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
Valentin [98]
3 years ago
9

Tony received his bank statement on March 7, showing a balance of $1,669.93. The balance shown in his checkbook was $1,451.06. D

eposits in transit amounted to $514.37 and there was a service charge of $10.00. Outstanding checks were $249.10, $78.13, and $352.63, and the interest earned was $63.38. Find the reconciled balance.

Business
1 answer:
levacccp [35]3 years ago
6 0

Bank balance and check book balance should always be the same but in case if there is some differences, it might be possible that certain amount is not recorded or missed either by bank or check book balance, hence the books should be reconciled.

The reconcile statement above should be:

Balance as per bank statement:

Add: Deposits in transit:

Less: Outstanding checks recorded in check book and not recorded in bank book.

Reconcile balance in the books of bank.

The image attached shows the reconciliation .

Balance as per cash book:

Less: Service charge deducted by bank but not recorded in check book

Add: Interest earned not recorded in check book

Reconcile Balance as per cash book.

The image is attached.



You might be interested in
Annissa has been working in the Boulevard Building Company for seven years. She is dedicated to her work and tries to follow the
Brums [2.3K]

Answer: <em>True</em>

Explanation:

The following statement is true, i.e. In accordance to the equity theory, she will try to change the working habits. The equity theory mostly concentrates on evaluating whether the allocation of commodities and resources is impartial to both of the relational partners. Here, equity is evaluated by contrasting the ratio in between the costs and rewards for each individual.

3 0
3 years ago
Hitzu Co. sold a copier (that costs $4,500) for $9,000 cash with a two-year parts warranty to a customer on August 16 of Year 1.
Makovka662 [10]

Answer:

Explanation:

Requirement 1

Warranty expense in 2015 = $9,000 x 6%

Warranty expense in 2015 =  $540

Note: As mention above Hitzu expects warranty cost to be 6% of dollar sales

Requirement 2

Estimate warranty liability as of Dec 2015 = $540

Requirement 3

Warranty expense in 2016 = 0

Requirement 4

Estimated warrant liability as of Dec 2016 = $540 -$114

Estimated warrant liability as of Dec 2016 = $426

Note: As the repair costs 114 on the same day of repair.

7 0
3 years ago
Assume that all fast-food restaurants employ many minimum wage workers. suppose 20,000 people in pennsylvania work in fast-food
schepotkina [342]
Whenever min. goes up, taxes increase, prices on food, goods../ are higher price, and especially gas...
4 0
3 years ago
Some companies attempt to maximize the revenue they receive from fixed operating capacity by influencing demands through price m
rosijanka [135]

Answer: Revenue management  

Explanation: Revenue management is the process under which an organisation tries to analyze the consumer behavior. This analysis is further used for the objective of making product available in right quantities  and at right price so that revenue could be maximized.

In the given case, the company is trying to influence demand by manipulating price, thus , they most be analyzing the relevant factors to do so.

Hence, we can conclude that this is an example of revenue management .

7 0
3 years ago
Good recordkeeping helps protect assets and helps managers? apply technological controls establish responsibilities monitor comp
coldgirl [10]

Good recordkeeping helps protect assets and helps managers <u>monitor company activities.</u>

<u></u>

<u></u>

<u></u>

What are the benefits of good recordkeeping?

  • Good records will help you do the following:
  1. Monitor the progress of your business.
  2. Prepare your financial statements.
  3. Identify sources of your income.
  4. Keep track of your deductible expenses.
  5. Keep track of your basis in property.
  6. Prepare your tax returns.
  7. Support items reported on your tax returns.
  8. Save time and costs
  9. Prevent loopholes and oversight
  10. Prevent fraud or theft
  11. Comply with laws
  12. Make business decisions
  • Different countries have different regulations depending on the local laws stipulated by the government.
  • It is important for you to do substantive research and ensure that your company’s current record keeping system is compliant with the country regulatory requirements.

To know more about good recordkeeping, refer:

brainly.com/question/11145292

#SPJ4

7 0
2 years ago
Other questions:
  • At a production level of 5,150 units, a project has total cash costs of $130,789. The variable cost per unit is $11.07, and the
    5·1 answer
  • Which investment has the least liquidity?<br> property<br> stocks<br> a savings account<br> a 401k
    12·1 answer
  • In 2005, Mandy and Hal (mother and son) purchased land for $600,000 as joint tenants with right of survivorship. Of the $600,000
    6·1 answer
  • Select the correct answers. Customers compare brands and plan for the purchase of which products? A. convenience products B. non
    5·2 answers
  • In what ways do people cope with the problem of scarcity (5 sentence)​
    15·1 answer
  • 8. The following transactions and events occurred during the year. Assuming that Picture Perfect Physicians’ uses the indirect m
    15·1 answer
  • Imagine you having your own business, what would be your pricing strategy and why?
    7·1 answer
  • You can still use deferment or forbearance options after your loans are in default. True or False
    13·1 answer
  • Characteristics of budgets include: (Check all that apply.) Multiple select question. a focus on the past. typically span a mont
    12·1 answer
  • The Up and Coming Corporation's common stock has a beta of 0.9. If the risk-free rate is 4 percent and the expected return on th
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!