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Gre4nikov [31]
3 years ago
13

Grant Company gathered the following reconciling information in preparing its July bank reconciliation: Cash balance per books,

7/31 $3,500 Deposits in transit 150 Notes receivable and interest collected by bank 850 Bank charge for check printing 20 Outstanding checks 2,000 NSF check 170 The adjusted cash balance per books on July 31 is a. $4,160. b. $4,010. c. $2,310. d. $2,460.
Business
1 answer:
ddd [48]3 years ago
6 0

Answer:

a. $4,160.

Explanation:

The bank reconciliation is one done between the balance per the books and balance per the bank statement. This is usually as a result of transactions known as reconciling items.

These are items that have either been recognized in books but yet to be recorded by the bank or vice versa, transactions recorded wrongly by one of the parties etc.

The adjusted cash book balance is one that contains the necessary adjustments to transactions captured in the bank statement but yet to be recorded in the books.

The adjusting items are

  • Notes receivable and interest collected by bank 850
  • Bank charge for check printing 20
  • NSF check 170

Hence the adjusted cash balance

= $3500 + $850 - $20 - $170

= $4,160

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Which of the following statements is true of the social responsibilities of a business? Multiple Choice Legal responsibilities a
ElenaW [278]

Answer:

A firm’s ethical responsibilities go beyond its legal responsibilities.

Explanation:

5 0
3 years ago
Suppose that the risk-free rate is 5% and that the market risk premium is 7%. What is the required return on (1) the market, (2)
Nesterboy [21]

Answer:

1.

r market = 0.12 or 12%

2.

r stock = 0.12 or 12%

3.

r Stock = 0.169 or 16.9%

Explanation:

The required rate of return can be calculated using the CAPM or Capital asset pricing model equation. The formula for required rate of return under this model is,

r = rRF + Beta * rpM

Where,

  • rRF is the risk free rate
  • rpM is the risk premium on market
  • r represents the required rate of return

1.

The beta of the market is always considered to be 1. Thus, the required rate of return on market would be,

r market = 0.05 + 1 * 0.07

r market = 0.12 or 12%

2.

For a stock whose beta is 1.0, the required rate of return would be same as that for market. So, the required rate of return for a stock with a beta of 1.0 is,

r Stock = 0.05 + 1 * 0.07

r Stock = 0.12 or 12%

3.

The required rate of return for a stock with a beta of 1.7 is,

r Stock = 0.05 + 1.7 * 0.07

r Stock = 0.169 or 16.9%

3 0
3 years ago
Colaw Co. pays all salaried employees on a biweekly basis. Overtime pay, however, is paid in the next biweekly period. Colaw acc
fgiga [73]

Answer:

salaries expense   81,000  debit

    salaries payable               81,000 credit

Explanation:

the recurrring salaries for a biwweekly salaries is 270,000

In two weaks assuming five-day work week, there is 10 days.

so we divide to get the expected wages per day the recurring salaries by the amount of days of that period:

270,000 / 10 = 27,000 per day

Then, we multiply by the 3 days from the current period:

27,000 x 3 = <u>81,000</u>

this will be the accrued expenses for the period

5 0
3 years ago
List at least 6 things your credit card company must clearly disclose to consumers.
never [62]

It is important to review the credit card disclosure for information on APRs, Penalties, Grace periods, Minimum financing charges, Calculation methodologies, and Fees.

An explanation of all the fees, charges, interest rates, and conditions that a consumer can encounter when using the credit card is contained in a credit card disclosure. The legislation requires disclosure of this information by organizations that provide credit cards. The disclosures on credit cards offer clear information about costs and charges. They also encourage rivalry. To allow consumers to evaluate credit cards more effectively, it is legally necessary of all credit card companies to give the same price information. They can pick the one that better serves their tastes in terms of price.

The interest rate that a client will pay on outstanding balances is the most obvious example of a cost listed on a credit card disclosure. Basic elements like the monthly payment deadlines will also be covered in the disclosure.

Learn more about Credit Card here:

brainly.com/question/28800758

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8 0
1 year ago
Maria and Beth are college students who share an off-campus apartment. The rent is $800 a month, which they agreed to share equa
LenKa [72]

Answer:

a small claims court

Explanation:

A small claims court is a local court where a plaintiff can make a claim regarding small amounts of money. Usually small claims courts only have jurisdiction over private disputes regarding money owed under agreement (applies to Maria's claim), unpaid loans, property damage, contract breaches, etc. Small claims court can handle cases up to $35,000 and you usually do not need a lawyer.

4 0
3 years ago
Read 2 more answers
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