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Fill in the missing line item labels and dollar amounts in accounts.
Triton Corporation is trying to better manage its bank relationship. It requested and recently received via facsimile an account analysis statement for June. As happens with faxes, several of the line items are illegible, and the treasurer cannot get in touch with the bank liaison. Could you help complete the schedule? Assuming that the statement is done according to the AFP standard format (refer back to Exhibit 8-14), the earnings credit rate is 1.15 percent, the reserve requirement is 10 percent, and Triton does not have any loan-related compensating balances. (Ignore the difference between negative and positive collected balances.)
a. Fill in the missing line item labels and dollar amounts (each item shaded below). b. Does Triton owe the bank the amount you have calculated for the 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
Average Investable Balance
Balance Required
$1,100,000
Reserve Adjustment Collected
0
Net Collected Balance Position
Total Charge for Services
$1,040
Net Service Credit/(Debit)
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