The statement "developing the external relations" is correct.
The following information related to the responsibility of the Finance department is:
Receiving the funds that are needed.Managing the fund of the company that is used.Developing the financial plan of the organization.Therefore we can conclude that The statement "developing the external relations" is correct.
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Light Co. had the following bank reconciliation at March 31: Balance per bank statement, 3/31 $23,250 Add: Deposit in transit 5,150 28,400 Less: Outstanding checks 6,300 Balance per books, 3/31 $22,100 Additional information from Light's bank statement for the month of April is as follows: Deposits $29,200 Disbursements 24,800 All reconciling items at March 31 cleared through the bank in April. Outstanding checks at April 30 totaled $3,200. What is the amount of cash disbursements per books in April
Answer:
$21,700
Explanation:
Calculation to determine the amount of cash disbursements per books in April
CASH DISBURSEMENTS PER BOOKS
April disbursements per bank statement$24,800
Less March checks cleared in April statement($6,300)
Checks outstanding end of April $3,200
Total cash disbursements in April $21,700
Therefore the amount of cash disbursements per books in April is $21,700
A tile manufacturer has supplied the following data: Boxes of tiles produced and sold 520,000 Sales revenue $ 2,132,000 Variable manufacturing expense $ 650,000 Fixed manufacturing expense $ 464,000 Variable selling and administrative expense $ 260,000 Fixed selling and administrative expense $ 312,000 Net operating income $ 446,000 What is the company's unit contribution margin
Answer:
unitary contribution margin= $2.52
Explanation:
First, we need to calculate the total variable cost:
Total variable cost= Variable manufacturing expense + Variable selling and administrative expense
Total variable cost= 560,000 + 260,000
Total variable cost= $820,000
Now, the unitary variable cost and the selling price:
unitary variable cost= 820,000 / 520,000= $1.58
Selling price= 2,132,000 / 520,000= $4.1
Finally, the unitary contribution margin:
unitary contribution margin= selling price - unitary variable cost
unitary contribution margin= 4.1 - 1.58
unitary contribution margin= $2.52
At higher prices, what happens to the opportunity cost?
A. There's no way to tell
B. It gets larger
C. There's no difference
D. It gets smaller
The unemployment rate may underestimate the true extent of unemployment if: Question 26 options: many part-time employees would like to work fulltime, but are unable to get the additional work. employees increase the number of hours they work overtime. there are a large number of people working in the underground economy. people are pretending to look for work so that they can continue receiving unemployment benefits.
Answer:
there are a large number of people working in the underground economy.
Explanation:
The unemployment rate is the rate of people in the labour force that is without a job but they are actively looking for employment
Types of unemployment
structural unemployment is an unemployment that occurs as a result of changes in the economy. These changes can be as a result of changes in technology, polices or competition. Structural unemployment tends to be permanent.
Frictional unemployment: the period of time a person is unemployed from the period he leaves his current job and the time he gets another job. Eg. when a real estate agent who leaves a job in Texas and searches for a similar, higher-paying job in California.
Voluntary unemployment: e.g. worker at a fast-food restaurant who quits work and attends college.
Cyclical unemployment: it occurs as a result of fluctuations in the economy. Unemployment would be high in a downturn and low in a boom
If a large number of people are working underground, they would not be counted as part of the labour force and so the labour force would be smaller. This understates unemployment rate
which one of the following is not a financial intermediary?
A) Security dealers
B) Insurance companies
C) Real estate investment trusts
D) Pension funds
A. Security Dealers are not a financial intermediary.
Suppose that Ms. Thomson is currently exhausting her money income by purchasing 10 units of A and 8 units of B at prices of $2 and $4 respectively. The marginal utility of the last units of A and B are 16 and 24 respectively. These data suggest that Ms. Thomson: Group of answer choices considers A and B to be complementary goods. has preferences that are at odds with the principle of diminishing marginal utility. should buy less B and more A. should buy less A and more B.
Answer: should buy less B and more A.
Explanation:
Price of good A, PA = $2
Price of good B, PB = $4
The marginal utility on the last unit of A, MUA is given as 16
The marginal utility on the last unit of B, MUB is given as 24
Then, the marginal utility on the last dollar spent on A will be:
= MUA/PA
= 16/2
= 8
The marginal utility on the last dollar spent on B will be:
= MUB/PB
= 24/4
= 6
Based in the above calculation, Thomson should buy less B and more A as the marginal utility on the last dollar that is spent on A is more than that of B.
