1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
vampirchik [111]
3 years ago
14

Wright Company's cash account shows a $27,700 debit balance and its bank statement shows $26,000 on deposit at the close of busi

ness on May 31. The May 31 bank statement lists $110 in bank service charges; the company has not yet recorded the cost of these services. Outstanding checks as of May 31 total $5,700. May 31 cash receipts of $6,300 were placed in the bank’s night depository after banking hours and were not recorded on the May 31 bank statement. In reviewing the bank statement, a $410 check written by Smith Company was mistakenly drawn against Wright’s account. The bank statement shows a $580 NSF check from a customer; the company has not yet recorded this NSF check. Prepare its bank reconciliation using the above information.
Business
1 answer:
zaharov [31]3 years ago
5 0

Answer:

Cash account reconciliation:

Cash account balance                                $27,700

subtract bank fees                                           ($110)

subtract NSF check                                  <u>     ($580)</u>

Reconciled balance                                    $27,010

Bank account reconciliation:

Bank account balance                               $26,000

subtract outstanding checks                     ($5,700)

add deposits in transit                                 $6,300

add error with Smith Company check    <u>        $410</u>

Reconciled balance                                    $27,010

You might be interested in
Buying an existing business is beneficial because: a.it does not require a large initial capital. b.it has an established relati
oksano4ka [1.4K]

Buying an existing business is beneficial because it does not require large initial capital.

Option a

<u>Explanation: </u>

The idea of buying an existing business is much easier than that of starting a business. Buying an existing business includes lesser risks. When we are buying a business, it means that we are taking over an operation that is already generating some profits or cash flows.  

Moreover, it does not need enormous amount of capital since, majority of the setups will already be there and all we have to do is just to reconstruct and maintain it. We cannot be sure that whether the previous business holder had professional financial dealings with the government side so, it sometimes may become our duty to initiate the papers and get financial support from the government if required.

In addition, there are cases in which the lenders that the previous owner dealt with will not be the same as ours. Therefore, the answer would be option a.

6 0
2 years ago
Several years ago, Cayuga Capital acquired a $1 million insurance policy on the life of its chief executive officer, naming Cayu
cestrela7 [59]

Answer:

The Journal entry is as follows:

On December 31st, 2021

Cash surrender value A/c Dr. $3,000

Insurance expense A/c     Dr. $17,000

          To cash A/c                                  $20,000

(To record the payment of the insurance premium)

Working note:

Increase in cash surrender value of the policy:

= $15,000 - $12,000

= $3,000

Insurance expense:

= Annual premiums - Increase in cash surrender value of the policy

= $20,000 - $3,000

= $17,000

4 0
3 years ago
A firm in a purely competitive industry has a typical cost structure. The normal rate of profit in the economy is 5 percent. Thi
lesya692 [45]

Answer:

1. 11%

2. Yes and it is 6% for the large

3. Entry

4. 5%

Explanation:

4 0
2 years ago
A stockholder sold her shares and made a profit of $1,403. If that is a profit of 27%, how much were the shares worth when she o
tigry1 [53]

The worth of the shares when the stockholder originally purchased them is $1105.

<h3>What are shares?</h3>

Shares are fractional ownership interests in a corporation. For some businesses, shares are a type of financial instrument that allows for the equitable distribution of any declared residual profits in the form of dividends.

It is assumed that the purchase price of the share is $100. As the stockholder sold her shares for $1,403, making a profit of 27%, it implies that:

  127 = $1,403

∴ 100 = $1,403/127 × 100

        = $1104.72

Therefore, $1104.72 is the original purchase price of the share.

To learn more about share, click here:

brainly.com/question/28392295

#SPJ1

7 0
1 year ago
Foreign firms should seek alliances with well-qualified local companies in countries characterized by inadequate legal and polit
balu736 [363]
<span>Foreign firms should seek this sorts of alliances, because making them is a good way to obtain knowledge of local markets; contrast this to a foreign firm attempting to start up a branch on their own, perhaps in the form of a greenfield venture. They would potentially have to figure out local market conditions from scratch, whereas a local company would potentially have years of successful experience and knowledge already at their fingertips.</span>
8 0
3 years ago
Other questions:
  • The benefit of a subsidy will go primarily to sellers when the a. demand for the product is highly inelastic and supply is relat
    9·1 answer
  • Because of the adverse selection problem loading...​:
    5·1 answer
  • Explain briefly why the private market for public goods is typically characterized by underprovision. Under what situations will
    5·1 answer
  • How is the value of a product determined?
    7·2 answers
  • Which of the following statements is CORRECT?
    9·1 answer
  • Azeem is considering the various options available to him to promote an energy drink, Turbozade, that has decreasing sales volum
    6·1 answer
  • Which development would most reflect Karl Marx's belief in the economic
    5·2 answers
  • A drive through liquor store estimates that customers arrive in their cars at the rate of 10 per hour. The cashier can serve cus
    11·1 answer
  • Three $1,000 face value, 10-year, noncallable, bonds have the same amount of risk, hence their YTMs are equal. Bond 8 has an 8%
    5·1 answer
  • Expenses and revenues that relate directly to the principal revenue-generating activities of the company are classified as _____
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!