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My name is Ann [436]
3 years ago
14

The bank statement contained two bank memoranda:1. A credit of $2,242.00 for the collection for Bogalusa Company of an electroni

c funds transfer.2 A debit for the printing of additional company checks $85.00.At November 30, the cash balance per books was $11,073.80 and the cash balance per bank statement was $17,712.50. The bank did not make any errors, but Bogalusa Company made two errors.
Business
1 answer:
serious [3.7K]3 years ago
5 0

Answer:

Cash                         2,157 debit

bank service expense 85 debit

   account receivables 2,242 credit

Explanation:

To record the bank memorand:

The collection in behalf of the firm will increase cash

The new print the checks will be considered either miscellaneuos expense or bank service expense either way, will decrease cash.

Net cash variation: 2,242 - 85 = 2,157

For the Company errors another entry will be made looking for errors between our numebrs and the bank.

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6 0
1 year ago
those making more than $200,000 are the primary beneficiaries of the home mortgage interest deduction.
netineya [11]

Answer:true

Explanation:

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1 year ago
7. Assume that you manage a $10.00 million mutual fund that has a beta of 1.05 and a 9.50% required return. The risk-free rate i
Vadim26 [7]

Answer:

The correct answer is option (A).

Explanation:

According to the scenario, the computation of the given data are as follows:

First, we will calculate the Market risk premium, then

Market risk premium = (Required return - Risk free rate ) ÷ beta

= ( 9.50% - 4.20%) ÷ 1.05 = 5.048%

So, now Required rate of return for new portfolio = Risk free rate + Beta of new portfolio × Market premium risk

Where, Beta of new portfolio = (10 ÷ 18.5) × 1.05 + (8.5 ÷ 18.5) × 0.65

= 0.5676 + 0.2986

= 0.8662

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Required rate of return = 4.20% + 0.8662 × 5.048%

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4 0
3 years ago
Hilton Brews is a company producing instant mixes for all kinds of beverages. It notices that the market for tea has risen due t
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Hilton Brews

The organizational growth strategy used by Hilton Brews is:

B. Diversification.

Explanation:

Diversification strategy is the corporate strategy that Hilton Brews has adopted to take advantage of the increased health benefits of teas by introducing a new line of organically grown and processed teas.  Diversification strategy is different from other corporate growth strategies which Hilton Brews could have adopted, including market expansion, market penetration, and product development.

7 0
2 years ago
On January 1, 2021, the company obtained a $3 million loan with a 14% interest rate. The building was completed on September 30,
Svet_ta [14]

Answer:

1. Calculate the amount of interest that Mason should capitalize in 2021 and 2022 using the weighted-average method.

interest capitalized in 2021 = $166,189

interest capitalized in 2022 = $77,956

2. What is the total cost of the building?

total construction costs ($6,375,000) + capitalized interests ($244,145) = $6,619,145

3. Calculate the amount of interest expense that will appear in the 2021 and 2022 income statements.

interest expense 2021 = $1,148,000 - $166,189 = $981,811

interest expense 2022 = $1,148,000 - $77,956 = $1,070,044

Explanation:

a 14%, $3,000,000 loan obtained on January 1, 2021

building was completed on September 30,2022

January 1, 2021: $1,050,000 x 12/12 = $1,050,000

March 1, 2021: $870,000 x 10/12 = $725,000

June 30, 2021: $390,000 x 6/12 = $195,000

October 1, 2021: $690,000 x 3/12 = $172,500

total weighted average expense 2021 = $2,142,500

weighted average interest rate:

$3,000,000 x 14% = $420,000

$4,900,000 x 5% = $245,000

$6,900,000 x 7% = $483,000

average interest rate = $1,148,000 / $14,800,000 = 7.7568%

interest capitalized in 2021 = $2,142,500 x 7.7568% = $166,189

January 31, 2022: $675,000 x 8/9 = $600,000

April 30, 2022: $990,000 x 5/9 = $550,000

August 31, 2022: $1,710,000 x 1/9 = $190,000

total weighted average expense 2021 = $1,340,000

weighted average interest rate:

$3,000,000 x 14% = $420,000

$4,900,000 x 5% = $245,000

$6,900,000 x 7% = $483,000

average interest rate = $1,148,000 / $14,800,000 = 7.7568%

interest capitalized in 2022 = $1,340,000 x 7.7568% x 9/12 = $77,956

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2 years ago
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