amount of underapplied or overapplied overhead for the year and show the balance in your manufacturing overhead t-account. 2b. prepare a journal entry to close the company's underapplied or overapplied overhead to cost of goods sold.

According to herman, one of the differences of managing a nonprofit versus a for-profit corporation is