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eduard
3 years ago
12

At June 30, Almond Co.'s cash balance was $10,012 before adjustments, while its ending bank statement balance was $10,772. Check

number 101 was issued June 2 in the amount of $95, but was erroneously recorded in Almond's general ledger balance as $59. The check was correctly listed in the bank statement at $95. The bank statement also included a credit memo for interest earned in the amount of $35, and a debit memo for monthly service charges in the amount of $50. What was Almond's adjusted cash balance at June 30?A. $9,598B. $9,961C. $10,048D. $10,462
Business
1 answer:
Lunna [17]3 years ago
3 0

Answer:

The correct option here is B) $9,961.

Explanation:

For taking out the adjusted cash balance at June 30 we will subtract the error in ledger amount and debit memo for monthly service charge and add the interest earned from the initial cash balance before any adjustment is made.

INITIAL CASH BALANCE = $10,012

(-) ERROR IN LEDGER      = $95 -$59

                                         = $36 ( this is the amount that Almond co's have to

                                                    pay more )

(+) INTEREST EARNED    = $35

(-) SERVICE CHARGES    = $50

ADJUSTED CASH BALANCE = $9961

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Answer:

Present Value= $45,454.55

Explanation:

Giving the following information:

You will get a rent of $50,000 each year.

The discount rate is 10%.

To calculate the present value at time zero of the first rent, we need to use the following formula:

PV= FV/(1+i)^n

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3 years ago
Suppose that consumers would like to purchase 10 million dvds but only 5 million are available. in order for the market to coord
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Answer: in the given hypothetical statement above in order for the market to coordinate the demand and supply for dvds, the price of dvds will have to increase. When the price of dvds increase the supply will increase too, because the suppliers will now have a greater profit margin than before. On the other hand, the demand will decrease because of the higher prices and in this way the demand and supply curves will reach an equilibrium.

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3 years ago
An investor who goes short in a futures contract will _____ any increase in value of the underlying asset and will _____ any dec
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8 0
2 years ago
X Co. issued 7% bonds with a face value of $200,000. At time of issue, the market interest rate for similar bonds was 8%. The bo
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Solution:

Given that :

X company issued bonds of 7 percent having face value of $ 200,000.

At the time of issue the market rate of interest is 8 percent.

Life of the bonds = 5 years

And interest is paid annually.

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Issue price of bond = ($ 200,000 x 7%) x PUIFA (8%, 5 periods) + ($ 200,000) x PUIF (8%, 5th period)

= ($ 14,000 x 3.99271) + ($ 200,000 x 0.68058)

= ($ 55,897.94) + ($ 136,116)

= $ 192,014

Journal entry of issuance of bond at the beginning of year 1

Date/ period     General journal            Debit                    Credit

Beginning of        Cash A/c                  $192,014          

period 1                Discount of bond      $ 7986

                             payable A/C

                            To bond payable a/c                              $200,000

Bond amortisating schedule using effective interest rate:

Period        Interest expense     Interest expense    Discount         Closing of

                   paid in advance          record                                         book value

Beginning

of period 1                                                                                            $192,014

Period 1      $14,000                     $15361                     $ 1361             $193,375

                                                  ($192,014 x 8%)

Period 2      $14,000                     $15470                     $1470            $194845

                                                  ($193,375 x 8%)  

Period 3      $14,000                     $15588                    $ 1588            $196433

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Period 4      $14,000                     $15715                    $ 1715             $198148

                                                  ($196433 x 8%)

Period 5      $14,000                     $15852                     $ 1852           $200000

                                                  ($198148 x 8%)

5 0
3 years ago
On November 6, 20X7, Zucor Corp. purchased merchandise from an unaffiliated foreign company for 50,000 units of the foreign comp
fgiga [73]

Answer

The answer and procedures of the exercise are attached in the following archives.

Explanation  

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.  

8 0
3 years ago
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