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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:

brainly.com/question/24179665

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PLZZZ HELP, i have limited time and i will give brainliest.

Schach [20]

Answer:

Q1. Selena will have earned $ 25.00 in interest by the end of the year.

Since interest paid is 5% in simple interest, we can calculate that by using the formula:

$SI = (P)(r)(t)$

$SI = (500)(0.05)(1) = 25$

Q2. The balance in Suki's account at the end of two years will be $866.2854.

This means that she will have earned $66.2854 in interest.

Since interest is compounded quarterly, Suki will receive interest for 8 periods. The formula for compound interest with more than one interest period per year is:

$\mathbf{A = (P)*(1+(\frac{i}{m})^{n*m}}$

where

A is the amount at the end of the period

P is the principal

i is interest rate per annum

m is number of compounding periods in a year

n is number of years

Substituting the values in the formula above we get,

$A = (800)*(1+(\frac{0.04}{4})^{2*4}$

$A = (800)*(1.01)^{8}$

$\mathbf{A = 866.2853645}$

Now, we calculate the interest earned by doing \mathbf{CI = A -P}.

$\mathbf{CI = 866.2854- 800 = 66.2854}$

Q3. It will take 18 years for the money to double to $100.

Since we need to use the rule of 72, we'll divide 72 by the interest rate to determine the number of years needed to double the investment's value.

So, the number of years is $\frac{72}{4} =18$ .

5 0

2 years ago

Collingsworth, Inc. produces 3 products: AKM, BWT, and CPQ. Product AKM requires 700 purchase orders, Product BWT requires 1,080

marusya05 [52]

Answer:

Allocated MOH= $100,800

Explanation:

First, we need to calculate the predetermined allocation rate for ordering and receiving:

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Ordering and receiving= 504,000 / (700 + 1,080 + 1,720)

Ordering and receiving= $144 per order

Now, we allocate to product AKM:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 144*700

Allocated MOH= $100,800

5 0

2 years ago

When making additional business decisions management should consider?

Delvig [45]

Maybe how long you’re willing to be committed to that certain job or your goals in life so they are able to take you seriously.

This is just a guess btw but I hope this gave you an idea. :)

8 0

2 years ago

Vanessa contributed $20,000 of cash and land with a fair market value of $100,000 and an adjusted basis of $40,000 to Cook, Inc.

IRISSAK [1]

Answer:

Vanessa's tax basis in cook inc. $50,000

Explanation:

Given:

Cash = $20,000

Fair market value = $100,000

Adjusted basis = $40,000

Mortgage executed = $30,000

Now,

For the tax basis

cash $30,000

add; Land ( adjusted basis ) $40,000

less ; Mortgage $20,000

============================================

Vanessa's tax basis in cook inc. $50,000

============================================

6 0

2 years ago

David bought a pickup truck to transport his equipment on weekend fishing trips. He also bought a trailer for his lawn maintenan

trasher [3.6K]

Answer:

B2C and B2B, respectively.

Explanation:

The pickup that David bought to transport equipment on weekend fishing trips should be considered a business to consumer (B2C) transaction David will use it for recreational activities.

The trailer that David bought to transport his lawn maintenance equipment should be considered a business to business (B2B) transaction David will use it for his lawn maintenance business.

6 0

2 years ago