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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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Retained earnings: Group of answer choices
Slav-nsk [51]

Answer:

Retained earnings refers to:

D. The net losses and dividends declared since its inception of a company's cumulative net profit.

Explanation:

Retained earnings are referred as :

  • The overall earning the company have made till the present date.
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  • Whenever new records are made for the company this dividend money is readjusted.
  • This leftover money has an impact on the account related to the expense and revenue.
  • The retained earnings are built of the total income amount which has been given by a business after paying off the dividend to the shareholders.

So, here correct option is

D. The net losses and dividends declared since its inception of a company's cumulative net profit.

3 0
3 years ago
What do americans consider to be a signal of progress in a business negotiations with foreigners?
Dafna11 [192]

Higher-degree foreigners are protected within the discussions. Phil, a purchasing supervisor at a departmental shop in the USA, is engaged in business negotiations with a Brazilian supplier.

Enterprise negotiation is important to be innovative in any negotiation in a commercial enterprise setting. commercial enterprise negotiation techniques encompass breaking the trouble into smaller components, thinking about uncommon deal terms, and having your facet brainstorm new thoughts. Leveraging the evaluation impact is likewise a powerful tool in negotiations.

Some of the maximum common are distributive negotiation, integrative negotiation, crew negotiation, and multiparty negotiation. In a distributive negotiation, parties compete over the distribution of a hard and fast pool of prices.

Maximum research shows that negotiators with a generally cooperative style are more successful than hard bargainers at accomplishing novel solutions that improve all people's consequences. Negotiators who lean closer to cooperation also tend to be more satisfied with the procedure and its outcomes, in keeping with Weingart.

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8 0
1 year ago
Runaround Corporation sells running shoes and during January they ran production machines for 23,000 hours total and incurred $
viva [34]

Answer:

The answer is: The variable maintenance cost is $0.21 per machine hour

Explanation:

To find the variable maintenance cost per machine hour we must divide the total amount spent in maintenance costs by the total amount of production hours.

Since both production hours and maintenance cost vary so much, we must high-low method:

variable maintenance cost = (highest maintenance cost - lowest maintenance cost) / (highest machine hours - lowest machine hours)  =

= ($10,500 - $8,600) / (23,000 - 14,000) = $0.21 per machine hour

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Phantasy [73]

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Explanation: I HOPED THAT HELPED,!

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