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3 years ago

Rainey Company's true cash balance at October 31 is $5,710. The following information is available for the bank reconciliation:

Business

1 answer:

photoshop1234 [79]3 years ago

3 0

Answer:

$5,400

Explanation:

We are given the cash balance per books and we are told to determine the cash balance per bank. The following formula is used to calculate the cash balance per book:

cash balance per books = cash balance per bank + notes receivable collected by bank - bank service charge - NSF check

$5,710 = cash balance per bank + $1,000 - $90 - $600

cash balance per bank = $5,710 + $90 + $600 - $1,000 = $5,400

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A company reports on the cash basis. During the company's first year of business, it had sales on account of $1,000,000, invento

grandymaker [24]

Based on the information given the company's cash-basis income for its first year of operations is $350,000.

First step

Net sales revenues =Sales - Account receivable

Net sales revenues= $1,000,000 - $100,000

Net sales revenues = $900,000

Second step

Net expenditure on purchases =Inventory purchases - Account payable

Net expenditure on purchases =$400,000 - $50,000

Net expenditure on purchases = $350,000

Third step

Cash-basis income =Net sales revenues - Net purchases expenditure - Other expenses

Cash-basis income= $900,000 - $350,000 - $200,000

Cash-basis income= $350,000

Inconclusion the company's cash-basis income for its first year of operations is $350,000.

Learn more about cash-basis income here:brainly.com/question/25817056

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2 years ago

_____ is a method of determining what sales volume must be reached before total revenue equals total costs.?

lina2011 [118]

The answer is the option d. break-even analysis.

Break-even analysis is the method in which you make the incomes equal to the costs and expenses.

The income is the function that relates number of products manufactured and sold with the income, while the costs and expenses is the function that relates the number of products with the total cost.

When you make both income and costs equals you can determine the number of products that make you even (income = costs).

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3 years ago

Transactional relationships: Group of answer choices A.None of the above. B.are emphasized by buyers when the purchase is viewed

horrorfan [7]

Answer:

The correct answer is B

Explanation:

Transactional relationships is the one which is defined as the nature which is optimized around the getting the most, which the person could exchange for little as possible. It is all about what the person can get and all about the person and not about the what you can give.

It is defined as the relationship which is emphasized by the buyers when the purchase is viewed as not so important to the goals or objectives of the business or organization.

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4 years ago

The company barkbuddy decided to pursue a unique product that would allow customers to more easily find a dog to adopt. customer

AlexFokin [52]

From this description, Barkbuddy has decided its mission. Barkbuddy has decided their mission. A mission is what a company decides to focus on and their reason/purpose for existing. Barkbuddy hopes to link those who want to adopt with their forever furry friend to bring home. By setting a mission statement, Barkbuddy is more likely to stay focused on their goal and why they are in operation.

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3 years ago

First, add Accounts Payable—J. C. Hollings and Accounts Payable—Craft Bank from the

Dvinal [7]

12. After posting the journal entries to the ledger, the balance of the Cash account is Credit $1,042.92.

13. After posting the journal entries to the ledger, the balance of the Equipment—Store account is Debit $4,500

14.On May 3, the balance of the Equipment—Office account is Debit $690

15. The balance of the Accounts Payable—Bellhaven Bank account is Debit $1,000

16. After posting the journal entries to the ledger, the balance of the Supplies account is Debit $542.92

17. After posting the journal entries to the ledger, the balance of the Accounts Payable—Craft Bank account is Credit $3,500

18. After posting the journal entries to the ledger, the opening balance of the P. Woodsley—Capital account was unchanged.

19. The entry you make in the Post Ref. column of the ledger to show that you posted the transactions from the journal is J1

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Pretty sure I got all of them! Hope this helps!!

7 0

3 years ago

Read 2 more answers