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) |
_________ |