During 2020 Carne Corporation transferred inventory to Nolan Corporation and agreed to repurchase the merchandise early in 2021. Nolan then used the inventory as collateral to borrow from Norwalk Bank, remitting the proceeds to Carne. In 2021 when Carne repurchased the inventory, Nolan used the proceeds to repay its bank loan. This transaction is known as a(n) assignment for the benefit of creditors. product financing arrangement. installment sale. consignment.
Answer: product financing arrangement
Explanation:
A product financing arrangement is referred to as a transaction whereby a company sells an inventory and then agrees to repurchase it.
The purpose of the product financing arrangement is to allow the seller to be able to arrange the financing of its original purchase of the inventory. Therefore, the above situation between Carne Corporation and Nolan Corporation depicts a product financing arrangement.
Cat Chaser. Annette, who is angry because her neighbor, William, allows his dog to chase her cat, decides that she wants to get even. She moves a number of farm animals into her backyard and begins playing music at all hours of the night. She also steals a nice lawn chair off William's deck. She Antends to keep the chalt. Annette further took a rake off William's deck that she plans to return after she finishes raking her leaves. William did not give her permission to take the rake. Willam is unhappy about the whole situation and wants to sue. What claim would William have against Annette for taking the lawn chair?
A. Negligence
B. Conversion
C. Harassment
D. Trespass to personal property
E. Private nuisance
D. trespass to personal property
Why is customer service important? Check all that apply.
Customers expect it.
It lessens the likelihood of competition from other organizations.
It affects customer perception of the organization.
It affects the employees.
Answer:
Customers expect it.
It affects customer perception of the organization.
Explanation:
Customer relationship management (CRM) typically involves the process of combining strategies, techniques, practices and technology so as to effectively and efficiently manage their customer data in order to improve and enhance customer satisfaction.
Simply stated, CRM is a strategic process which typically involves collecting customer information for the purpose of improving a customer's future experience.
A good customer service involves providing a timely, upbeat, and quality level of service, as well as attentive feedbacks to the customers that patronizes an organization. Thus, it ensures that the needs or wants of the customers are attended to in a matter that reflects positively on an organization.
Generally, customer service is important because of the following reasons;
I. Customers expect it: all customers are expectant of a timely and quality level of service being offered to them by a seller or employee.
II. It affects customer perception of the organization: a good customer service has a direct relationship with the way in which a customer views an organization and vice-versa.
Violette is the CEO of Lafarge Advertising, based in Paris. Many distinctions exist between the different classes of people in her society. Most of the top managers in her organization, for example, come from the upper classes. This implies that French society has a high degree of
Answer:
social stratification
Explanation:
Social stratification is the way by which communities classify their citizens into socioeconomic tiers. These classifications are as a result of race, education, power, wealth, and education.
People that are at the top of the strata have more resources at their disposal and are fewer in number.
Those with less resources are at the bottom and are many.
In the give scenario many distinctions exist between the different classes of people in the society, and most of the top managers in her organization come from the upper classes.
This is an example of social stratification
Explain the tradeoffs involved in setting an ideal level of inventory for a particular product. What are the costs if too much is maintained? What are the costs if too little is maintained?
Answer:
An ideal inventory is difficult to have.
Explanation:
Inventory is the number of goods and services stored and is accompanied asset and thus management of that asset is a very important aspect of the business. If too much inventory is maintained the inventory can lead to liability. If too little inventory is maintained then it leads to shortages of raw material and work in progress.On a statement of cash flows for a manufacturer of digital thermometers, the cash flows from operating activities would include
Answer:
Increase in manufacturers inventory .
Explanation:
As we know that if there is any change in the current assets and current liabilities so the same should be shown in the operating activities section of the cash flow statement
So if there is manufacture of digital thermometers so that means there is an increase in manufacture of inventory and the same should be represented in the operating activities section
Congress passed the Sarbanes-Oxley Act to ensure that investors invest only in companies that will be profitable. select an option False 2. The standards of conduct by which actions are judged as loyal or disloyal are ethics. select an option True 3. The primary accounting standard-setting body in the United States is the Securities and Exchange Commission (SEC). select an option True 4. The historical cost principle dictates that companies record assets at their cost and continue to report them at their cost over the time the assets are held. select an option True 5. The monetary unit assumption requires that companies record only transactions that can be measured in money.
