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Neporo4naja [7]
3 years ago
13

Accompanying the bank statement was a debit memo for an NSF check received from a customer. This item would be included on the b

ank reconciliation as a(n) a. addition to the balance per bank statement b. addition to the balance per company's records c. deduction from the balance per bank statement d. deduction from the balance per company's records
Business
1 answer:
Arte-miy333 [17]3 years ago
7 0

Answer:

NSF check is also called bounced check, NSF stands for Non-Sufficient Funds. These checks cannot be cashed because of insufficient funds in the payer's account. A client needs to pay bank fees for negotiating a check with non- Sufficient funds. All the banks charge a fee for the bounced check. In case of non sufficient funds, there is deduction from the balance as per the banks statement.

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Cypress Systems Inc., of Florida, agrees to sell specialized hydroponic growing equipment to Landcaster's of Australia. Because
exis [7]

Answer:

B) $5,000

Explanation:

Cypress total bill is $1,000,000. Since a foreign bank is going to provide them a service (the acceptance of payment) it will charge them 1.4% per year or 0.7% for thee six month period.

That means that Cypress will collect $1,000,000 x (1 - 0.7%) = $993,000

If Cypress decides to sell the bankers acceptance at a 1% annual fee, he will lose an additional 0.5% for the 6 month period = $930,000 x 0.5% =  $4,965. Apparently we have to round to the nearest thousand ≈ $5,000

6 0
3 years ago
You wish to retire in 14 years, at which time you want to have accumulated enough money to receive an annual annuity of $17,000
bagirrra123 [75]

Answer:

Annual contribution = $5873.06

Explanation:

First we will find the present value at the time of retirement and then we will find the annual contribution during the years of working. Below is the calculation to find the present value

Present value at the time of retirement = Annuity (P/A, r, n)

Present value at the time of retirement = $17000 (P/A, 10%, 19)

Present value at the time of retirement = $17000 (8.365)

Present value at the time of retirement = $142205

Now find the annual contribution:

Annual contribution = Future value (A/F, r, n)

Annual contribution = 142205 (A/F, 8%, 14)

Annual contribution = 142205(0.0413)

Annual contribution = $5873.06

4 0
3 years ago
Each visor requires a total of $4.00 in direct materials that includes an adjustable closure that the company purchases from a s
Nostrana [21]

Answer:

Check the explanation

Explanation:

                                                                                May                  June

Budgeted sales                                                    10800               14400

                                                                                (600*18)      (800*18)

Less: cost of good sold                                         5970                7960

                                                                             (9.95*600)    (9.95*800)

Gross margin                                                          4830                6440

Less: Operating expenses  

Selling expenses (6%*Sales)                                  648                  864

Fixed administrative expenses                              1200                 1200

Total operating expenses                                      1848                 2064

Budgeted Net Operating Income                          2982                 4376

 

 

Unit product cost  

Material                                                           $4  

Direct labor (9*.3)                                           2.7  

Variable manuafcturing overhead                1.25  

Fixed overhead                                               2  

Unit product cost                                          $9.95  

4 0
3 years ago
Park, Inc. acquired 100% of Gravel Co.'s net assets. On the acquisition date, Gravel's accounting records reflected $50,000 of c
Akimi4 [234]

Answer:

The  $400,000 should be a result of the acquisition of the in-process research and development activities

Explanation:

Intangible Assets: The intangible assets are those assets that cannot be seen or even touched. It is not tangible in nature

The example is goodwill, and intellectual properties like - patents, copyrights, trademarks, etc.  

The recording of the intangible assets based on the fair market value i.e $400,000 instead of associated costs.

5 0
3 years ago
MC Qu. 107 The following information is available... The following information is available for a company's utility cost for ope
lianna [129]

Answer:

Variable cost Per Unit $2.50

Explanation:

Total cost at high activity = $8100

Total Cost at Low activity = $3600

Total Units at high activity = 2400

Total Units at low Activity = 600

Variable Cost Per Unit =  (High activity total Cost - Low activity total cost ) / (High Activity unit - low activity units)

Variable cost per unit = ($8100 - $3600) / (2400 - 600) = $4500 / 1800 = $2.50

7 0
3 years ago
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