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VashaNatasha [74]
3 years ago
12

An investor who was not as astute as he believed invested $264,500 into an account 12 years ago. Today, that account is worth $2

04,000. What was the annual rate of return on this account
Business
1 answer:
valina [46]3 years ago
4 0

Answer:

-19.061%

Explanation:

interest earned= principal x time x interest rate

Interest earned = $264,500 - $204,000 = $-60,500

$-60,500 = $264,500 x 12 x interest rate

interest rate = -0.19061 = -19.061%

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The cash account for American Medical Co. at April 30 indicated a balance of $334,985. The bank statement indicated a balance of
Bas_tet [7]

Answer:

1. Cash balance according to bank statement $370,000

Cash balance according to company’s records $370,000

2. a. April 30

Dr Cash $42,000

Cr Notes Receivable $40,000

Cr Interest Income / Interest Revenue $2,000

b. April 30

Dr Accounts Payable - Targhee Supply Co $6,840

Dr Miscellaneous Expenses [Bank service charge] $145

Cr Cash $6,985

3. $370,000

Explanation:

1. Preparation of a bank reconciliation

AMERICAN MEDICAL COMPANY

Bank Reconciliation

April 30

Cash balance according to bank statement $388,600

Add: Deposit of April 30, Not recorded by bank $42,500

Add: Bank Error in Charging check as $420 instead of $240 [$420 - $240] $180

Deduct: Outstanding Checks $61,280

Adjusted balance $370,000

Cash balance according to company’s records $334,985

Add: Note and Interest Collected by bank $42,000

Deduct: Error in Recording Check [$7,600 - $760] $6,840

Deduct: Bank Service Charges $145

Adjusted balance $370,000

2. Preparation of Journal entries.

Journal entries

a. April 30

Dr Cash $42,000

Cr Notes Receivable $40,000

Cr Interest Income / Interest Revenue $2,000

b. April 30

Dr Accounts Payable - Targhee Supply Co [$7,600 - $760] $6,840

Dr Miscellaneous Expenses [Bank service charge] $145

Cr Cash $6,985

($6,840+$145)

3. Based on the information given If a balance sheet is prepared for American Medical Co. on April 30, the amount that should be reported as cash will be $370,000

8 0
2 years ago
Faith went to the grocery store to buy apples. if each apple cost $0.78, and she spent a total of $4.68, how many apples did fai
nirvana33 [79]

Faith bought 6 apples at $.78 each. She paid $4.68 for the apples.


Given : $.78 price for each apple

$4.68 the amount Faith spent for the apples.


$4.68 / $.78 = 6

4 0
3 years ago
Use the following information to determine the ending cash balance to be reported on the month ended June 30 cash budget.
sweet-ann [11.9K]

Answer:

D. $53,000.

Explanation:

The computation of the ending cash balance is shown below:

Beginning cash balance $95,000

Add: Receipts  

Cash sales  $418,000

Total cash receipts (a) $513,000

Deduct: Payments:  

Cash payment for purchases -$273,000

 Cash payment for salaries -$96,000

Other cash expenses -$58,000

Repayment of bank loan -$33,000

Total cash payments (b) $460,000

Net receipts /( payments) (a) - (b) $53,000

6 0
2 years ago
A ___________ is a consumer problem, need, or desire that a business could provide a solution for. A. Change or trend B. Company
Katen [24]

Business opportunity........

5 0
2 years ago
Read 2 more answers
120*45+120*54*120+0+0+0+0+0+0+0=
IRINA_888 [86]

Answer:

783000

Explanation:

3 0
2 years ago
Read 2 more answers
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