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
BigorU [14]
3 years ago
7

The preparation of a bank reconciliation is an important cash control procedure. If a company deposits cash receipts daily and m

akes all cash disbursements by check, explain why the cash balance per books might not agree with the cash balance shown on the bank statement. Identify specific ex
Business
1 answer:
castortr0y [4]3 years ago
8 0

Answer & Explanation :

Bank Reconciliation Statement is prepared to reconcile (match) the differences between bank balance as per cash book & bank balance as per pass book, at end of an accounting period.  

The differences may arise because of following reasons :

  • Errors committed by firm or bank
  • Cheques paid but not collected, upto the last date (added in cash book, but not in bank balance)
  • Cheques issued but not yet presented for payment, upto last date (subtracted in cash book, but not in bank balance)
  • Direct expenses & direct incomes settled by bank (done in bank balance, but not in cash book)

BRS involves starting with balance as per any book - cash book or passbook. Then, the adjustments for mismatch are done, to arrive at correct balance as per the other book.

You might be interested in
You are selling a product on commission, at the rate of $1,000 per sale. To date, you have spent $800 promoting a particular pro
Vesnalui [34]

Answer:

Either you quit trying and lose $800 sunk, or you spend $800 for $1,600 total in which the Net from the sale of $1,000 would results in a loss of $600. That means it will be of good to lose $600 than $800.

Explanation:

Since $800 has been spent which means Spending up to an additional $1,000 is still reasonable, but a condition in which you know that the deal will definitely go through.

Secondly since you have already sunk $800, and you know that spending an additional $800 would guarantee it, you can do one among this two options which are either you stop trying and lose the $800 sunk, or you the spend $800 for $1,600($1,000+$600) total in which the Net from the sale of $1,000 would results in a loss of $600($1,000-$800=200,$800-$200=$600). That means it will be of good to lose $600 than $800.

4 0
3 years ago
Read 2 more answers
When Patey Pontoons issued 6% bonds on January 1, 2018, with a face amount of $600,000, the market yield for bonds of similar ri
miskamm [114]

Answer:

Follows are the solution to this question:

Explanation:

Some of the missing data is defined in the attached file, please find it.

Bond problem rates  

Diagram values are based on the following:

N = 4\times 2 \\\\

    = 8 \ Years \\

i = 10.00 \% \times  \frac{1}{2} \\\\

  = 5.00 \% \\

\left\begin{array}{ccc} Cash \ Flow&\ \ \ \ \ \ \ Table \ Value  \times  Amount& \ \ \ \ \ \ \ \ =  Present \ Value\\ Principal  &0.676839 \times  \$ 600,000&    =\$ 406,104 \\ Semi-annual \ interest& 6.463213  \times \$ 18,000 &   =\$ 116,337\end{array}\right \\

Bond issuance price                                                                    

Timetable for bond amortization:  

please find the attachment.

5 0
3 years ago
What is research and development in research?
borishaifa [10]

Businesses engage in research and development (R&D) when they want to produce new products or find ways to enhance the ones they already have. Larger businesses might have their own in-house research and development group that will evaluate and improve items or procedures prior to use in the marketplace.


The creation of new knowledge is what research and development do. It is a task that businesses carry out in order to create new goods, methods, or services, or to enhance ones that currently exist. Businesses frequently assume risk in order to achieve this.

While the development stage of research and development comprises the processes necessary to bring a new or modified product or process into production, applied research advances the findings of basic research to the point where they can be used to address a particular need.


For more information on research and development visit:
brainly.com/question/18133163
#SPJ4

8 0
1 year ago
A woman is planning to retire in 30 years. She wishes to deposit a regular amount every three months until she retires, so that
IRINA_888 [86]

Answer:

The quarterly deposit required is $980.69

Explanation:

Giving the following information:

I will assume that the retirement age is 65 years.

First, we need to calculate the future value required one year after retirement.

FV= 40,000*20= $800,000

Number of years= 66 - 30= 36 years*4= 144

Interest rate= 0.08/4= 0.02

Now, to calculate the quarterly deposit required, we need to use the following formula:

FV= {A*[(1+i)^n-1]}/i

A= quarterly deposit

Isolating A:

A= (FV*i)/{[(1+i)^n]-1}

A= (800,000*0.02) / [(1.02^144)-1]

A= $980.69

7 0
4 years ago
Assume that an equity investment that lacks significant influence is sold. Which of the following would be included in the two e
Anastasy [175]

Answer:

A. An update of the Fair value adjustment account

D. The amount of the unrealized holding gain or loss that has occurred since the end of the prior accounting period

Explanation:

The value of an equity investment that lacks significant influence is adjusted at the end of each accounting period against an unrealized gain/loss account.

When the equity investment is sold, the unrealized gain/loss account will become realized depending on the sales value. Before any final gain or loss is realized, an adjustment must be made to the investment's Fair value adjustment account.

E.g if the investment X's balance account was $510,000 and its fair market value was $550,000, we would first need to adjust the fair value:

Dr Fair value adjustment of investment X 40,000

    Cr Unrealized holding gain 40,000

6 0
3 years ago
Other questions:
  • What is the name of the smallest amount that can legally be paid to most workers for an hour of work?
    13·1 answer
  • A company issues $50 million of bonds at par on January 1, 2018. The bonds pay 10% interest semi-annually on 12/31 and 6/30 and
    5·1 answer
  • vWhat are the most likely consumer market segments for robots? Which consumer characteristics would be important to determine th
    6·1 answer
  • Jack has $1,000 to invest. He has a choice between municipal bonds with an interest rate of 4% or corporate bonds with an intere
    13·1 answer
  • Two identical firms that share a market and produce a homogenous good will find the Bertrand Oligopoly LEAST attractive because
    11·1 answer
  • Assume a drought in the Great Plains reduces the supply of wheat. Noting that wheat is a basic ingredient in the production of b
    13·1 answer
  • How do you use morningstar. thx:)
    14·1 answer
  • Suppose that for each one-percentage-point increase in the interest rate, the level of investment spending declines by $0.5 bill
    5·1 answer
  • Beverly Company has determined a standard variable overhead rate of $3.10 per direct labor hour and expects to incur 0.50 labor
    10·1 answer
  • The optimal level of difficulty of a goal Question 18 options: occurs only when employees set their own goals. occurs when the g
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!