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Aleonysh [2.5K]
3 years ago
15

Fitzgerald Company wrote checks totaling $34,160 during October and $37,300 during November. $32,480 of these checks cleared the

bank in October, and $36,440 cleared the bank in November. What was the amount of outstanding checks on November 30?
Business
1 answer:
il63 [147K]3 years ago
5 0

Answer:

The amount of $ 2,540 is the checks that were outstanding on November 30.

Explanation:

The amount of the outstanding checks will be shown as:

Amount of outstanding checks = Checks wrote in October + Checks wrote in November - Checks cleared in October - Checks cleared in November

where

Checks wrote in October amounts to $34,160

Checks wrote in November amounts to $37,300

Checks cleared in October amounts to $32,480

Checks cleared in November amounts to $36,440

Putting the values above:

Amount of outstanding checks = $34,160 + $37,300 - $32,480 - $36,440

= $71,460 - $68,920

= $2,540

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a. $213,000

Explanation:

8 0
3 years ago
A local private not-for-profit health care entity incurred the following transactions during the current year. Record each of th
erastova [34]

Answer:

JOURNAL ENTRIES

a) Debit investment $160,000 Credit Unrestricted Cash $160,000

b) Debit Permanent Restrictions cash $80,000 Credit Donations received $80,000

c) Debit Medicine Asset (on hand) $25,000 Credit $25,000 Restricted cash $25,000

d) Debit  Accounts receivables $600,000 Credit N.G.O Revenues $600,000

e) Debit depreciation $38,000 Credit Accumulated depreciation $38,000

f) Debit Restricted Cash $15,000 Credit Interest income $15,000

g) NO entry ( estimate and future action)

h) Medicine expense $25000 Credit Medicine asset $25000

i) Debit Restricted Cash $172,000 Credit Investment $160,000, Credit Gain on sale of investment $12,000

  Debit Equipment $187000 Credit Restricted cash $187000

j) no entry ( just promises)

UNRESTRICTED CASH

a) investment                      - 160000

RESTRICTED CASH (TEMPORAL)

c) Medicine                          -25000

f) Interest                              +15000

i) sold investment                + 172000

                                              = 162000

Restricted cash permanent

b) Donations                       +80000

Explanation:

EQUIPMENT = Temporal restricted cash = 162000+25000 = $187,000

The donation's money is restricted only to donations

7 0
3 years ago
If a company spends $20 million to install new footwear-making equipment with capacity to produce 1 million pairs of athletic fo
labwork [276]

Answer: 10% or $2,000,000

Explanation:

Seeing as no figures were produced, we will have to do this ourselves.

We will make assumptions which include the following,

Life of the equipment = 10 Years

Salvage value = 0

Those are our 2 assumptions.

In that case then,

The Annual Depreciation will be,

Depreciation = (Cost of equipment - Estimated salvage value) / Estimated useful life

= (20 - 0) / 10

= $2 million

Seeing as 2 million is,

= 2/20 * 100

= 10%

That would mean that annual depreciation costs at that facility will rise by $2 million or 10%.

If you need any clarification do react or comment.

3 0
3 years ago
Kurtz Fencing Inc. uses a job order cost system. The following data summarize the operations related to production for March, th
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Answer:

The solution is shown in the file attached below

Explanation:

Download docx
8 0
3 years ago
brutus co. exists in a world with taxes, but otherwise, capital markets are perfect. brutus co's debt cost of capital is 6%, its
FinnZ [79.3K]

Brutus co's leverage ratio is  40%

<h3>What leverage ratio?</h3>
  • The weighted average cost of capital (WACC), which includes common stock, preferred stock, bonds, and other types of debt, is the average after-tax cost of capital for a company. The WACC is the typical interest rate that a business anticipates paying to finance its assets.
  • The rate that a business is anticipated to charge on average to all of the holders of its securities in order to fund its

Cost of capital is 6%, its equity cost of capital is 11%, its weighted average cost of capital is 5.8% and its tax rate is 25%.

WACC = (5.8% x 25%) + (5.8% x 11% x 6%)

WACC = 3.973

WACC =   40%

Brutus co's leverage ratio is  40%

To learn more about WACC refer to:

brainly.com/question/25566972

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