1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
ivolga24 [154]
3 years ago
10

On October 31, 2021, Damon Company’s general ledger shows a checking account balance of $8,415. The company’s cash receipts for

the month total $74,440, of which $71,325 has been deposited in the bank. In addition, the company has written checks for $72,485, of which $71,090 has been processed by the bank. The bank statement reveals an ending balance of $12,165 and includes the following items not yet recorded by Damon: bank service fees of $210, note receivable collected by the bank of $5,600, and interest earned on the account balance plus from the note of $620. After closer inspection, Damon realizes that the bank incorrectly charged the company’s account $540 for an automatic withdrawal that should have been charged to another customer’s account. The bank agrees to the error. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2021.
Business
1 answer:
Slav-nsk [51]3 years ago
7 0

Answer:$14,425

Explanation:

Adjusted cash balance:

Balance as per cashbook: $8,415

Add note receivable: $5,600

Add interest earned: $620

Less bank service fees: ($210)

Adjusted cash balance: $14,425

Bank Reconciliation statement:

Adjusted cash balance: $14,425

Add outstanding checks($72,485-$71,090): $1,395

Less uncredited checks($74,440-$71,325): ($3,115)

Less Bank Error: ($540)

Balance as per bank statement: $12,165

You might be interested in
A dressmaker can sew 400 garments with 100 bolts of fabric and 1,500 hours of labor. Another dressmaker can sew 400 garments wit
faust18 [17]

Answer:

No, because the second method has lower total costs of production.

Explanation:

In a bid to make profits businesses must always compare different processes and choose the cheapest one.

This will eventually reflect in the profitability of the business.

In this instance let's get the cost of each process.

Fabric costs $110 a bolt and labor costs $20 an hour.

The first dress maker can sew 400 garments with 100 bolts of fabric and 1,500 hours of labour

Total cost = (100 bolts * 110) + (1500 * 20)

Total cost = $41,000

For the second dress maker he can sew 400 garments with 150 bolts of fabric and 1,000 hours of identical labour

Total cost = (150 *110) + (1000 * 20)

Total cost = $36,500

As can be seen the second dressmaker has a lower cost of production so he is more efficient than the first dress maker

7 0
3 years ago
What theory argues that free trade is beneficial, but that differences in factor endowments, not productivity, determine the pat
Mice21 [21]

Answer:

The correct answer is letter "A": Heckscher-Ohlin.

Explanation:

Named after Swedish economists Eli Heckscher (1879-1952) and Bertil Ohlin (1899-1979), the Heckscher–Ohlin theory states that countries should focus their efforts on producing and exporting those goods they are good at manufacturing and they should import the goods they struggle in making. The concept is based on both the productivity and non-productivity of nations and their best bequests.

8 0
3 years ago
The selection of an appropriate discount rate for determining net present value of a particular investment proposal does not dep
Rasek [7]

Answer:

The answer is A.

Explanation:

Out of all the options, only option A is the odd one out. Discount rate for determining net present value of an investment is never dependent upon the present value of the proposal's future cash flows.

Discount rate is dependent upon option B because for selecting a particular investment, alternative investment opportunities must have been considered and if the discount rate for alternative investment was better, it would have been preferred.

Also for Option C. Discount rate for risky investment will be different from the less risky.

It is also dependent upon option D because the cost of equity is always higher than the cost of debt. So it will be different.

3 0
3 years ago
Clothing Frontiers began operations on January 1 and engages n the following transactions during the year related to stockholder
Anna11 [10]

Answer:

1. Record the transaction assuming Clothing Frontiers has no-par common stock.

January 1, issuance of 600 stocks

Dr Cash 24,000

    Cr Common stock 24,000

April 1, issuance of 100 stocks

Dr Cash 4,400

    Cr Common stock 4,400

2. Record the transactions, assuming Clothing Frontiers has either $1 par value or 41 stated value common stock.

January 1, issuance of 600 stocks

Dr Cash 24,000

    Cr Common stock 600

    Cr Additional paid in capital 23,400

April 1, issuance of 100 stocks

Dr Cash 100

    Cr Common stock 100

    Cr Additional paid in capital 4,300

8 0
3 years ago
The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6:
siniylev [52]

Answer:

Part a

Creative Design Co.

Bank reconciliation as at August 31

Balance as per Bank Statement        $17,460

Add Outstanding Checks                   $2,730

Less Unpresented Checks                ($3,400)

Balance as per Cash Book                 $16,790

Part b

$16,790

Part c

Yes

Explanation:

Creative Design Co.

Bank reconciliation as at August 31

Balance as per Bank Statement        $17,460

Add Outstanding Checks                   $2,730

Less Unpresented Checks                ($3,400)

Balance as per Cash Book                 $16,790

6 0
3 years ago
Other questions:
  • The Wayne City Council approved and adopted its budget for 2016. The budget contained the following amounts: Estimated revenues
    11·1 answer
  • Which of the following would be the most desirable wording to use on a résumé? Created a first-place science fair project. I won
    7·1 answer
  • A perfectly competitive firm_______.A. Chooses its price to maximize profits.B. Sets its price to undercut other firms selling s
    10·1 answer
  • Read the following descriptions. Decide who demonstrates good habits. Erica has a file folder with old bills and receipts. She a
    5·2 answers
  • Allen Lumber Company had earnings after taxes of $750,000 in the year 2015 with 300,000 shares outstanding on December 31, 2015.
    14·1 answer
  • If nominal wages fall which of the following will occur in the short run? The SRAS curve will shift to the right The SRAS curve
    12·1 answer
  • 1. Which of the following is not characteristic of a corporation?
    10·2 answers
  • Seating Company is currently selling 1,400 oversized bean bag chairs a month at a price of ​$95 per chair. The variable cost of
    12·1 answer
  • Dole Corp.'s accounts payable at December 31, 2020, totaled $900,000 before any necessary year-end adjustments relating to the f
    7·1 answer
  • What are the business reasons behind john deere's offshoring of tractor production from the u. S. To other countries?
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!