The Federal Reserve transfers profits from its twelve regional banks to

investment and commercial banks.

central banks in Europe and Asia.

the Department of Commerce.

the Department of the Treasury.

Erik deposited $300 in a savings account with simple interest. Two years later, he had earned $72 in interest. What was the interest rate?

If your income varies, you should a. list the highest amount b. list the averedge amount c. list the lowest amount d. none of the above

Vargo Company has bonds payable outstanding in the amount of $500,000, and the Premium on Bonds Payable account has a balance of $7,500. Each $1,000 bond is convertible into 20 shares of preferred stock of par value of $50 per share.

Gaw Company owns 15% of the common stock of Trace Corporation and used the fair-value method to account for this investment. Trace reported net income of $110,000 for 2013 and paid dividends of $60,000 on October 1, 2013.

Kingbird Corporation owns a warehouse. On November 1, it rented storage space to a lessee (tenant) for 3 months for a total cash payment of $2,790 received in advance.

Paul Swanson has an opportunity to acquire a franchise from The Yogurt Place, Inc., to dispense frozen yogurt products under The Yogurt Place name. Mr. Swanson has assembled the following information relating to the franchise:a.

You spend $5 on materials to make a scarf. You think you have added $10 of value, so you set the price to $15. Nobody buys the scarf at that price, so you lower the price to $12, and someone buys it.

Katie needed to take out three loans. a) First, she paid $596.24 in interest on a nine-month loan for which the rate was 11%. How much money did she borrow? b) A year later, Katie borrowed $10,000 for three months.

During the year, total liabilities increased $105,000 and stockholders' equity decreased $83,000. What is the amount of total assets at the end of the year?

What is cosideration