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daser333 [38]
3 years ago
11

In the month of November, Cullumber Company Inc. wrote checks in the amount of $10,230. In December, checks in the amount of $11

,815 were written. In November, $8,240 of these checks were presented to the bank for payment, and $10,655 in December. There were no outstanding checks at the beginning of November. What is the amount of outstanding checks at the end of November? At the end of December? November December The amount of outstanding checks $enter a dollar amount $enter a dollar amount
Business
1 answer:
lara31 [8.8K]3 years ago
8 0

Answer and Explanation:

The computation of the outstanding checks is shown below:

For the November end

= Checks - presented in the bank

= $10,230 - $8,240

= $1,990

For the December end

=  Checks - presented in the bank + presented in th bank - checks

= $10,230 - $8,240 + $11,815 - $10,655

= $3,150

We simply applied the above formula

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J1

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Explanation:

In terms of IAS 16, if an exchange of non-monetary item has commercial substance the Asset Acquired is measured at the Fair Value of Asset Given up or Fair Value of Asset Acquired.

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Profit on exchange of old gas model 320 (credit)

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