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Anit [1.1K]
3 years ago
15

Using the following information: (a) The bank statement balance is $3,868. (b) The cash account balance is $3,971. (c) Outstandi

ng checks amounted to $764. (d) Deposits in transit are $743. (e) The bank service charge is $115. (f) A check for $30 for supplies was recorded as $21 in the ledger. Required: Prepare a bank reconciliation for Miller Co. for August 31. Be sure to complete the statement heading. Refer to the Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. "Deduct" or "Add" will automatically appear if it is required. Enter all amounts as positive values.
Business
1 answer:
elena-s [515]3 years ago
6 0

Answer:

                  Bank reconciliation for Miller Co. for August 31

                                                        Amount in $           Amount in $

Bank statement Balance                                                3,868

Add;

Deposits in transit                                743  

Bank service charge                            115  

Error in check for supplies                      9                        867

Deduct;

Outstanding checks                                                          764

Cash account balance                                                     3,971

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.

To reconcile the two balance moving from the bank statement balance to the cash account balance;

Deposit in transit has been debited to the cash balance hence it will be added to the bank. Bank service charge has been deducted from the bank and will be added back.

The erroneous recorded of the check shows that the cash account balance was under credited by $9 hence it will added to the bank statement balance. The outstanding check has been deducted from the cash balance and will be deducted from the bank statement balance.

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Personal Consumption Expenditures$4,500 Consumption of Fixed Capital150 Gross Private Domestic Investment800 Government Purchase
Natali [406]

Answer:

The GDP in this economy is $6,230 billion.

Explanation:

The GDP can be calculated using the following formula:

Y = C + I + G + (X - M) ....................................... (1)

Where:

Y = GDP of the economy

C = Personal Consumption Expenditures = $4,500

I = Gross Private Domestic Investment = $800

G = Government Purchases = $950

X = Exports = $65

M = Imports = $85

Substituting the values into equation (1), we have:

Y = $4,500 + $800 + $950 + ($65 - $85)

Y = $6,250 - $20

Y = $6,230

Since the figures are in billions of dollars, the GDP in this economy is therefore $6,230 billion.

8 0
3 years ago
One of the six characteristics economists use to judge how well an item
Aleonysh [2.5K]

Answer:

Money can easily be divided into smaller denominations is the correct answer.

Explanation:

4 0
3 years ago
For a market to be competitive:______.
quester [9]

Answer:

Option A:

Each buyer and seller is small, relative to the whole market; no single decision maker has any influence over the market price.

Explanation:

A competitive market is a market that is characterized by free entry and exit. This means that any party has a right to enter the industry, do business, and leave it freely. In other words, no party or business holds enough stake to become a gatekeeper in that industry.

Furthermore, prices are determined by the forces of demand and supply, and cannot be arbitrarily set by any business.

No single decision maker has any influence over the market price.

This makes option A correct.

6 0
3 years ago
Suppose Y is a random variable with mu Subscript Upper YμY ​= 0, and sigma Subscript Upper Y Superscript 2σ2Y ​= 1, skewness​ =
Andrews [41]

Answer:

Suppose Y is a random variable with mu Subscript Upper YμY ​= 0, and sigma Subscript Upper Y Superscript 2σ2Y ​= 1, skewness​ = 0, and kurtosis​ = 100.

n random variables drawn from this distribution might have some large outliers due to the reason that there might be some outliers because the kurtosis of the distribution equals 100..

Option A.

Explanation:

From the question, the rate of the description of the data given will not give rise  to outliers in the random sample drawn from the population.

Therefore, there might be some outliers because the kurtosis of the distribution equals 100 - Option A.

3 0
4 years ago
Refer to Fishy Business. In the future, suppliers of fresh fish will be able to use electronic bar codes to verify the fish spec
dalvyx [7]

Answer:

c) Electronic Data Interchange

Explanation:

Based on the scenario being described within the question it can be said that this information technology is called Electronic Data Interchange or EDI for short. This technology allows one company to send large sets of data/information to another company electronically as opposed to other physical delivery methods of communication. Which in this case the electronic method that will be used are electronic bar codes.

7 0
4 years ago
Read 2 more answers
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