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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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your supervisor, ashby, wants you to make an appointment for her to meet with a friend of yours, kevin. she wants to make a sale
Novay_Z [31]

Coercion is used by Ashby as she threatened to withhold your promotion if you don’t make the appointment.

<h3>What is Coercion?</h3>


The Indian Contract Act's Section 15 defines coercion as "committing or threatening to commit any act prohibited by the Indian Penal Code, or unlawfully detaining, or threatening to detain, any property, to the prejudice of any person whatsoever, with the intention of causing any person to enter into an agreement."

<h3>Give an example of Coercion.</h3>


For instance, if B refuses to sell his house to A for 5 lakh rupees, A may threaten to harm him. Here, even if B sells the house to A, the agreement won't be enforceable because B's cooperation was coerced. Now, coercion has the result of rendering the contract void.

Learn more about coercion here:
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3 0
1 year ago
Anderson Compounds produces two industrial chemical compounds, Gorp and Gumm, from the same process, which last year, cost $480,
Olin [163]

Answer:

b. 320000

Explanation:

In order to calculate the joint cost of Gorp we need to understand what the method means and how it's used to calculate it. The adjusted sales method is used to allocate joint costs based on the prices the products are sold.

First of all we need to calculate the percentage of Selling price of Gorp to that of the total selling price of both Gorp and Gumm.

I.e: 60 ÷ (60+30) × 100

SP % of Gorp= 66.67%

Now we calculate joint cost allocated to Gorp.

Total joint cost of both Gorp and Gumm = $480000

Joint cost of Gorp = $480000 × 66.67%

Joint cost of Gorp = $320,000

3 0
3 years ago
Vince’s Vehicle Repairs has a gross profit margin of 60% and a net profit margin of 22%. Turnover was £180000. Calculate:
sammy [17]

Answer:

Vince's Vehicle Repairs

The Cost of Sales is:

= $72,000.

Explanation:

a) Data and Calculations:

Turnover = $180,000

Gross profit margin = 60%

Net profit margin = 22%

Gross profit margin = Gross profit/Turnover * 100

60% = Gross Profit/$180,000 * 100

Therefore, the Gross Profit = $180,000 * 60%

Gross Profit = $108,000

Cost of sales = Turnover - Gross profit (100% - 60%)

Cost of sales = $180,000 - $108,000

= $72,000

Alternatively, Cost of Sales:

= $180,000 * (100% - 60%)

= $72,000

5 0
3 years ago
Larry is a minor, age 16 years old.
maxonik [38]

Answer:

What is entirely true about this contract is:

The contract is a VALID contract but is also a VOIDABLE contract on the part of Larry but NOT on the part of Sprint.

Explanation:

As a minor, Larry (he was under the age of 18 when he signed the contract with Sprint) lacks the contractual capacity to enter into the contractual relationship with Sprint.  But since he has signed the contract in exchange for the purchase of the cell phone, Larry can either honor the deal or void the contract.  This is why the contract is said to be valid but voidable at Larry's behest.  However, after Larry has turned 18, if he has not done anything to void the contract, then the contract with Sprint can no longer be voided.

4 0
3 years ago
City Bus Corporation provides school bus transportation to private and public schools in Lancaster County. City Bus owns 50 buse
Greeley [361]

Answer:

1. The measures that City Bus Risk Manager should take in the risk management process are as follows

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5 0
3 years ago
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