Answer:
The multiple choices are:
A) Deduct the check amount from the book balance of cash.
B) Add the check amount to the book balance of cash.
C) Deduct the check amount from the bank balance.
D) Add the check amount to the bank balance
The correct option is c,deduct the check amount from the bank balance
Explanation:
The check of $712 was already deducted from the cash balance in the cash book when issued,in order to reflect in the bank balance too,it would be appropriate to deduct from the bank balance so as to have a like-for-like situation.
This implies that the accountant at Clanton industries would begin bank reconciliation with bank balance in order to arrive at cash balance not the other way round.
Answer:
Tony will pay interest of $6.50 as part of the first loan payment.
Explanation:
Amount of Loan = $1300
Annual Interest = 6%
Monthly interest rate = 6% / 12 = 0.5%
Monthly Loan Payment = $57.62
Monthly installment is compromised of the interest payment on the due balance and the principal payment.
Interest payment in first installment = $1300 x 0.5%
Interest payment in first installment = $6.50
Principal portion of first installment = $57.62 - $6.50
Principal portion of first installment = $51.12
Answer:
attached below is the Entity-Relationship diagram
Explanation:
Designing an ER ( Entity-Relationship ) Diagram for the mail order database using a data modelling tool
attached below is the an Entity-Relationship diagram created using all the information provided above
Answer:
10.87%
; 17.95%
Explanation:
Expected return:
= (probability of recession × return during recession) + (probability of normal × return during normal) + (probability of boom × return during boom
)
Expected return for stock A:
= (0.16 × 0.07) + (0.57 × 0.10) + (0.27 × 0.15)
= 0.1087
= 10.87%
Expected return for stock B:
= (0.16 × -0.11) + (0.57 × 0.18) + (0.27 × 0.35)
= 0.1795
= 17.95%
Answer:
Note: The organized question is attached
<u>Description of each transaction</u>
1. Merchandise purchased on account as a cost of $39,200, which is $40,000 less 2% discount of $800
2. Paid fright charge of $450
3. An allowance or return of merchandise was granted by the seller, $4,900, which is an invoice amount of $5,000 less 2% discount of $100
4. The balance due of $34,300 ($39,200 - $4,900) was paid within the discount period
