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enyata [817]
3 years ago
8

The following information pertains to Crane Company. 1. Cash balance per bank, July 31, $9,222. 2. July bank service charge not

recorded by the depositor $53. 3. Cash balance per books, July 31, $9,328. 4. Deposits in transit, July 31, $3,763. 5. $2,120 collected for Crane Company in July by the bank through electronic funds transfer. The accounts receivable collection has not been recorded by Crane Company. 6. Outstanding checks, July 31, $1,590. Prepare a bank reconciliation at July 31, 2022.
Business
1 answer:
ololo11 [35]3 years ago
4 0

Explanation:

The preparation of bank reconciliation is presented below:

                                        Crane Company

                          Bank reconciliation statement  

                                        July 31, 2022

Particulars                    Amount   Particulars                     Amount

Bank cash balance     $9,222   Company cash balance  $9,328

Deposits in transit       $3,763   Collections                       $2,120

Less: Outstanding                      Less: service fee            -$53

Check                          -$1,590

Bank balance                                   Company balance

After reconciliation    $11,395      After reconciliation  $11,395

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A company’s total monthly sales (in millions of dollars) t months from now are given by:
Elina [12.6K]

Answer:

a) \frac{dS}{dt}=S'(t)= 2(0.5) t +3 = t+3

b) S(4) = 0.5*(4^2) +3(4) -5=15 million

c) For this case we have the total sales $ 15 millions after t =4 months

d) S'(4) = 4+3 = 7 million

e) This value represent the increase in the amount of sales in millions after t=4 months

Explanation:

For this case we have the following function for the sales

S(t) = 0.5 t^2 +3t -5

Part a          

For this case we want to find the derivate of S respect to t and we got:

\frac{dS}{dt}=S'(t)= 2(0.5) t +3 = t+3

Part b

For this case we want to find the value of S when t = 4 so if we replace we got:

S(4) = 0.5*(4^2) +3(4) -5=15 million

Part c

For this case we have the total sales $ 15 millions after t =4 months

Part d

For this case we just need to replace t=4 in the derivate and we got:

S'(4) = 4+3 = 7 million

Part e

This value represent the increase in the amount of sales in millions after t=4 months

3 0
3 years ago
On October 1, 2017, Vaughn, Inc., leased a machine from Fell Leasing Company for five years. The lease requires five annual paym
Alisiya [41]

Answer:

Explanation:

1.Amount to be paid Annually to fell leasing Company = $10,000.

Incremental rate of borrowing = 11%

Lease Period = 5 yrs.

2. Value of lease equipment as on 1st October 2017 i.e., date of lease.

= 10,000 * (PVOA) = (11* for 5 years)

=10,000 * 3.6959 (using -PVAF table)

= $ 36,959

Factors are used according to the table of PVAF

3.Lease liability as on 31-12-2017

= 10,000 * PVAD (11 * 4 years) [since 4 years in these)

 = 10,000 * 3.44371

= $ 34,437.10

Lease liability as on 31st Dec 2018

= 10,000 * PVAD (11% 3 years) (still 3 yrs left as on 31-12 -2018)

= 10,000 * 2.71252 = $ 27,125.20

7 0
3 years ago
There may be a maximum balance requirement for a savings account.<br> True<br> False
luda_lava [24]

Answer:

true

Explanation:

For example, if a bank account has a $100 minimum balance requirement, you want to make sure that you don't let your balance fall to $99.99 or less.

4 0
3 years ago
The Smith Company manufactures insulated windows. Costs for March were as follows. Direct labor $53,000 Indirect labor 18,000 Sa
Marat540 [252]

Answer:

$27,000

Explanation:

The following costs were incurred by Smith's company during the month of March

Direct labor $53,000

Indirect labor 18,000

Salary of corporate vice president for advertising 25,000

Direct materials 48,000

Indirect materials 4,000

Interest expense 7,500

Salary of factory supervisor 3,000 Insurance on manufacturing equipment 2,000

Therefore the actual manufacturing overhead for March can be calculated as follows

= Indirect labour + indirect materials + salary of factory supervisor + insurance on manufacturing equipments

= $18,000 + $4,000 + $3,000 + $2,000

= $27,000

Hence the actual manufacturing overhead for March is $27,000

8 0
3 years ago
A coin sold at auction in 2017 for $1,965,500. The coin had a face value of $5 when it was issued in 1794 and had previously bee
aksik [14]

Answer:

0.0642 or 6.42%

Explanation:

The period 't' between the year when the coin was issued, 1794, and 1971 is:

t=1971-1794 \\t=177\ years

If the coin had a value of $5 and after a period of t=177 years it was worth $305,000, the annual tax rate by which the coin appreciated is determined by:

305,000 = 5*(1+r)^{177}\\r=\sqrt[177]{61,000}-1\\r=0.0642=6.42\%

The annual rate was 0.0642 or 6.42%.

4 0
3 years ago
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