Answer:
1. False
2. False
3. False
4. True
5. True
Explanation:
1. False: Congress passed the Sarbanes-Oxley Act to ensure that investors invest only in companies that will be profitable.
Sarbanes-Oxley Act of 2002 is a legal framework which was passed by the 107th U.S Congress on the 30th of July, 2002. The law required that investment banking be completely made rid of research analysts who works at a broker-dealer firms, so that the analysts are not influenced to write favorable reports to enhance their potential investment banking businesses.
Hence, it is a federal law that imposes a stiffer penalty for any securities related law break offence by the accountants, auditors etc by mandating strict reforms to the existing securities regulations.
2. False: The standards of conduct by which actions are judged as loyal or disloyal are ethics.
Ethics can be defined as a standard of conduct that judges a person's action as either right or wrong.
Hence, it's a set of both written and unwritten principles, values or rules of moral conduct that guides (governs) human behaviors. Ethics is a reflection that is typically based on identifying what is good or bad, right or wrong and just or unjust with respect to human behaviors.
3. False: The primary accounting standard-setting body in the United States is the Securities and Exchange Commission (SEC).
In the United States of America, the financial accounting standards board (FASB) is the primary accounting standard-setting body.
The financial accounting standards board (FASB) is a private, non-profit organization saddled with the responsibility of establishing and maintaining financial accounting and reporting standards for general guidance of individuals or capital providers such as investors, issuers and auditors.
4. True: The historical cost principle dictates that companies record assets at their cost and continue to report them at their cost over the time the assets are held.
5. True: The monetary unit assumption requires that companies record only transactions that can be measured in money.
The government passes a law that allows a substantial subsidy for every acre of land used to grow tobacco. How does this program affect the long-run supply curve for tobacco? The long-run supply curve for tobacco will A. shift to the right because the price of tobacco will increase. B. shift down because . C. shift because tobacco production will become profitable. D. not change because the minimum long-run average cost of production will not change. E. become instead of horizontal because the costs of inputs will change.
Answer: C. shift right/ out because tobacco production will become profitable.
Explanation:
Subsidies reduce the cost of using something because the government would sponsor it. The cost of farming tobacco will therefore reduce in this instance. Tobacco companies will therefore incur less cost to acquire tobacco and so will start making more profit.
This will encourage other firms to come into the tobacco market as time goes on. As more firms enter, there will be a larger supply of tobacco. The supply curve will then shift right to depict this.
"If a loan of P dollars, at an interest rate of r percent per year compounded monthly, is payable in n monthly installments of m dollars each, then m is determined by the formula \small m=\frac{\frac{rP}{1,200}}{1-\left (1+\frac{r}{1,200}\right)^{-n}}. John and Sue took out loans whose monthly installments were determined using the formula above. Both loans had the same interest rate and the same number of monthly installments. John's monthly installment was what percent of Sue's monthly installment? (1) The amount of Sue's loan was 4 times the amount of John's loan. (2) Sue's monthly installment was 4 times John's monthly installment. "
Answer:
John's monthly installment was 25% of Sue's monthly installment.
Explanation:
The problem gives us the following data:
Sue's monthly installment was 4 times John's monthly installment.
if we wrote this as an equation we would get that:
[tex]m_{S}=4m_{J}[/tex]
where:
[tex]m_{S}[/tex]= Sue's monthly installment
[tex]m_{J}[/tex]= John's monthly installment
in order to find what percent of Johns monthly installment represented regarding Sue's monthly installment, we would need to find the following ratio.
