(a) The bank statement balance is $3,075. (b) The cash account balance is $3,173. (c) Outstanding checks amounted to $636. (d) D
eposits in transit are $661. (e) The bank service charge is $64. (f) A check for $50 for supplies was recorded as $41 in the ledger. Required: Prepare a bank reconciliation for Miller Co. for August 31. Be sure to complete the statement heading. Refer to the Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. "Deduct" or "Add" will automatically appear if it is required. Enter all amounts as positive values.
1 answer:
Answer:
Explanation:
Bank Reconciliation: The bank reconciliation deals with the bank statement balance and the cash statement balance. The motive is to compare these two statements so that the organization can run in the smoothly manner.
There are various transactions due to which the bank statement balance and the cash statement balance do not match. To match these statements, we adjust the transactions accordingly.
The error would be
= $50 - $41
= $9
The preparation of the bank reconciliation statement on August 31 is presented in the spreadsheet. Kindly find the attachment below:
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Answer:
1. Break even points in units will be = 2,700 units
2. Break-even point in dollar sales = $56,700
3. In case fixed expense increase by $600 then Break even point in unit sales = 2,900 units
Explanation:
Break even point =
Fixed Cost = $8,100
Contribution per unit = Sale Price - Variable Cost = $21 - $18 = $3
1. Break even points in units will be
=
2. Break-even point in dollar sales
= Break even point in units X Sale price per unit
= 2,700 units X $21 = $56,700
3. In case fixed expense increase by $600 then Break even point in unit sales
= = 2,900 units
Final Answer
1. Break even points in units will be = 2,700 units
2. Break-even point in dollar sales = $56,700
3. In case fixed expense increase by $600 then Break even point in unit sales = 2,900 units