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Viktor [21]
3 years ago
13

On May 31, Money Corporation's Cash account showed a balance of $16,000 before the bank reconciliation was prepared. After exami

ning the May bank statement and items included with it, the company's accountant found the following items: Checks outstanding$2,950 Deposits outstanding $2,500 NSF check $240 Service Charges $80 Error: Money Corp. wrote a check for $80 but recorded it incorrectly for $800. What is the amount of cash that should be reported in the company's balance sheet as of May 31?
Business
1 answer:
yaroslaw [1]3 years ago
6 0

Answer:

cash balance tobe reported in the balance sheet 16,880

Explanation:

cash account   16,000

NSF check            240

service charge      (80)

amend mistake:    720

adjusted:          16,880‬

the check oustanding and the deposits in-transit are adjustment for the bank balance. not the firm cash accounting

We must look for data which wasn't know until receive the bank statement.

Those are:

the non-sufficient funds

the service charge

and the accounting mistake

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(.) Smokeless tobacco products.

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4 0
1 year ago
While the role of the state in a command economy is to be __________, in a market economy the state's role is to be __________?
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3 0
3 years ago
Managers of Wendy's fast-food restaurants keep track of prices at competitors such as McDonald's, Burger King, and Arby's, knowi
Y_Kistochka [10]

Answer:

It will affect Wendy's fast- food sales negatively.

Explanation:

Especially if the competitors have larger market share than Wendy's Fast-food.  There will be a switch in consumers from Wendy's Fast-food to it's competitor, therefore reducing its sales and invariably reducing it's profit.

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7 0
3 years ago
Tyare Corporation had the following inventory balances at the beginning and end of May:
densk [106]

Answer:

The correct answer is option (b) $5400

Explanation:

Solution

Calculation of the cost of direct material on May 1

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The starting work In process inventory = Direct materials Cost  + Direct labor  Cost + Manufacturing overhead applied on W.I.P

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8 0
3 years ago
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Answer:

D participating unit investment trust

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