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3 years ago

Checking accounts at a local bank carry an average balance of $3,000. The bank turns over its balance 6 times a year.

Business

1 answer:

SIZIF [17.4K]3 years ago

5 0

Answer:

$1500

Explanation:

The average cash is $3000 which is turned over 6 six times a year.

In other words average cash that flowed through the bank on monthly basis is computed thus:

average monthly cash=(average cash *rate of cash turnover)/12months

=($3000*6)/12months

=$1,500.00

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Preparing the statement of cash flows Polk Street Homes had the following cash transactions for the month ended July 31, 2018.Ca

MrRissso [65]

Answer:

Explanation:

The preparation of the Cash Flows from three Activities - Direct Method is shown below:

Cash flow from Operating activities

Cash receipts:

Collections from customers $25,000

Less: Cash payments:

Rent -$500

Utilities -$2,000

Salaries -$1,500

Net Cash flow from Operating activities $21,000

Cash flow from Investing activities

Purchase of equipment -$25,000

Net Cash flow from Investing activities -$25,000

Cash flow from Financing activities

Issued common stock $13,000

Less: Payment of cash dividends -$4,000

Net Cash flow from Financing activities $9,000

Net Cash flow from Operating activities $21,000

Net Cash flow from Investing activities -$25,000

Net Cash flow from Financing activities $9,000

Net increase (decrease) in cash for the year is $5,000

Add: Cash balance, July 1, 2018 $14,000

Cash balance, July 31, 2018 $19,000

6 0

3 years ago

Foxtrot Co. started 2021 with $113,000 of merchandise inventory on hand. During 2021, $480,000 in merchandise was purchased on a

Marina CMI [18]

Answer:

$211,772

Explanation:

The computation of ending inventory is shown below:-

Discount = ($480,000 - $3,600) × 2%

= $9,528

Cost of goods for sale = Beginning inventory + purchases - returns at invoice price - Discounts + Freight - Cost of goods sold

= $113,000 + $480,000 - $3,600 - $9,528 + $7,900

= $587,772

Ending inventory = Cost of goods for sale - Cost of goods sold

= $587,772 - $376,000

= $211,772

So, the right answer is $211,772. Hence the option is not available.

4 0

3 years ago

Charlotte is declared mentally incompetent by a court and is unable to participate as a partner in Aflac Enterprises c partnersh

KatRina [158]

I think it’s C

-TwoTime-

6 0

3 years ago

Zach Company owns 40% of the voting stock of Tomas Corporation and uses the equity method in recording this investment. Tomas Co

Anna71 [15]

Credit to the investment account for $8,000. The consolidated financial statements would therefore be necessary once one firm acquired 50% or more of the voting capital of another company. A parent-subsidiary relationship is created as a result of consolidation, with the parent business assuming ownership of the stock.

Investment account:

When you consider investing, a cash account is likely the type of Investment account that comes to mind. You fund a cash brokerage account by making a deposit, and you then utilise the money to purchase securities.

Cash and assets (stocks, bonds, ETFs, mutual funds, etc.) that you buy and sell to reach your financial objectives are kept in an investment account. Trading accounts for individual investors are managed by dealers and their representatives who are registered investment advisors.

There are four basic asset classes, or investment categories, from which you can select. Each has unique qualities, dangers, and advantages.

Learn more about Investment account here:

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7 0

2 years ago

Fruit thinning is practiced for peaches to increase the size of the remaining fruit (T/F)

aliya0001 [1]

Answer:

The statement is: True.

Explanation:

Fruit thinning is the process by which farmers remove some of the fruits growing on a tree so that the remaining can grow bigger and better. This practice is usually performed during the spring and it is useful to prevent limbs to break due to excessive weight.

5 0

3 years ago