[tex]percent=\frac{m_{J}}{m_{S}}*100\percent[/tex]
Therefore:
[tex]percent=\frac{m_{J}}{4m_{J}}*100\percent[/tex]
or:
percent=25%
If you wanted to use the given formula, you could also do that. Notice that the formula tells us that the monthly installments are proportional to the loan in dollars, so we get the following:
[tex]m=\frac{\frac{rP}{1,200}}{(1-(1+\frac{r}{1200})^{-n}}[/tex]
so we can use it to build our ration:
[tex]\frac{m_{J}}{m_{S}}*100\percent=\frac{\frac{\frac{rP_{J}}{1,200}}{(1-(1+\frac{r}{1200})^{-n}}}{\frac{\frac{rP_{S}}{1,200}}{(1-(1+\frac{r}{1200})^{-n}}}*100\percent[/tex]
Since most of the data remains constant and the monthly installments are proportional to the original amount of the loan, that ratio can be simplified to:
[tex]\frac{m_{J}}{m_{S}}*100\percent=\frac{P_{J}}{P_{S}}*100\percent [/tex]
So, the problem tells us that the amount of Sue's loan was 4 times the amount of John's loan, so:
[tex]P_{S}=4P_{J}[/tex]
so:
[tex]percent=\frac{P_{J}}{4P_{J}}*100\percent [/tex]
or:
percent=25%
A doctor and a lawyer owned adjoining parcels of land. Ten years ago, the doctor installed a swimming pool on her land. The doctor obtained the lawyer's oral consent to run plumbing from the pool across part of the lawyer's land. Last year, the lawyer sold his land to a buyer. The buyer wants to plant a garden on the land under which the doctor's plumbing runs, and wants to eject the doctor and quiet title. The statute of limitations for ejectment is seven years. With respect to the land under which the plumbing was laid what, if anything, has the doctor acquired
Answer: The doctor has acquired neither title by adverse possession nor a prescriptive easement.
Explanation:
It should be noted that in this scenario, the doctor has not acquired title by adverse possession nor the prescriptive easement in the land.
For the doctor to eb able to establish the title by adverse possession, it should be noted that the possession will have to be actual and exclusive, adverse, open and notorious, and continuous in the statutory period.
Therefore, following the information in the question, the doctor has acquired neither title by adverse possession nor a prescriptive easement.
A print cartridge company sent a letter to a business office offering to supply a free premium printer if the business office would agree to purchase all the print cartridges the office would need from the print cartridge company. This letter arrived in the hands of the business owner on the same day the office printer failed. The business office had experienced a slow month and the business owner was trying to decide whether to pay the office rent for the month or fix the printer. Based on the offer, the owner paid the rent. A week after she put the rent check in the mail, the owner received a second letter from the print cartridge company indicating that the printer program was being canceled due to a lack of printers. The next day, before she read the second letter, the owner mailed her acceptance letter to the print cartridge company. The print cartridge company refused to supply the business owner with a printer. If the business owner brings a breach of contract action against the print cartridge company, how should the court rule
Answer:
B. For the print cartridge company, because its revocation latter was received by the business owner before she dispatched the acceptance letter.
Explanation:
The print cartridge company had issue a business offer to customers for a free premium printers if they buy cartridges from them. The print cartridge company should have communicated that this is limited time offer or offer is valid till stock lasts. The company can still have option to revoke its offer but it should communicate to all its customers whom they have sent this offer. The business owner has received mail before she had provided the acceptance.
Do you think the directors of tgh word right to target a niche market or should they just sell sports shoes to a market? Justify your answer
Kevin, the General Manager at KlockWorks Inc., wants to assess the true worth of his company. Kevin wants to know the amount of profits accrued by the company, its strengths and weaknesses, and how far ahead is the company compared to its rivals. In order to conduct the research, he does an online search, studies the annual reports, the audits, and pays a visit to a local library. Which of the following types of data gathering techniques for company diamond analysis is being illustrated in the scenario?
A. Observation
B. Interviews
C. Archival data
D. Focus groups
Answer: C. Archival data
Explanation:
Archival data is a lot like secondary data in that it has already been compiled and researched and is now being used by a third party to the research that brought about the archival data in the first place.
The third party in this scenario is Kevin. The information he finds doing the online searches, the annual report searches, the audits and the libraries had already been found for another purpose and then were archived. Kevin then accesses this information and in so doing is using archival data.
Zoe, the owner of Zoe's Bakery, determines that, at her optimal level of production in the short run, P < ATC and P > AVC. In the short run, Zoe should: Group of answer choices raise the price until she has maximized her profits. continue to operate, as she is making an economic profit. continue to operate, even though she is taking an economic loss. shut down immediately, as she is taking an economic loss.
Answer: continue to operate even though she is taking an economic loss.
