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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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False

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The statement is false.

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If a market is semistrong-form efficient, this implies that above-average returns cannot be achieved by analyzing publicly avail
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3 years ago
Tom rented an apartment from margaret on a month-to-month basis, with rent due on the first of the month. this type of tenancy i
Alborosie
False. 

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3 0
3 years ago
On September 1, 2018, Able Company purchased a building from Regal Corporation by paying $580,000 cash and issuing a one-year no
Nataly_w [17]

Answer:

1. Able must pay Regal Corporation $599,400 on September 1, 2019, when the note matures.

2. The amount of Interest Able will recognize on this Notes Payable is 39,600

3. The total cash (including interest) paid for the building purchased by Able is $1,179,400

4. Payroll related expense does not come into picture in this question. So it is not answered.

Explanation:

1. According to the given data we have the following:

Rate of Interest = 11%

Therefore:      

Year                      Amount Interest      

September 1, 2018       $540,000      

December 31, 2018            $19,800      

September 1, 2019                     $39,600      

Total                      $540,000     $59,400

Therefore, Total Payable=Notes payable+Interest 540000      Total Payable= $540,000+$59,400

Total Payable=$599,400

Able must pay Regal Corporation $599,400 on September 1, 2019, when the note matures.

2. The amount of Interest Able will recognize on this Notes Payable is 39,600

3. To calculate The total cash paid for building purchased by Able including interest we have to make the following calculation:

Total cash paid for purchase of building=Cash paid at the time of purchase of building+Notes payable+Interest

Total cash paid for purchase of building=$580,000+$540,000+$59,400

Total cash paid for purchase of building=$1,179,400

The total cash (including interest) paid for the building purchased by Able is $1,179,400

4. Payroll related expense does not come into picture in this question. So it is not answered.

6 0
3 years ago
A corporation reports the following year-end balance sheet data. The company's debt ratio equals: Cash $ 40,000 Current liabilit
Lady_Fox [76]

Answer:

0.37

Explanation:

The formula to compute the debt ratio is shown below:

= Total liabilities ÷ Total assets

where,

Total liabilities would be

= Current liabilities + Long term liabilities

= $75,000 + $35,000

= $110,000

And, the total assets would be

= $300,00

Now put these values to the above formula  

So, the ratio would equal to

= $110,000 ÷ $300,000

= 0.37

4 0
3 years ago
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