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Assoli18 [71]
3 years ago
10

20.While reconciling the checking account, an accountant with Sonic Corporation noticed that an error had been made in recording

a check received by the company. Sonic recorded the receipt as $729 and the correct amount of the check was $279. What reconciling adjustment is required
Business
1 answer:
Lina20 [59]3 years ago
8 0

Answer:

You need to deduct $450 from the company's cash balance. Since the check was received from a client, it covered an accounts receivable, so the adjusting entry should be as follows:

XX/YY, adjusting entry to reconcile checking account:

Dr Accounts receivable 450

    Cr Cash 450

Accounts receivable and cash both have debit balances, and since you want to increase accounts receivable you must debit it, while you must credit cash in order to decrease it.

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Beverly Company has determined a standard variable overhead rate of $3.10 per direct labor hour and expects to incur 0.50 labor
Damm [24]

Answer:

Variable overhead rate variance = $ 875 favorable

Variable overhead efficiency variance = $ 4,185 favorable

Variable overhead cost variance = $5,060 Favorable

Explanation:

Standard hours = 1 hr x 2600 units = 2600 hours

Standard rate = $3.10

Actual hours = 1,250 hours

Actual rate = $2.40

Variable overhead rate variance =  ( Standard Rate - Actual Rate ) x Actual Hrs

=  ( $ 3.10 - $2.40 ) x 1250 Hrs

= $0.7 x 1250

=$ 875 favorable

Variable overhead efficiency variance = (Standard hours - Actual hours) x Standard Rate

= (2600 - 1250 ) x $ 3.10

= $ 4,185 favorable

Variable overhead spending variance = Variable overhead rate variance +  Variable overhead efficiency variance

= $875 + $4,185

= $ 5,060 favorable

Variable overhead cost variance = Standard cost - Actual Cost

= (2600 X 3.10) - (1250 X 2.40) = 8,060 - 3000

= $5,060 Favorable

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2 years ago
A measure of the burden of continual deficit financing over time is the ratio of:.
Ksju [112]

Answer:

Explanation:

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Predict how sports and entertainment marketing will change over the next decade.
Kitty [74]

Answer:

marketing will change the most over the next 10 years because location, browsing, and buying will be increasingly co-mingled. Analysts will use technological and psychological triggers to help us all buy more, and understand why we're buying.

Explanation:

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Elanso [62]

Answer:

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Explanation:

The amount authorized doesn't change unless the company start  the legal procedure to do it.

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