Explanation:
Since at Zoe's optimal level of production in the short run, the price is more than the average total cost and P > AVC, then she should continue to operate even though she is taking an economic loss.
This is because even though she's making loss as the price is less than the average total cost, since the price is greater than the average variable cost, then she should continue in operation. Assuming P < AVC, then the company should shutdown in this case as only th fixed cost is incurred.
The journal entry to record the use of direct materials in process costing is to: Multiple choice question. debit Raw Materials Inventory and credit Work in Process Inventory. debit Work in Process Inventory and credit Raw Materials Inventory. debit Raw Materials Inventory and credit Factory Overhead. debit Factory Overhead and credit Raw Materials Inventory.
Answer:
debit Work in Process Inventory and credit Raw Materials Inventory
Explanation:
Inventory is an asset and a debit to an asset is an increase in that asset while a credit to an asset is a decrease in the value of the asset.
Direct material is an example of a raw material and as such when used in processing, the account balance reduces while work in progress which is the next product in the processing of raw materials increases.
Hence going by the principles stated earlier, the journal entry to record the use of direct materials in process costing is to debit Work in Process Inventory and credit Raw Materials Inventory.
Oliver's Company (OC) produces batches of chicken and beef organic dog food. Each time OC switches production from chicken to beef it incurs set-up costs. It takes 180 set-ups to create the chicken dog food and 180 set-ups to create the beef dog food. Using activity based costing, there is an allocation rate of $20 per set-up. Based on activity based costing, what amount of set-up costs should be allocated to the chicken dog food
Answer:
$3,600
Explanation:
Calculation to determine what amount of set-up costs should be allocated to the chicken dog food
Using this formula
Set-up costs = Cost per each set up * Totals ups
Let plug in the formula
Set-up costs=$20 * 180
Set-up costs=$3,600
Therefore the amount of set-up costs that should be allocated to the chicken dog food is $3,600
What it means monthly you don't have to pay per week?
Answer:
You have to pay once a month
Explanation:
It depends what they're asking. Either you might have to pay at the beginning of the month, or at the end of the month. If you don't pay in time, you have to pay an extra fee.
On January 1, 2013, Warfield Co. purchased a $600,000 machine, with a five-year useful life and no salvage value. The machine was depreciated by an accelerated method for book and tax purposes. The machine's carrying amount was $240,000 on December 31, 2014. On January 1, 2015, Warfield changed the depreciation method prospectively to the straight-line method for financial-statement purposes. Warfield can justify the change. Warfield's income tax rate is 30%. On December 31, 2015, what amount should Warfield report as deferred income tax
Answer:
$0
Explanation:
In the case when the depreciation method is changed so it should be treated propectively. The past year depreciation amount remains the same. So the starting year of change having no difference should be produced but the beginning to the closing year of change the deferred tax liability should be recorded the difference occured in the future that lies between the book and tax depreciation
So, it should be zero
You plan on making a $235.15 monthly deposit into an account that pays 3.2% interest, compounded monthly, for 20 years. At the end of this period, you plan on withdrawing regular monthly payments. Determine the amount that you can withdraw each month for 10 years, if you plan on not having anything in the account at the end of the 10 year period and no future deposits are made to the account.
Answer:
Monthly payment = $769.27
Explanation:
First we have to determine the future value of the ordinary annuity:
Payment = $235.15
N = 20 * 12 = 240
Rate = 3.2% / 12 = 0.267%
Using a financial calculator and the FV function, the FV = $78,910.41
Again, using the financial calculator or Excel, you can determine the monthly payment:
N = 10 / 12 = 120
Rate = 0.267%
PV = $78,910.41
FV = $0
Monthly payment = $769.27
Which of the following is a correct statement regarding the standard unmodified opinion audit report? Group of answer choices The auditor's responsibility paragraph includes a statement that the auditors are responsible for selecting the appropriate accounting principles. The format of the audit report for public and nonpublic entities are identical. The audit report includes the name of the lead partner on the audit. The auditor's responsibilities paragraph includes a statement that the auditor considers internal controls when designing the audit procedures performed.
Answer:
The auditor's responsibilities paragraph includes a statement that the auditor considers internal controls when designing the audit procedures performed.
