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Delvig [45]
3 years ago
11

If the month-end bank statement shows a balance of $36,000, outstanding checks are $10,000, a deposit of $4,000 was in transit a

t month-end, and a check for $600 was erroneously charged by the bank against the account, the correct balance in the bank account at month-end is :
a) $29,400
b) $30,000
c) $30,600
d) $41,400
Business
1 answer:
Misha Larkins [42]3 years ago
3 0

Answer:

c) $30,600

Explanation:

Bank statement balance = $36,000

Outstanding checks = ($10,000)

Deposit in transit as at month end = $4,000

Erroneous check charged = $600

Correct balance in the bank account = $36,000 - $10,000 + $4,000 + $600

                                                             = $30,600

The right option is c) $30,600

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B. $4,000 long-term capital loss

Explanation:

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6 0
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Mike just started working for a company that maintains a defined benefit retirement plan. If Mike terminates his employment with
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Answer:

According to the Mike´s company benefits, the vesting schedule used is graded.

Explanation:

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This program is detailed through percentages that are stablished according to the set types of vesting periods terms as follows:

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5 0
2 years ago
Crane Company is preparing a cash summary budget using the data below. They have already prepared their cash receipts and cash p
atroni [7]

Answer:

Ending cash balance for November = $52,869

Explanation:

Crane Company

Cash Budget

October

November

beginning cash balance

$16,000

$40,539

expected cash receipts

$63,000

$95,000

Total available cash

$79,000

$135,539

expected cash payments

$45,000

$76,000

excess of available cash over payments

$34,000

$59,539

financing:

Borrowings

$6,539

$0

Repayments

$0

($6,539)

Interest

$0

($131.00)

Ending cash balance

$40,539

$52,869

The ending cash balance shortfall in October $40,539 - $34,000 = $6,539

Hence, the amount to be borrowed = $6,539

In November, the company has enough funds to meet its ending cash balance as well as pay-off the borrowed amount with interest.

Interest for 2 month = 6,539 x 12% x 2/12 = $130.78 or $131 (rounded off)

Note: cash is borrowed in the first day of the month, assuming the company borrows cash on October 1, and repays on November 30, interest is payable for two months.

6 0
3 years ago
Vaughan Services hires a new accountant to maintain its petty cash fund. Although the employee possesses an accounting​ degree,
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Answer: Competent, reliable, and ethical personnel.

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Vaughan Services needs to follow competent, reliable and ethical personnel procedure to addressed this type of situation.

Competent characteristic tell us about the employee skills, knowledge and capability or ability of doing some work successfully.

Reliable characteristic tell us about the employee performance, quality and trustworthy or not.

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5 0
3 years ago
Which of the following is a visual cue that would signal important information in class?
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Answer:

a

Explanation:

cause it is

6 0
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