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Deffense [45]
3 years ago
6

The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance a

s of July 31. On July 31, the company’s Cash account has a $25,497 debit balance, but its July bank statement shows a $26,808 cash balance. Check No. 3031 for $1,090, Check No. 3065 for $321, and Check No. 3069 for $1,858 are outstanding checks as of July 31. Check No. 3056 for July rent expense was correctly written and drawn for $1,240 but was erroneously entered in the accounting records as $1,230. The July bank statement shows the bank collected $7,000 cash on a note for Branch. Branch had not recorded this event before receiving the statement. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF. The July statement shows a $11 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been received. Branch’s July 31 daily cash receipts of $8,132 were placed in the bank’s night depository on that date but do not appear on the July 31 bank statement.
Business
1 answer:
Natali5045456 [20]3 years ago
8 0

Answer:

Adjusted Balance      31,671

Explanation:

<em>CASH </em>

Balance                       25,497

Service Charge               -11

Collection in firm behalf 7,000

NSF                           -805

accounting mistake       -10

Adjusted Balance          31,671

<em>BANK </em>

Balance                   26,808

Outstanding Check   -3,269

Deposit in transit       8,132

Adjusted Balance      31,671

The goal of the reconciliation is to make up for the unknow information for each party. The bank and the firm We are goin to make jounral entries for all the infoamrition which is unknow to the firm until the bank statement is received.

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Firm X is producing 1000 units, selling them at $15 each. Variable costs are $3 per unit and the firm is making an accounting pr
-Dominant- [34]

Answer:

total cost = 12,000

Explanation:

From the formula of accounting profit, we can solve for total cost:

Accounting profit = total revenue - totoal cost

Firm X

produce 1,000 units and sell them at $15 each

total revenue: 1,000 units x $15 = 15,000

It has an accounting profit for 3,000

We plug this values into the formula of accounting profit

Accounting profit = total revenue - totoal cost

         3,000           =    15,000          -   total cost

15,000 - 3,000 = total cost

total cost = 12,000

5 0
3 years ago
which neighborhood quality of life issue is most affected by the overuse of alcohol? a. litter b. property values c. traffic con
frosja888 [35]

Property values neighborhood quality of life issue is most affected by the overuse of alcohol.

What is Property values?

Creating an opinion of value for actual property is known as real estate appraisal, property valuation, or land valuation. Because real estate transactions happen seldom and each property is unique, as opposed to corporate stocks, which are exchanged every day and are all the same, assessments are usually required.

Therefore,

Property values neighborhood quality of life issue is most affected by the overuse of alcohol.

To learn more about Property values from the given link:

brainly.com/question/14408208

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8 0
1 year ago
Suppose that you invest $100 today in a risk-free investment and let the 6 percent annual interest rate compound. What will be t
Kipish [7]

Solution :

It is given that :

Amount of investment or the principle amount , P = $ 100

Time of investment , t = 6 years

Rate of interest compounded annually r = 6 %

Therefore the future amount of this investment in a 6 year time is given by,

$FV=P(1+\frac{r}{100})^t

$FV=100(1+\frac{6}{100})^6

$FV=100(1+0.06)^6

$FV= 100 (1.4185)$

$FV=141$

Therefore, after 6 years the investment of $ 100 will give an amount of $ 141.

3 0
3 years ago
Pablo Company has budgeted production for next year as follows:QuarterFirst Second Third FourthProduction in units 48,000 88,000
Margaret [11]

Answer:

271,500 pounds

Explanation:

Given:

Quarter                               FIRST      SECOND     THIRD     FOURTH

Production in unit                  48000     88000        98000      78000

Raw material per unit               3               3                 3                 3

=================================================================

Thus,

Need for material  = Production in unit × Raw material per unit

=================================================================

Quarter                                         FIRST      SECOND     THIRD     FOURTH

Need for material in production  144,000   264,000     294,000     234,000

Desired ending inventory = 25% of next quarter's production needs for material

==================================================================

ADD:

Desired ending inventory             66000       73500      58500  

==================================================================

Total need of material = Need for material in production + Desired ending inventory

==================================================================

Quarter                               FIRST      SECOND     THIRD      FOURTH

Total need of material =       210,000    337,500     352,500  

Beginning inventory             38000  66000       73500  

==================================================================

Total purchase = Total need of material - Beginning inventory

==================================================================

Quarter                               FIRST      SECOND     THIRD      FOURTH

Total purchase =                   172,000     271,500      279,000

Hence,

The answer is  271,500 pounds

5 0
3 years ago
Taxicab fares in most cities are regulated. Several years ago taxicab drivers in Boston obtained permission to raise their feres
Scorpion4ik [409]

Solution:

Let's start by assuming that the taxi ride demand is extremely elastic, to the extent that it is vertically sluggish! If the cabbies raise the fair price by 10% from 10.00 per mile to 11.00 per kilometre, the number of riders remains 20.

Total income before fair growth= 20* 10= 200.

Total income following fair growth = 11* 20= 220.

A 10% increase in the fare therefore leads to a 10% increase in the driver's revenue.

Therefore, the assumption in this situation is that the cab drivers think the taxi driving requirement is highly inelastic.

The demand curve facing the drivers of the cab is still inelastic, but not vertically bent.

When the rate increased from 10% to 11, riders declined from 20% to 19%

Total revenue before fair growth is 20* 10= 200

The gap between revenue and fair growth is 19* 11= 209

This means that a realistic 10% raise doesn't result in a 10% boost on income Because the market curve for taxi rides is not 100% inelastic, but rather low inelastic, so that a fair increase (control) allows consumers to lose their incomes.

7 0
3 years ago
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