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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

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Answer:

Correct option is (a)

Explanation:

Adjusting journal entries are passed before financial statements are prepared to so as to confirm if revenue recognition and matching principles are complied with. Adjusting entries are required to be passed if transactions is spread over multiple financial periods. For example, adjusting entry is passed if goods are received this year but payment will be made next year.

Before income statement and balance sheet is prepared, these entries are passed. Thereafter, adjusting trial balance is prepared and finally financial statements are prepared.

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3 years ago
The three areas in which Americans spent most of their money are
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Garcia Co. sells snowboards. Each snowboard requires direct materials of $100, direct labor of $30, and variable overhead of $45
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Answer:

Selling Price per unit = $287.5 per unit

Explanation:

Provided quantum of sales = 10,000 units

Cost statement for 10,000 units

Direct material = $100 \times 10,000 = $1,000,000

Direct Labor = $30 \times 10,000 = $300,000

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6 0
3 years ago
JPR Company's preferred stock is currently selling for $28.00, and pays a perpetual annual dividend of $2.00 per share. Underwri
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Answer:

8%

Explanation:

Data provided in the question

Current selling price of the preferred stock = $28

Annual dividend = $2 per share

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So by considering the above information, the cost of new preferred stock is

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We simply applied the above formula so that the cost of preferred stock could arrive

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3 years ago
The aggregate quantity of goods and services demanded changes as the price level rises because
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Answer:

a.

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The aggregate quantity of goods and services demanded changes as the price level rises because real wealth falls causing interest rates to rise, and this in term causes the dollar to appreciate since the interest rates are for products and services within the country and not foreign goods or services. Which as the dollar appreciates it means that foreign goods and services will become cheaper or that their relative price will fall.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

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