Which career pathway describes the two main aspects of the Business, Management, and Administration career cluster?

Gibson Energy Ltd.’s general ledger account for Cash in Bank showed the following at December 31, 2019:

viktelen [127]

Answer:

1. Adjusted cash balance = Adjusted bank statement balance = $133,620.

2. See the adjusting journal entries and explanation in part 2. below.

Explanation:

Note: The data in the question are merged and they are first sorted in the attached excel file before the questions are answered as follows:

1. Complete the bank reconciliation at December 31, 2019.

The bank reconciliation is presented in two ways as follows:

a) Starting with cash book balance

Gibson Energy Ltd.

Bank Reconciliation

at 31 December 2019

Particulars Amount ($)

Cash book bal. at 31 Dec. yet to be reconciled 62,000

Add:

Collected note receivable from XYZ Corp 80,000

Less:

Dishonored NSF check (7,000)

Overdraft interest expense (1,320)

Bank service charge (60)

Adjusted cash balance at Dec 31  133,620 

b) Starting with bank statement balance

Gibson Energy Ltd.

Bank Reconciliation

at 31 December 2019

Particulars Amount ($)

Bank statement bal. at Dec 31 yet to reconciled 131,620

Add:

Cash deposited on December 9th yet be credited 85,000

Cash deposited on December 31 yet be credited 15,000

Check #52094 wrongly drawn 62,000

Less:

Outstanding checks 233 (83,000)

Outstanding checks 239 (77,000)

Adjusted bank statement balance at Dec. 31  133,620 

2. Prepare the adjusting journal entries required to make the Cash in Bank account in the general ledger agree with the adjusted cash balance on the December 31 bank reconciliation. Include descriptions.

Date Accounts title & explanation DR ($) CR ($)

31 Dec 19 Cash 80,000

Note Receivable 78,049

Interest on note receivable 1,951

(To record note receivable & int. collected from XYZ)

31 Dec 19 Overdraft interest expense 1,320

Service charge 60

Cash 1,380

(To record interest expense and bank charges)

31 Dec 19 Account Receivable 7,000

Cash 7,000

(To record NSF check dishonored)

Download xlsx

3 0

3 years ago

The Harleysville Manufacturing Shop produces motorcycle parts. Typically, 10 pieces out of a job lot of 1,000 parts are spoiled.

Murrr4er [49]

Answer:

B

Materials Control $ 250

Manufacturing Overhead Control $1,000

Work-in-Process Control $1,250

Explanation:

spoilage rate: 10/1000 = 0.01=1%

the job requires 2,500 goods parts

total part required (considering spoilage)

$\frac{requirement}{1-spolage} =$total needs$

2,500 /(1-0.01) = 2500/ 0.99 = 2525.2525 = 2525

2525-2500 = 25 spoilage part

Note:

in this case you may think you can simple do 2,500 x 0.01

But if the spoilage rate is high or the amount of high is, then you will have an answer different than the correct method. Stick to the formula given.

25 part x 50 = 1,250

From the work in process, we will subtract this value, we will increase the spoilage materials inventory and charge the diference as actual overhead.

b.

Materials Control $ 250

Manufacturing Overhead Control $1,000

Work-in-Process Control $1,250

4 0

3 years ago

What is the distinction between free trade and fair trade?

sergey [27]

Answer:

Free trade focuses on the reductions of barriers and policies of nations.

Fair trade seeks to bring favor to the right of the worker.

Explanation:

4 0

2 years ago

Managers are well-advised to consider whether the company can operate more profitable by selling some/all of its plant capacity

trasher [3.6K]

The answer is when global demand for exclusive and private-label footwear is so far under global plant volume that it will be intolerable for most all companies to cost-effectively operate their plants at full volume for many years to come. If the prediction shows that global demand is far under global volume, then it isn't conceivable for everyone to sell everything. In this circumstance the most liquid and solvent company will appear ahead, maybe a company could hold onto volume and ferociously hold onto market share.

6 0

2 years ago

Oldhust Corp., an electronics company in the country of Bigmount, bought Specden Corp., an electronics company in the country of

uysha [10]

Answer: Direct foreign investment

Explanation:

The direct foreign investment is one of the investment process that helps in controlling the business ownership and in this the investment is basically create by one organization in some other country or location.

The economic development and the easy international trading are the main benefit of the direct foreign investment.

According to the given scenario, the Oldhust corporation is one of the electronic company that basically bought the other electronic firm in the other country and this example is refers as the direct foreign investment.

Therefore, Direct foreign investment is the correct answer.

8 0

3 years ago