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
Solnce55 [7]
3 years ago
10

The auditors of Steffey Ltd., decided to study the cash receipts and disbursements for the month of July of the current year und

er audit. They obtained the bank reconciliations and the cash journals prepared by the company accountants, which revealed the following: June 30: Bank balance, $355,001; deposits in transit, $86,899; outstanding checks, $42,690; general ledger cash balance, $399,210. July 1: Cash receipts journal, $650,187; cash disbursements journal, $565,397. July 31: Bank balance, $506,100; deposits in transit, $51,240; outstanding checks, $73,340; general ledger cash balance, $484,000. Bank statement record of deposits: $835,846; of payments: $684,747.
Required:Prepare a four-column proof of cash covering the month of July of the current year. Identify problems, if any.
Business
1 answer:
creativ13 [48]3 years ago
3 0

Answer:

                                     Bal. June 30   Receipts    Disbursements    Bal. July 31

Balance per Bank            355,001          835,846       684,747             506,100

Deposit in Transit

June 30                              86,899         -86,899

July 31                                                       51,240                                     51,240

Outstanding Checks

June 30                               42,690                               -42,690              

July 31                                                                               73,340             73,340

Unrecorded Receipts                              -150,000                                 -150,000  

Unrecorded Disbursement                                            -150,000          -150,000

Balance per Books          399,210         650,187          565,397           484,000

You might be interested in
Which of the following is an advantage of the interacting group decision-making method? a.Interaction among people can spark new
uysha [10]

Answer:

The correct answer is letter "A": Interaction among people can spark new ideas.

Explanation:

Group decision-making is the activity in which members of a get together to collectively decide the course of the plan they will take to reach the group's objective. This practice allows individuals of a group to feel their voice is being heard and are more likely to accept the final decision to be taken since they will feel part of their ideas are included there. It is thanks to the interaction among those individuals that the ideas helping to the concluding decision are sparked.

7 0
3 years ago
Padco averages $15 million worth of inventory in all of its worldwide locations. they operate 51 weeks a year and each week aver
Zepler [3.9K]

Padco averages $15 million worth of inventory in all of its worldwide locations. they operate 51 weeks a year and each week averages $3 million in sales (at cost). their inventory turnover is 10.2 turns.

Inventory turnover is a financial ratio that demonstrates how frequently a company sells and replaces inventory over a specific time frame. The days it takes to sell the company's inventory on hand can then be determined by multiplying the number of days in the period by the inventory turnover formula.

Businesses can improve their decisions about pricing, production, marketing, and the acquisition of new inventory by calculating inventory turnover.

Inventory turnover quantifies how frequently a business can replenish the stocks it has sold during a specific time period. A slower ratio suggests either strong sales or insufficient inventory, while a quicker ratio suggests either weak sales or high sales.

The industries with the largest inventory turnover rates tend to be those with low margins and high volumes, like supermarkets and merchants.

Learn more about inventory turnover here:

brainly.com/question/1492106

#SPJ4

7 0
1 year ago
A manager doing performance appraisals gives more weight to recent employee behaviors than to behaviors of 6 or 9 months earlier
stiv31 [10]

Answer:

The correct answer is letter "B": availability.

Explanation:

Availability bias or availability heuristic refers to individuals tending to relate the easiest judgment they can recall about a certain matter as its most suitable metric and even a metric that could predict future behavior on that topic. This happens because those people make assumptions based on what they can remember of that matter which might not be necessarily the most accurate input about it.

Therefore,<em> if a manager is measuring performance only placing focus on employees' recent and not past behavior, the manager is implementing availability bias.</em>

7 0
3 years ago
United Resources Company obtained a charter from the state in January of this year. The charter authorized 218,000 shares of com
alina1380 [7]

Answer:

United Resources Company

Stockholders' Equity Section of the Balance Sheet at the end of the year:

Authorized share capital:

Common stock, $2 par, 218,000 shares

Issued and Outstanding shares:

Common stock, $2 par, 66,000 shares     $172,000

Additional paid-in capital - common stock  642,000

Treasury stock, $2 par, 20,000 shares       (40,000)

Retained earnings                                        494,000

Total equity                                              $1,268,000

Explanation:

a) Data and Analysis:

Authorized share capital:

Common stock, $2 par, 218,000 shares

Net income for the year = $494,000

Transactions:

a. Cash $1,079,000 Common stock $166,000 Additional Paid-in Capital - Common $913,000

83,000 shares of the common stock in an initial public offering for $13 per share.

b. Treasury stock $46,000 Additional Paid-in Capital- Common stock $322,000 Cash $368,000

23,000 shares of the previously issued shares for $16 per share.

c. Cash $57,000 Common stock $6,000 Additional Paid-in Capital - Common stock $51,000

3,000 shares of treasury stock for $19 per share.

8 0
2 years ago
Assume that an economy produces only two goods, pizza and wings. Which of the following are ways to increase the maximum possibl
Effectus [21]

Answer:

A, B, and D

Explanation:

According to my research on production optimization, I can say that based on the information provided within the question all of the answers provided except for improved wing-making technology would maximize the possible number of pizzas produced. This is because each of these answers provides a method of producing more pizza in the same time frame as before.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

8 0
3 years ago
Other questions:
  • Porches, Inc. sells lawn furniture. Selected financial information for the most recent year is as​ follows:Beginning merchandise
    10·1 answer
  • An internet strategy enabled nestlé usa to change its way of doing business and allowed the company to change its staid, risk-av
    9·1 answer
  • Which component of the atmosphere is predicted to rise in the foreseeable future?
    7·1 answer
  • I dont know how to eat fries how to eat fries
    8·2 answers
  • Suppose that two things happen simultaneously in the market for fish. First, a new technology allows fishing boats to catch more
    12·1 answer
  • The real costs of quality:A. are incurred in the quality control department. B. are frequently overstated in an organization. C.
    15·1 answer
  • On January 1, Guillen Corporation had 95,500 shares of no-par common stock issued and outstanding. The stock has a stated value
    11·1 answer
  • An article in the Wall Street Journal noted that the demand for video Internet advertising was increasing at the same time that
    5·1 answer
  • On January 1, 2018, Solo Inc. issued 1,000 of its 8%, $1,000 bonds at 98. Interest is payable semiannually on January 1 and July
    15·1 answer
  • At what constant, continuous rate must money be deposited into an account if the account is to contain $23000 in 7 years? The ac
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!