Explanation:
Standard-Unmodified Opinion Audit Report
This form of Standard is simply known as the uniform wording ofte used in audit reports while Unmodified opinion simply means that the auditor's opinion about the financial statements contains no material exceptions or qualifications. Standard Unmodified Opinion Audit Report is virtually needed by private Company.
Auditor's Responsibility
The responsibility of an auditor is to express an opinion on financial statements based on audits made. Audits conducted in accordance with auditing standards is generally accepted in the United States of America. Those standards require that auditor plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.
The conditions for Standard Unmodified Opinion Audit Report includes;
1. All financial statements inclusive
2. Sufficient appropriate evidence accumulated
3. Financial statements are presented fairly in accordance with GAAP or other framework etc.
Suppose that Sandy owns a farm in North Carolina and Pat owns a farm in lowa, and Sandy's farm is generally more productive than Pan's. If both Sandy and Pat sell their com in the same market Sandy should produce the output at the marginal cost that is
A. equal to the marginal cost of Pars production
B. greater than the marginal cost of Pat's production
C. less than the marginal cost of Pat's production
D. equal to total revenue in the market
Answer:
A. equal to the marginal cost of Pars production
Explanation:
In the case when both sandy and pat sold their come in the similar market so here sandy should generated the result at the marginal cost that should be equivalent to the pat marginal cost of production
So as per the given situation, the option a is correct
And, the rest of the solutions are considered to be wrong
Missionary salespeople are: Group of answer choices salespeople who process routine orders for products that are presold by the company sales support personnel who do not directly solicit orders but rather concentrate on performing promotional activities and introducing new products. salespeople who specialize in identifying, analyzing, and solving customer problems, but who do not actually sell products and services people on the selling team who are responsible for obtaining qualified leads. salespeople who identify prospective customers, provide customers with information, persuade customers to buy, close sales, and follow up on a customer's use of the product or service.
Answer:
Do not directly solicit orders but rather concentrate on performing promotional activities and introducing new products
Explanation:
Supporting Salespeople
This type of salesperson do regularly assist the order oriented salespeople but they do not try to get orders themselves. They aimed at enhancing the relationship with the customer and getting sales in the long run.
They consist of 3 types which are:
1. Missionary salesperson
2. Technical specialists and
3. Customer service representative
Missionary Salespeople
This is simply known as a type of supporting salespeople who are responsible for giving technical assistance to order oriented Salespeople. They simply try to develop goodwill and stimulate demand, help intermediaries train their salespeople and take orders or delivery by intermediaries. They are often called merchandisers or detailers.
The father of a young child whose life was saved by doctors at a hospital emergency room called the president of the hospital and told her that he will donate $50,000 to the hospital, payable in 90 days, in consideration of the doctors' saving his child's life. The president recognized the father's name as a wealthy philanthropist who had donated generously to other worthy causes, and accepted the offer. The president promptly informed the hospital's board of directors of the father's offer and her acceptance of the offer. The board approved the purchase of a new respirator for $50,000 and authorized the president to enter into a written contract with a medical devices company to make the purchase, which she did. Once the child recovered, the father changed his mind and refused to give the hospital the $50,000. If the hospital sues the father, what would the hospital's best theory be to recover the $50,000
Answer:
promissory estoppel
Explanation:
Common law recognizes promissory estoppel as an enforceable promise. In order for promissory estoppel to be enforceable, it must comply with the following:
The promisee (the hospital) must have believed that the promise was real. The promisor (the father) must be a person capable of carrying out the promise. The promisee must have acted assuming that the promise was true (purchased the respirator).Abe receives a check from Bea for fixing Bea's car. Bea's bank is Bank B. Abe deposits the check into his bank, Bank A. Select all the statements that correct describe the check-clearing process. Multiple select question. Bank A increases its reserves at the Federal Reserve Bank by more than the amount of the check. Bank A increases Abe's checkable deposits by the amount of the check. Total reserves in the banking system remain unchanged. Total reserves in the banking system increase.
Answer:
Bank A increases its reserves at the Federal Reserve Bank by more than the amount of the check.
Bank A increases Abe's checkable deposits by the amount of the check.
Total reserves in the banking system remain unchanged.
Explanation:
In the case when Abe received the check from bea in order to fixed out the bea car so here Bank A should increased the reserve that should be exceed the check amount
Also it increased the abe checkable deposit via the amount check and the total reserves should remain the same
These should be considered
