Answer: Reconciled ending balance of cash=$7,925
Explanation:
Bank reconciliation is used by companies to reconcile thier ledger balances and that of their bank's balance and to make necessary adjustments where necessary.
BanK Reconcillation on August 31, 2021
Bank cash balance $6,012
add
Deposit outstanding +$3,308
deduct :
Checks outstanding -$1,395
Bank balance reconciliation $7,925
Company's book balance $7,914.
add:
interest earned + $43
deduct:
service fees - $32
Company balance reconciliation $7,925
Answer:
Adjusting journal entries
a) 1 . Debit Depreciation $10500 Credit Accumulated depreciation $10500.
2 . Debit interest expense $40 , Credit Bank $40
3 . Debit Admission revenue $ 60000, Credit Unearned admission revenue $60000
4. Debit Prepaid expense $1100 , Credit Advertising expense $1100
5. Debit salary $4700, Credit Salary payable ( accrued salary) $4700
Explanation:
Depreciation = (cost - salvage value)/ useful life
it is said that the equipment has a useful life of 16 years at that date (31 Dec) and depreciation needs to be adjusted for the year. Even even that $192000 is Carrying amount it is not depreciable amount we still need to subtract the salvage value hence (192000- 24000)/16 = $10500 Depreciation
interest expense = 90000*8%*72/360 = $1440
The 72 days numerator is arrived at by adding the remaining 11 days in Oct plus full 30 days Nov plus full 31 days Dec. $1400 of interest has already been recorded so in adjusting to the total of $1440 we need to record $40 of interest.
december coupon = 2000*$30 =$60000
if the coupon admission book revenue for december is not included in the trial balance then its journal entry is debit bank $60000 credit unearned revenue $60000
Answer:
320 Investments—Debt and Equity Securities
10 Overall
25-4 Recognition
Answer:
Break-even point= 150,000 hangers
Explanation:
Giving the following information:
It charges $0.04 and estimates its variable cost to be $0.01 per hanger. Laguna’s total fixed cost is $4,500 per month.
To calculate the number of hangers we need to use the following formula:
Break-even point= fixed costs/ contribution margin
Break-even point= 4,500 / (0.04 - 0.01)= 150,000 hangers
Answer:
The answer is: 38%
Explanation:
The probability of at least 1 of the 5 packages being underweight can be calculated using a technique known as hypergeometric distribution.
The probability of the first choice not being underweight is 22 out of 24, for the second choice it is 21 out of 23, for the third 20 out of 22, for the fourth 19 out of 21 and for the fifth 18 out of 20.
To find out the probability of at least one package being underweight, you must subtract the sum of the probabilities of not being underweight from 1 using the following formula:
1 - [(22/24) x (21/23) x (20/22) x (19/21) x (18/20)] =
1 - (0.91666667 x 0.91304348 x 0.90909091 x 0.9047619 x 0.9) =
1 - 0.62 = 0.38 or 38%