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Andreas93 [3]
3 years ago
6

A company has a cash balance in their general ledger of "$4,000". On the bank statement they just received they see the followin

g items: a note collected by the bank from their customer for $1,000 plus $40 in interest, bank service charges of $20 and a NSF check from a customer for $300. What should the CORRECT balance in the general ledger cash account be?
Business
1 answer:
Oliga [24]3 years ago
3 0

Current balance in the general ledger cash account is $5,320

Explanation:

                                                      General ledger

Opening balance                                $4,000

(Add)

A note collected by a customer         $1,000

interest collected by a customer            $40

NSF check from a customer                  $300.

                                                           ------------------

                                                              $5,340

(Less) bank service charges                     $20

                                                             ---------------

Balance in the general ledger

cash account is                                      $5,320

current balance in the ledger cash account =

( $4,000+ $1000+ $40+ $300- $20= $5320)

( $4,000+ $1000+ $40+ $300- $20= $5320)

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2 years ago
The Warren Watch Company sells watches for $21, fixed costs are $180,000, and variable costs are $15 per watch.
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Answer:

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  • 20,000 watches:  $60,000  (Loss)
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Explanation:

Hi, to answer this question we have to apply the next formula:

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