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Triton Corporation is trying to better manage its bank relationship. It requested and currently received via facsimile account analysis statement for June. As happens with faxes, many of line items are illegible, and the treasurer can't get in touch with bank liaison. Could you help complete schedule? Suppose that statement is done according to AFP standard format (refer back to Exhibit 8-14), earnings credit rate is 1.15 percent,  reserve requirement is 10 percent, and Triton doesn't have any loan-related compensating balances. (Ignore difference between negative and positive collected balances.)

a. Fill in missing line item labels and dollar amounts.

b. Does Triton owe bank amount you have computed for net service credit/(debit), or can it carry this amount forward to offset future shortfalls?

Average Ledger Balance  $1,130,000
Less: ______________ _________
Average Collected Balance  $890,000
Less: ______________ _________
Average Investable Balance   
Less: ______________  
Balance Required  $1,100,000
Less: ______________  
Reserve Adjustment Collected  0
Net Collected Balance Position   
Total Charge for Services  $1,040
Net Service Credit/(Debit) _________

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M921952

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