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antiseptic1488 [7]
3 years ago
8

If a check correctly written and paid by the bank for $272 is incorrectly recorded in the company's books for $227, how should t

his error be treated on the bank reconciliation?
Business
1 answer:
djverab [1.8K]3 years ago
4 0

Answer:

Add $45 to the book balance.

Explanation:

This is a transposition error which is an example of error of original entry. A transposition error occurs when the figures are posted in the wrong order, while an error original entry occurs when a wrong amount is entered into the right account. This kind of error usually causes discrepancy between the bank balance and the book balance.

To correct this error in the question, we first find the difference between the right amount and the wrong amount as follows:

Difference = Right amount – Wrong amount = $272 - $227 = $45

Therefore, the difference of $45 will be added to the book balance to bring it into an agreement with the bank treatment as follows:

Bank correct treatment = $272

New book treatment = Wrong amount + Difference = $227 + $45 = $272  

It can now be seen that both posting are now in agreement after the correction.

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Washington has an extensive collection of baseball cards. He wants to know how much his mint condition, rookie-year Hank Aaron c
Anit [1.1K]

<u>Explanation:</u>

It is recommended by some to determine a card's current market value of by determining whether the card has been professionally graded by the Professional Sports Authenticator, if yes, then one can check up the value on the Sports Market Report (SMR).

However, the Hank Aaron card is Estimated to have a PSA 9 Mint Value of $17,500.

7 0
3 years ago
ABC reports dividends per share of $1.40 and net income for the year of $140,000. The current stock price is $14.00. What is ABC
Virty [35]

The ABC's dividend yield when the ABC reports dividends per share of $1.40 and net income for the year of $140,000. The current stock price is $14.00 is 10%.

<h3>What is yield?</h3>

The yield on a security is defined as the measurement of the ex-ante instrument to a safety holder in financing.

It is a cardinal part of the return on an investment, with some other being the change in the security's market price.

The formula of calculating the yield is:

\text{Dividend Yield} =\dfrac{ \text{Dividend Per Share}}{\text{Current Stock Price}} \times 100

According to the given information,

Dividend Per Share= $1.40,

Net Income= $1,40,000

Current Price= $14

Now, apply the formula in the given formula,

\text{Dividend Yield} =\dfrac{ \text{Dividend Per Share}}{\text{Current Stock Price}} \times 100\\\\\text{Dividend Yield} =\dfrac{1.40}{\$14}\times 100\\\\\text{Dividend Yield} =10\%

Therefore,  ABC's dividend yield is 10%.

Learn more about yield, refer to:

brainly.com/question/2506978

#SPJ1

5 0
1 year ago
The term ""umbrella insurance"" means a policy that provides coverage when a lawsuit is brought over injuries or damage the insu
shepuryov [24]

Answer:

The correct answer is Travelers Company.

Explanation:

An Umbrella Insurance Policy is a type of coverage that goes beyond traditional insurance for homes, cars and boats. To understand what an Umbrella Insurance Policy is, it is worth analyzing your coverage. This kind of policy protects against vandalism, slander, defamation and invasion of privacy, as well as claims for damages caused to other people or property in accidents. An Umbrella Insurance Policy is very useful when, for example, a person causes a car accident and their original policy does not cover all the medical expenses of those affected. This kind of policy is suitable for individuals with many assets or high-value assets that are highly likely to suffer lawsuits.

7 0
3 years ago
What is one of the first decisions an entrepreneur must make?
BabaBlast [244]

Answer:

what you tryna do and how you gon make money

Explanation:

3 0
3 years ago
Read 2 more answers
ichael McNamee is the proprietor of a property management​ company, Apartment​ Exchange, near the campus of Penscola State Colle
sertanlavr [38]

Answer:

Option "A" is the correct answer to the following statement.

Explanation:

Business Entity Assumption state that businessman and business are a different entity.

Under the Business Entity Assumption, Personal assets and Company assets are always different, Personal assets will never show in the Company's balance sheet.

In the case of Michel McNamee his bank account and personal home in not recorded in the company's book.

5 0
2 years ago
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