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1 year ago

In accounting, currency, coins, checks, money orders, and funds on deposit in a bank are recorded in?

Business

1 answer:

Dafna1 [17]1 year ago

8 0

In accounting, currency, coins, checks, money orders, and funds on deposit in a bank are recorded in cash.

<h3>What is cash in a bank in accounting?</h3>

Cash in Bank refers to the current balance in checking or savings accounts or other accounts of a similar nature held in the name of the company or business requesting the certificate. Do not include amounts from personal bank accounts or retirement accounts.
Every month, the bank will normally send the account holder an official bank statement that lists all of the transactions that occurred on the account that month. Account information can be found on bank statements, including account numbers and a thorough list of deposits and withdrawals.
There are three different forms of accounting transactions based on the exchange of money: cash transactions, non-cash transactions, and credit transactions.

In accounting, currency, coins, checks, money orders, and funds on deposit in a bank are recorded in cash.

To learn more about bank accounts, refer to:

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Thalassines Kataskeves, S.A., of Greece makes marine equipment. The company has been experiencing losses on its bilge pump produ

pentagon [3]

Answer: $150,000 financial disadvantage.

Explanation:

Discontinuing the bilge pump product line will eliminate its variable costs but however we are told that some fixed costs will remain.

So then to find out the financial advantage (disadvantage), the fixed costs that will be removed/ saved need to be removed as well to see what will be left if the line is discontinued.

The Contribution Margin is Sales less variable costs so it already removes the Variable cost savings.

Discontinuing would have no effect on the company’s total general factory overhead or total Purchasing Department expenses so the fixed cost savings will be from Advertising, Salary of Product line manager and insurance of inventories.

Fixed cost savings = 270,000 + 32,000 + 8,000

= $310,000

The Contribution Margin the company is losing is ($460,000) by discontinuing.

Less the fixed costs saved,

= (460,000) + 310,000

= ($150,000)

Costs of ($150,000) remain after the fixed costs saved have been accounted for.

The company is therefore at a financial (disadvantage) of $150,000 for discontinuing the bilge pump product.

7 0

3 years ago

an activity-based costing system blank . multiple select question. uses numerous overhead cost pools is used for external report

fenix001 [56]

An Activity-based system uses numerous overhead cost pools.

<h3>What is activity-based costing?</h3>

Activity based costing is a method of costing that is used in accounting to apportion costs to a good or service produced. It believes that manufacturing requires the use of resources which require activities and so these activities can be given costs.

To give these activities costs, there is a need to use overhead cost pools which is why activity-based systems use several overhead cost pools.

Find out more on activity-based costing at brainly.com/question/6654166

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7 0

2 years ago

Traditionally, life insurance companies, pension funds, and brokerage firms are known as ________.

Elodia [21]

Nonbanks.......................................................

3 0

3 years ago

If you guess the number im thinking of illl give you 100 points

Anvisha [2.4K]

Answer:

49 is my guess!!!!!!!!

5 0

3 years ago

Read 2 more answers

Last year Carson Industries issued a 10-year, 12% semiannual coupon bond at its par value of $1,000. Currently, the bond can be

Nataly [62]

Answer:

YTM = 8.93%

YTC = 8.47%

Explanation:

$P = \frac{C}{2} \times\frac{1-(1+YTC/2)^{-2t} }{YTC/2} + \frac{CP}{(1+YTC/2)^{2t}}$

The first part is the present value of the coupon payment until the bond is called.

The second is the present value of the called amount

P = market price value = 1,200

C = annual coupon payment = 1,000 x 12% 120

C/2 = 60

CP = called value = 1,060

t = time = 6 years

$P = 60 \times\frac{1-(1+YTC/2)^{-2\times 6} }{YTC/2} + \frac{1,060}{(1+YTC/2)^{2\times 6}}$

Using Financial calculator we get the YTC

8.467835879%

$P = 60 \times\frac{1-(1+YTM/2)^{-2\times 10} }{YTM/2} + \frac{1,000}{(1+YTM/2)^{2\times 10}}$

The first part is the present value of the coupon payment until manurity

The second is the present value of the redeem value at maturity

P = market price value = 1,200

C = coupon payment = 1,000 x 12%/2 = 60

C/2 = 60

F = face value = 1,060

t = time = 10 years

Using Financial calculator we get the YTM

8.9337714%

4 0

3 years ago