Answer:
Cash balance is $85,000
Explanation:
In determining the cash balance of the period, we must know how much is the inflow and outflow of the cash for the period and add it or deduct to the beginning balance. It is simply, beginning balance plus inflows less outflows. February is the first month of the operation of Schwenn Enterprises, that only means the possible beginning balance of the cash is the cash investment. So to further discuss it clearly, let’s do the computation.
Beginning balance on February $100,000
Add: inflow
Cash sales $20,000
Less: outflow
payment on expenses $35,000
CASH BALANCE AT FEBRUARY 28 $85,000
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Answer:
The company paid in dividends the same amount of the Net Income of the Year 2018
Explanation:
If the company keeps the retained gains at zero balance it means that each dollar the company gains during the year it's paid in dividends.
During the year the company gain money from its operations, the total Profit or Losses are reflected in the Financial Statements, if the company gains money and the Retained Earnings are zero, it means each dollar is paid in dividens, the amount available to paid is the Net Income of the Income Statement.
Price of the items = $24000
Discounts =30%, 25%, 15%.
Sale amount after discount,
100 - 30 = 70% = 0.7
100 - 25 = 75% = 0.75
100 - 15 = 85% = 0.85
Multiplying we get the discount = 0.7 x0.75 x 0.85 = 0.44625
So the net price = 0.44625 x 24000 = $10,710
Answer:
$38,950
Explanation:
Given that,
Cash balance on its books = $35,000
Outstanding checks = $11,000
Deposits in transit = $7,000
Bank service charges = $50
Tanner's April 30 cash balance per the bank statement:
= Cash balance in books + outstanding checks - Deposits in transit - Bank service charge
= $35,000 + $11,000 - $7,000 - $50
= $38,950
Therefore, cash balance as per bank statement is $38,950.
