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kkurt [141]
3 years ago
6

On a bank reconciliation, the amount of an unrecorded bank service charge should be

Business
1 answer:
a_sh-v [17]3 years ago
6 0
Deducted from the book balance of cash
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Maquoketa Services was formed on May 1, 2017. The following transactions took place during the first month.
mariarad [96]

Answer:

1. Jay BradFord invested $40,000 cash in the company, as its sole owner.

Account                     Debit          Credit

Cash                          $40,000

Capital                                          $40,000

2. Hired two employees to work in the warehouse. They will each be paid a salary of $3,050 per month.

Account                     Debit          Credit

Wage Expense         $3,050

Wages Payable                           $3,050

3. Signed a 2-year rental agreement on a warehouse; paid $24,000 cash in advance for the first year.

Account                     Debit          Credit

Prepaid Rent             $24,000

Cash                                              $24,000

4. Purchased furniture and equipment costing $30,000. A cash payment of $10,000 was made immediately; the remainder will be paid in 6 months.

Account                                Debit          Credit

Furniture and Equipment   $30,000

Cash                                                        $10,000

Accounts Payable                                  $10,000

5. Paid $1,800 cash for a one-year insurance policy on the furniture and equipment.

Account                                Debit          Credit

Prepaid Insurance               $1,800

Cash                                                        $1,800

6. Purchased basic office supplies for $420 cash.

Account                                Debit          Credit

Office supplies                    $420

Cash                                                         $420

7. Purchased more office supplies for $1,500 on account.

Account                                Debit          Credit

Supplies                               $1,500

Accounts Payable                                   $1,500

8. Total revenues earned were $20,000—$8,000 cash and $12,000 on account.

Account                                Debit          Credit

Revenue                                                  $20,000

Cash                                     $8,000

Accounts Receivable          $12,000

9. Paid $400 to suppliers for accounts payable due.

Account                                Debit          Credit

Accounts Payable                $400

Cash                                                         $400

10. Received $3,000 from customers in payment of accounts receivable.

Account                                Debit          Credit

Accounts Receivable                              $3,000

Cash                                     $3,000

11. Received utility bills in the amount of $380, to be paid next month.    

Account                                Debit          Credit

Utility Expense                    $380

Accounts Payable                                   $380

12. Paid the monthly salaries of the two employees, totaling $6,100.

Account                     Debit          Credit

Wage Expense                            $3,050

Wages Payable         $3,050

6 0
3 years ago
ames Corporation is planning to issue bonds with a face value of $501,500 and a coupon rate of 6 percent. The bonds mature in 10
Yuliya22 [10]

Answer:

The independent cases not given in the question are:

a. Case A: Market interest rate (annual): 4 percent.  

b. Case B: Market interest rate (annual): 6 percent.  

c. Case C: Market interest rate (annual): 8.5 percent.

At 4% issue price is  $583,502.44

At 6% issue price is $501,500.00

At 8% issue price is $433,344.51

Explanation:

The price of the bond can be computed using the pv value formula in excel.

=pv(rate,nper,pmt,fv)

rate is the market interest given in the three cases divided by since the bond is a semi-annual interest paying bond. for example 4%/2=2%

nper is the time to maturity multiplied by 2  i.e 10*2=20

pmt is the coupon  interest receivable by investor semi-annually which is 6%/2*$501,500=$15045

fv is the face value at $501,500

at 4%

=pv(2%,20,15045,501500)

=$583,502.44

at 6%

=pv(3%,20,15045,501500)

=$501,500.00

At 8%

=pv(4%,20,15045,501500)

=$433,344.51

8 0
3 years ago
Consider the following information: the marginal products of labor for the US in producing Cars and Wheat are 24 and 18. Given t
stepan [7]

Answer:

0.75 wheat

Explanation:

Opportunity cost is the cost of the next best option forgone when one alternative is chosen over other alternatives.

the opportunity cost of producing cars, is the quantity of wheat that would have to be forgone to produce one car

18 / 24 = 0.75 wheat

7 0
2 years ago
Speculator paid $25,000 net each for two 150 front-foot lots. Speculator split them into 3 lots with equal front footage. Specul
ankoles [38]

Answer:

The answer is 80%

Explanation:

Profit = revenue - cost of sales

         =[(50* 300) per 50 front-foot lot * 3 lots ] - 25000   *100

         =(45000-25000)/25000    *100

         <u>=80%</u>

5 0
3 years ago
Sheridan company had 303000 shares of common stock issued and outstanding at december 31, 2017. no common stock was issued durin
Nutka1998 [239]

EPS is Net Income attributed to shareholders divided by no. of shares outstanding. The dividend on preferred stock is subtracted from net income before calculating earnings per share (EPS). Following is the formula for Earnings per share

EPS = (Net Income – Preferred Dividend)/ No. of common stocks outstanding

= ($611,000 - $84,000)/ 303,000

= $1.74

Therefore, earnings per share would be $1.74.

8 0
3 years ago
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