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
GaryK [48]
3 years ago
12

If the month-end bank statement shows a balance of $54,000, outstanding checks are $15,000, a deposit of $6,000 was in transit a

t month end, and a check for $900 was erroneously charged by the bank against the account, the correct balance in the bank account at month end is:
Business
1 answer:
Karo-lina-s [1.5K]3 years ago
6 0

Answer:

The answer is $45,900

Explanation:

A bank reconciliation is the process of reconciling the balances in an entity's accounting records for a cash book account to the balance on the bank statement.

Balance as per bank --------$54,000

Add:

Deposit in transit--------------- $6,000

Error charged-----------------------$900

Subtract:

Outstanding checks are----$15,000

Correct balance----------------$45,900

Therefore, the correct balance in the bank account at month end is $45,900

You might be interested in
During its first year of operations, Novak Corp. Had these transactions pertaining to its common stock. Jan. 10 Issued 26,000 sh
bonufazy [111]

The journal entries to record the common stock transactions under the two scenarios are as follows:

a) Assuming that the common stock has a par value of $4 per share:

Jan. 10 Debit Cash $104,000

Common Stock $104,000

July 1 Debit Cash $495,000

Common Stock $220,000

Additional Paid-in Capital $275,000

b) Assuming that the common stock is no-par with a stated value of $3 per share

Jan. 10 Cash $104,000 Common Stock $78,000 Additional Paid-in Capital $26,000

July 1 Cash $495,000 Common Stock $165,000 Additional Paid-in Capital $330,000

<h3>What is the difference between par value and stated value?</h3>

There is <u>no major difference</u> between the par value and the stated value of the common stock, except as follows.

While the stated value is assigned when there is no par value for accounting purposes, the par value is assigned when the shares are authorized for issuance.

The two function as the face value of the shares which can be compared to the market value to discover if there is additional paid-in capital or not.

<h3>Data and Calculations:</h3>

a) Jan. 10 Cash $104,000 Common Stock $104,000

July 1 Cash $495,000 Common Stock $220,000 Additional Paid-in Capital $275,000

b) Jan. 10 Cash $104,000 Common Stock $78,000 Additional Paid-in Capital $26,000

July 1 Cash $495,000 Common Stock $165,000 Additional Paid-in Capital $330,000

Learn more about recording stock issuance transactions at brainly.com/question/17201601

7 0
2 years ago
Time Remaining 1 minute 56 seconds00:01:56 Item 1Item 1 Time Remaining 1 minute 56 seconds00:01:56 You Save Bank has a unique ac
Amanda [17]

Answer:

Future value = 16007.81437

Explanation:

we have to compound all the rates for the time period together as the 7,750 as exposed to this rate and their interest generated in one period are taking into consideration for the subsequent period interest calculations.

7,750 (1.06)^3(1.066)^2(1.073)^6 = FV

We multiply them and get the future value factor:

7,750 \times 2.065524435 = FV

we now can solve for future value:

Future value = 16007.81437

6 0
3 years ago
Havermill Co. establishes a $250 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated recei
masha68 [24]

Answer:

Debit Petty Cash $250; credit Cash $250

Explanation:

Based on the information given we were told that the Company establishes the amount of $250 as a petty cash fund on September 1 which means that The journal entry to record the establishment of the fund on September 1 is:

Debit Petty Cash $250

Credit Cash $250

5 0
2 years ago
It will cost $2,500 to acquire an ice cream cart. Cart sales are expected to be $1,500 a year for three years. After the three y
Dvinal [7]

Answer: 1 year and 6 months

Explanation:

The cash flows are as follows,

Year 0 = ($2,500)

Year 1 = $1,500

Year 2 = $1,500

Year 3 = $1,500

Payback period is the time it will take to break even the intial investment (In this question the initial investment is $2,500)

The sum of the cashflows of year1 and year2 is equal to $3,000

which means that the payback period is somewhere bbetween year 1 and year2

1500/3000 = 0.5 year or 6 months

the total payback period is 1 year and 6 months

3 0
3 years ago
A firm has total assets of $2,060,000. it has $847,000 in long-term debt. the stockholders equity is $647,000. what is the debt
Julli [10]
I believe the answer is 67% hope this helps 
5 0
3 years ago
Other questions:
  • The efficient-market hypothesis:a) has little empirical validity. b) implies that security prices properly reflect information a
    11·1 answer
  • When average total cost is at its minimum
    10·1 answer
  • Jackson Company uses a perpetual inventory system. On November 30, it purchased $10,000 of merchandise and it must pay the $200
    11·1 answer
  • Suppose that the equilibrium wage for teachers in Michigan is $15/hour. Also suppose that Michigan raises its minimum wage to $1
    15·1 answer
  • During project executing, a team member comes to the project manager because he is not sure what work he needs to accomplish on
    9·1 answer
  • SWOT analysis is a framework for analyzing the internal and external environment of a company. It consists of strengths, weaknes
    15·1 answer
  • Which of the following is NOT one of the components of a firm's business model?
    5·1 answer
  • Recognizing religious holidays, differing modes of dress, and dietary restrictions as well as allowing flexible scheduling are a
    10·1 answer
  • A firm has unlevered beta of 1.1, and now its debt to equity ratio is 0.4. What is the levered beta assuming the tax rate is 40%
    13·1 answer
  • How many patents have been issued in the united states?
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!