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tangare [24]
3 years ago
5

The May bank statement for Accounting Services shows a balance of $6,300, but the balance per books shows a cash balance of $7,9

80. Other information includes the following:
following:
-A check for $200 to pay the electric bill was recorded on the books as $20.
-Included on the bank statement was a note collected by the bank for $400 plus interest of $30.
-Checks outstanding totaled $260.
-Bank service charges were $50.
-Deposits in transit were $2,140.

The adjusted cash balance at the end of August should be

A. $7,980.
B. $9,810.
C. $7,620.
D. $8,180.
Business
2 answers:
Lynna [10]3 years ago
8 0

Answer: The correct answer is choice D - $8,180.

Explanation: In order to determine the adjusted cash balance you need to first look at the bank balance. You need to add to in any deposits in transit and subtract any outstanding checks.

$6,300 + 2,140 - 260 = $8,180.

Next, you need to look at the book balance. From the book balance you need to subtract the correction for the electric bill payment, subtract the bank service charge and add any notes collected.

$7,980 - 180 - 50 + 430 = $8,180

sasho [114]3 years ago
6 0
<span>From the situation above, there is a need for the balance to be adjusted.The adjusted cash balance at the end of August should be
D. $8,180.</span>
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Suppose apples come in two quality​ levels, low quality and high quality. At a store in the​ apple-growing region, the price of​
dedylja [7]

Answer:

Yes.

Explanation:

Given that,

Price of​ low-quality apples = ​$1 per pound

Price of high-quality apples = $4 per pound

Marginal utility of low-quality apples = 3 utils

Marginal utility of high-quality apples = 12 utils

Equimarginal:

(Marginal utility of low quality apples ÷ Price per apple) = (Marginal utility of high quality apples ÷ Price per apples)

(3 utils ÷ $1) = (12 utils ÷ $4)

3 = 3

Yes, Timmy is maximizing his utility as his equimarginal utility is same for both the goods as shown above.

5 0
2 years ago
1. When you spend more than you make, you have a(n) _____?
Y_Kistochka [10]
I think the correct answer from the choices listed above is option A. When you spend more than you make, you have a deficit. <span>In economics, a </span>deficit is<span> an excess of expenditures over revenue in a given time period. Hope this answers the question. Have a nice day.</span>
7 0
3 years ago
Read 2 more answers
The following events occur for The Underwood Corporation during 2021 and 2022, its first two years of operations.
guajiro [1.7K]

Answer:

Net account receivable

2021 $8,085

2022 $5,335

Explanation:

Calculation for the net account receivable

2021 2022

Total account receivable 14,700 9,700

(33,200-18,500=14,700)

(48,200-38,500=9,700)

Less: Allowance for doubtful accounts (6,615) (4,365)

(45%*14,700=6,615)

(45%*9,700=4,365)

Net account receivable 8,085 5,335

(14,700-6,615=8,085)

(9,700-4,365=5,335)

Therefore Net account receivable will be :

2021 $8,085

2022 $5,335

6 0
3 years ago
Initial margin requirements are determined by:________
Goryan [66]

Answer:

b. the Federal Reserve System.

Explanation:

Initial margin refers to the deposit made by an investor with a broker, in order to open a margin account. The purpose of initial margin is security and collateral to ensure enough availability of cash in the trading account of the investor.

For instance an investor wants to purchase 4000 shares priced at 15$. In this case, he is supposed to deposit 50% of $60,000 i.e $30,000. The remaining $30,000 is contributed by the brokerage firm, regarded as borrowings on which the investor pays interest.

The initial margin limit is fixed by the Federal Reserve System.

3 0
3 years ago
McGlothin Inc. is considering a project that has the following cash flow data. What is the project's payback?Year 0 1 2 3Cash fl
telo118 [61]

Answer:

c. 2.30 years

Explanation:

In the payback, we analyze in how many years the invested amount is recovered. The computation is shown below:

In year 0 = $1,150 (Initial investment)

In year 1 = $500

In year 2 = $500

In year 3 = $500

If we sum the first 2 year cash inflows than it would be $1,000

Now we deduct the $1,000 from the $1,150 , so the amount would be $150 as if we added the fourth year cash inflow so the total amount exceed to the initial investment. So, we deduct it

And, the next year cash inflow is $500

So, the payback period equal to

= 2 years + ($150 ÷ $500)

= 2.30 years

In 2.30 yeas, the invested amount is recovered.

8 0
3 years ago
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