1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
ArbitrLikvidat [17]
3 years ago
6

On October 31, 2015, Damon Company's general ledger shows a checking account balance of $8,445. The company's cash receipts for

the month total $74,640, of which $71,375 has been deposited in the bank. In addition, the company has written checks for $72,515, of which $71,270 has been processed by the bank. The bank statement reveals an ending balance of $12,895 and includes the following items not yet recorded by Damon: bank service fees of $310, note receivable collected by bank of $6,600, and interest earned on the account balance plus from the note of $1,120. After closer inspection, Damon realizes that the bank incorrectly charged the company's account $940 for an automatic withdrawal that should have been charged to another customer's account. The bank agrees to the error. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31,2015.

Business
1 answer:
solniwko [45]3 years ago
8 0

Answer:

Explanation:

Bank Reconciliation: The bank reconciliation deals with the bank statement balance and the cash statement balance. The motive is to compare these two statements so that the organization can run in the smoothly manner.  

There are various transactions due to which the bank statement balance and the cash statement balance do not match. To match these statements, we adjust the transactions accordingly.

The outstanding deposits is computed below:

= Company cash receipts - bank deposited

= $74,640 - $71,375

= $3,265

And, the outstanding checks is computed below:

= Company written checks - Processed by bank

= $72,515 - $71,270

= $1,245

The preparation of the  bank reconciliation statement on October 31, 2015 for Damon Company's  is presented in the spreadsheet. Kindly find the attachment below:  

You might be interested in
You are an international shrimp trader. A food producer in the Czech Republic offers to pay you 5 million Czech koruna today in
dimulka [17.4K]
Your dad and your mom are not real
8 0
2 years ago
Select all that apply. Select other ways to measure the quality of life in a country besides the real GDP per capita.
Nata [24]
GDP stands for Gross Domestic Product. When we refer to Per Capita GDP, this covers the gross income of the country, and this is divided by the number of population in that country. Basing on this definition, I can say that the other ways to measure the quality of life in a country aside from basing from per capita GDP is through Genuine Progress Indicator, and <span>Gross Domestic Product. Hope this helps.</span>
4 0
3 years ago
When the price of a textbook falls by 4 ​percent, the quantity demanded of textbooks increases by 5 percent. What is the price e
just olya [345]

Answer:

The price elasticity of demand for textbooks is 1.25

Explanation:

Price elasticity of demand is given by percentage change in quantity demanded divided by percentage change in price

Percentage change in quantity of textbooks demanded = 5%

Percentage change in the price of a textbook = 4%

Price elasticity of demand for textbooks = 5% ÷ 4% = 1.25

5 0
3 years ago
The manager of a company notices that the company's total revenue would increase if she raised the price of the company's produc
guajiro [1.7K]

Answer:

The answer is inelastic.

Explanation:

Elasticity is the degree of responsiveness of a change in one variable to a change in the other variable.

A good ir service is said to be inelastic if the change in quantity demanded is negligible when the price of the goods or services change i.e the change is not sensitive to price. Mostly, the goods or services in this category are considered to be a neccesity. So if the price increases, consumers will have no choice than to buy it.

6 0
3 years ago
. If Samsung is using experiments as a research method to understand what kinds of mobile phones are more functional as opposed
Ksenya-84 [330]

The correct answer to the question above is:

D. Quantitative

<span>Quantitative research approach is used in this scenario because the participants are asked to choose among the most functional mobile phone and compare them with other options. The data gathered from participants are then analyzed to make a substantial result. </span>

6 0
3 years ago
Other questions:
  • The menu of substantive actions top managers can take to change a problem company culture does not include
    15·1 answer
  • In 2007, the economy slipped in a recession that many called the worst since the Great Depression. This caused people to experie
    14·1 answer
  • When Walmart threatens to punish or punishes the other channel member for not undertaking certain tasks, such as if it were to d
    9·1 answer
  • You spend $5 on materials to make a scarf. You think you have added $10 of value, so you set the price at $15. Nobody buys the s
    5·1 answer
  • Match the different categories of income to the calculation used to derive them.
    6·2 answers
  • Use the following two statements to answer this question:I. The average total cost of a given level of output is the slope of th
    7·1 answer
  • Which of the following is not an example of a primary fieldwork position?
    5·2 answers
  • What are the current asset financing strategies that firms adopt? Suppose a firm wants to take advantage of an upward-sloping yi
    8·1 answer
  • Guess thy song cuz ion know
    12·1 answer
  • 5.Is it easier for a few firm to enter the market under found in oligopolis competition or oligopolis? Why?
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!