A chemical manufacturer wants to lease a fleet of 27 railroad tank cars with a combined carrying capacity of 588,000 gallons. Tank cars with three different carrying capacities are​ available: 7,000 gallons, 14,000 gallons, and 28,000 gallons. How many of each type of tank car should be​ leased?

 A chemical manufacturer wants to lease a fleet of 27 railroad tank cars with a combined carrying capacity of 588,000 gallons. Tank cars with three different carrying capacities are​ available: 7,000 gallons, 14,000 gallons, and 28,000 gallons. How many of each type of tank car should be​ leased?

 

 

 

 

 

On January 1, 2017, Brooke Hanson Corporation had inventory of $50,000. At December 31, 2017, Brooke Hanson had the following account balances.

 On January 1, 2017, Brooke Hanson Corporation had inventory of $50,000. At December 31, 2017, Brooke Hanson had the following account balances.

Freight-in                 $ 4,000
Purchases                 509,000
Purchase discounts             6,000
Purchase returns and allowances     2,000
Sales revenue                 840,000
Sales discounts             5,000
Sales returns and allowances         10,000

At December 31, 2017, Brooke Hanson determines that its ending inventory is $60,000.

Instructions:
(a) Compute Brooke Hanson’s 2017 gross profit.

(b) Compute Brooke Hanson’s 2017 operating expenses if net income is $130,000 and there are no non-operating activities.

At the close of business on Wednesday, Gene Wandling was reviewing whether Hawkeye National Bank was successful in meeting its legal reserve requirements at the Federal Reserve

At the close of business on Wednesday, Gene Wandling was reviewing whether Hawkeye National Bank was successful in meeting its legal reserve requirements at the Federal Reserve over the past two week maintenance period.  During the maintenance period the bank held $232 million in reserve deposits with the Fed.  The bank had a daily average reserve deficiency during the previous maintenance period of $7.8 million, which was within the allowable four percent limit.

Hawkeye National Bank’s daily average transactions accounts for the base computation periods along with other selected information are listed below:

        Daily Average (millions of dollars):
            Transactions accounts                3,257.9
            Balances due from U.S. depositories           365.5
            C.I.P.C.                           181.5
            Vault Cash                             31

a.  Calculate the bank’s Gross Reserve Requirement (using 1/16/2020 Fed     
    requirements).

    Net Transactions Accts.  =  3,257.9 – 365.5 – 181.5  =  2,710.9



        











b.  Calculate the bank’s Net Reserve Requirement.

        Net Reserve Req.  =  257.654  -  31  =  226.654






c.  Did Hawkeye National Bank meet its required reserve target?  Explain.


    No:        Needed    226.654  +  7.8  =  234.454
            Actual Balance                 232.0


            Deficient by 2.454





d.  If the bank had carried forward a reserve surplus of $2.1 million (instead of the deficiency, would the bank have met its target?  Explain.


    Yes        Needed    226.654  -  2.1  =  224.554
            Actual Balance                232.0

        
            Surplus of 7.446