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daser333 [38]
3 years ago
13

3. If a balance sheet were prepared for Pala Medical Co. on June 30, 20Y1, what amount should be reported as cash?

Business
1 answer:
Andru [333]3 years ago
4 0

Complete Question:

The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $166,436. The bank statement indicated a balance of $195,688 on June 30, 20Y1. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items:

a.  Checks outstanding totaled $19,427.

b.  A deposit of $12,300, representing receipts of June 30, had been made too late to appear on the bank statement.

c.  The bank collected $26,500 on a $25,000 note, including interest of $1,500.

d.  A check for $4,000 returned with the statement had been incorrectly recorded by Pala Medical Co. as $400. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account.

e.  A check drawn for $195 had been erroneously charged by the bank as $915.

f.  Bank service charges for June amounted to $55.

Answer:

Pala Medical Co.

Cash amount in the balance sheet = $189,281

Explanation:

a) Calculations:

Adjusted Cash balance at June 30, 20Y1

Cash balance                      $166,436

c) Note received by bank      25,000

c) Interest on the note             1,500

d) Returned check                 (3,600)

e) Bank charges                         (55)

Adjusted cash balance     $189,281

b) Balance as per bank statement = $195,688

a.  Checks outstanding totaled           ($19,427)

b.  A deposit of                                     $12,300

e. Overstated cheque                               720

Adjusted bank statement balance   $189,281

c) Preparing a bank reconciliation helps to identify discrepancies between the cash book balance of Pala Medical Co and the company's bank statement balance.  After the necessary adjustments, the two balances always agree and the adjusted figure is taken to the balance sheet.

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alexandr1967 [171]

Answer:

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Explanation:

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Present Worth = 190,000*[1/(1+0.09/4)^2*4] + 120,000*[1/(1+0.09/4)^9*4]

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5 0
2 years ago
Data for Hugh’s Corporation is provided below. Hugh’s recently acquired some risky assets that caused its beta to increase by 30
I am Lyosha [343]

Answer:

The stock's new expected rate of return is 14%

Explanation:

Ke=Rf+beta(Mrp-Rf)

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(Mrp-Rf) is the market risk premium at 6%

10.20%=Rf+1.0(6%)

10.20%=Rf+6.0%

Rf=10.20-6.00%

Rf=4.20%

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New risk rate is the old rate plus inflation rate of 2.00%

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Explanation:

here is an explanation and solution to your question

For Euphoria:

The opportunity cost of producing a unit of rye in terms of jeans =20/5 = 4

for contente:

The opportunity cost of producing a unit of rye in terms of jeans = 16/8 = 2

opportunity cost of producing 1 unit of jean in terms of unit of rye:

for euphoria = 5/20 = 1/4

for contente = 8/16 = 1/2

1.

Euphoria's opportunity cost of producing a a bushel of rye is 4 pairs of jeans.

contentes opportunity cost of producing a bushel of rye is 2 pairs of jeans.

2.

contente has comparative advantage in producing rye

euphoria has comparative advantage in jeans production

3

contente produces 8 bushels of rye so with 4 million hours of labor = 8x4 = 32 million bushels in a week.

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Answer:

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