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NARA [144]
3 years ago
11

The Cash account of Safety Security Systems reported a balance of $ 2 comma 450 at December 31​, 2018. There were outstanding ch

ecks totaling $ 1 comma 800 and a December 31 deposit in transit of $ 400. The bank​ statement, which came from Park Cities​ Bank, listed the December 31 balance of $ 4 comma 370. Included in the bank balance was a collection of $ 530 on account from Wayne Brown​, a Safety customer who pays the bank directly. The bank statement also shows a $ 30 service charge and $ 20 of interest revenue that Safety earned on its bank balance. Prepare Safety​'s bank reconciliation at December 31.

Business
1 answer:
Tanya [424]3 years ago
6 0

Answer:

You can prepare a bank reconciliation by starting with the balance as per the company's books, and undoing all entries that were entered in the books but are not yet reflecting in the bank statement, and then adjusting for all entries that are in the bank statement that were not recorded in the company's books as you would have entered them if given the chance to record them as shown below:

Explanation:

Balance as per cash account  2,450  

add back outstanding checks  1,800  

less deposit in transit                    (400)

add receipt from Wayne Brown     530  

less service charge                     (30)

Add interest earned               <u>       20  </u>

Balance as per Bank Statement <u> 4,370  </u>

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The Arkansas Company makes and sells a product called Product K. Each unit of Product K sells for $39 dollars and has a unit var
ioda

Answer:

$36,020.40

Explanation:

The computation of cash balance is shown below:-

Excess of cash receipts over disbursement = Beginning cash balance + Cash receipts - Cash disbursement

= $64,500 + $1,302,200 - $1,310,000

= $1,366,700 - $1,310,000

= $56,700

Interest = X × 0.02

Cash balance at end = Excess of cash receipts over disbursement + Borrowing - Interest

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7 0
2 years ago
On January 1, 2017, Sheridan Company had a balance of $417,000 of goodwill on its balance sheet that resulted from the purchase
Thepotemich [5.8K]

Answer:

patent      301,350 debit

       cash                 301,350 credit

franchise 633,600 debit

        cash               633,600 credit

development expense   189,000 debit

         cash                                    189,000 credit

year-end adjustment:

amortization expense   50,225 debit

         patent                                  50,225 credit

amortization expense   31,680‬ debit

         patent                                  31,680‬ credit

Explanation:

The patent and franchise will be activate as there is a certain possibility to produce positive cashflow in the future.

They will be adjusted at year-end for amortization:

301,350 / 6 = 50,225 amortization on patent

633,600 / 10 = 63,360 amortization on franchise

As it was concede on July 1st then, we will do half-year

63,360 / 2 = 31,680‬

The development cost will be treated as expense as there is no precise information that can determined the development cost which yield a positive outcome.

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Under NASAA's Statement of Policy on Dishonest or Unethical Business Practices of Broker/Dealers and Agents, which of the following is NOT considered when determining excessive trading in a client's account:

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