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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

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Standard Oil  
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5 0
3 years ago
Bellingham Company produces a product that requires 2.3 standard pounds per unit. The standard price is $3.45 per pound. 15,700
Andru [333]

Answer:

A) Price       7,080     U

B) Quantity 4,630.5  U

C) Total        11.710,5‬ U

Explanation:

DIRECT MATERIALS VARIANCES

(standard\:cost-actual\:cost) \times actual \: quantity= DM \: price \: variance

std cost  $3.45

actual cost  $3.65

quantity 35,400

difference  $(0.20)

(0.2) \times 35,400 = DM \: price \: variance

price variance  $(7,080.00)

(standard\:quantity-actual\:quantity) \times standard \: cost = DM \: quantity \: variance

std quantity 36110.00

actual quantity 35400.00

std cost  $3.45

difference 710.00

(710) \times 3.45 = DM \: quantity \: variance

quantity variance  $2,449.50

Total Variance: 2,449.5 - 7,080 = -4.630,5‬

8 0
3 years ago
3. State the difference between limited liability and unlimited liability?​
Crank

Answer:

Limited liability means the business owners' liability for debts is restricted to the amount they put into the business. With unlimited liability, the business owner is personally responsible for any loss the business makes.

Explanation:

3 0
2 years ago
Samuel's full retirement age is 65 years old and his monthly benefit at that age is $1,000. According to the Social Security Adm
Marina86 [1]

Answer:

Assuming that Samuel's retiring age is exactly 65 years old, and he starts collecting benefits 24 months before his full retirement age (exactly on his birthday number 63), then he will receive $867 per month (or 86.7% of his full benefits).

This calculation varies depending on the number of months, e.g.

months before full retirement age                   % of full retirement benefit

24                                                                     86.7%

23                                                                      87.2%

22                                                                      87.8%

21                                                                      88.3%

20                                                                      88.9%

19                                                                      89.4%

18                                                                      90.0%

17                                                                      90.6%

16                                                                      91.1%

15                                                                      91.7%

14                                                                      92.2%

13                                                                      92.8%

8 0
3 years ago
Suppose you are 45 and have a $50,000 face amount, 15-year, limited-payment, participating policy (dividends will be used to bui
taurus [48]

Answer:

The Net cost of insurance $13,129.

Explanation:

Annual premium (15 years) $15,000 ($1,000 × 15 years)

Time value of money

$1,000 × 25.129 = $25,129 (Exhibit 1-B, 15 years, 7%)

+$10,129 ($25,129 - 15,000)

Total cost of policy $25,129 ($15,000 + 10,129)

Cash value (end of 15 years) -$12,000

Net cost of insurance $13,129 ($25,129 - 12,000)

At a 7 percent annual yield, your account would have accumulated to $25,129 in 15 years. You have paid $13,129 for 15 years of insurance protection.

8 0
3 years ago
Read 2 more answers
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