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Nezavi [6.7K]
3 years ago
15

Wright Company's cash account shows a $31,100 debit balance and its bank statement shows $29,400 on deposit at the close of busi

ness on May 31. O The May 31 bank statement lists $280 in bank service charges; the company has not yet recorded the cost of these services. O Outstanding checks as of May 31 total $7,400. O May 31 cash receipts of $8,000 were placed in the bank’s night depository after banking hours and were not recorded on the May 31 bank statement. O In reviewing the bank statement, a $580 check written by Smith Company was mistakenly drawn against Wright’s account. O The bank statement shows a $240 NSF check from a customer; the company has not yet recorded this NSF check. Prepare a bank reconciliation for the company using the above information.
Business
1 answer:
nlexa [21]3 years ago
3 0

Answer:

<u>Bank Statement:</u>     29,400

Outstanding checks (7,400)

Deposit in Transit      8,000

bank mistake               580

Adjusted bank       30,580

<u>Cash account: </u>  31,100

bank charges      (280)

NSF                      (240)

Adjusted Cash   30,580

Explanation:

From the bank we adjust for the bank unknow information and mistakes.

In this case, the bank is unaware of the oustanding check and the deposit from the company so this are adjustemtn we must do.

Also the bank made a mistake, It draw(subtract from our account) for a check which wasn't ours. Thus, we mus amend this mistake

For our cahs acount we also adjust for unknow information and mistake in our behalf:

We didn't know about the amount of the bank charge nor the non.sufficient funds until we are notice by the bank statement

The check was entered as cash from teh accounting but the check wasn't honor so, it didn't receive cash.

Both end up with the same amount which marks the reconciliation as correct.

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4 0
2 years ago
Oceanside Marine Company manufactures special metallic materials and decorative fittings for luxury yachts that require highly s
VladimirAG [237]

Answer:

The direct materials cost variance is $8,700 (Unfavorable)

Explanation:

What is the direct materials cost variance?

Actual Standarded Cost

Given 7.500*12

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7 0
3 years ago
A firm practicing direct price discrimination will charge a higher price to a. ​Consumers known to have an inelastic demand b. ​
Shalnov [3]

Answer:

c) Consumers with an inelastic demand

Explanation:

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What is a good way to find a business idea that'll put your talents and interests to the best use?
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3 0
3 years ago
Read 2 more answers
Company AA had net income of $20,000 in 2017. Compared to previous year, Accounts Receivable decreased by $10,000, Prepaid Rent
marin [14]

Answer: The net cash provided by operating activities is $33,000.

Explanation: The amount above was arrived at by computing the following:

Company AA

Statement of Cash Flows for the Year 2017

Net income                                                            $20,000

Add depreciation:                                                      5,000

Decrease in Accounts receivable                           10,000

Increase in Prepaid rent                                           (1,000)

Decrease in Accounts payable                                (1,000)

Net cash flows from operating activities            $33,000

Please note the following:

  • Depreciation was added back because it is non-cash item
  • Decrease in accounts receivable represents cash inflow
  • Increase in prepaid rent represents an outflow of cash
  • Decrease in accounts payable represents cash outflow

7 0
3 years ago
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