Answer:
The bank reconciliation statement is as shown below:
Amount in $
Balance per bank statement 33,650.00
Deposit in transit 9,150.00
Outstanding check (17,865.00)
Bank charges 80.00
Note collected (6,095.00)
Returned check (540.00)
Check drawn <u> (630.00)
</u>
Book balance <u> 17,750.00</u><u> </u>
Explanation:
Deposit in transit has been recorded in the books, thus the addition to the bank balance. Bank charges have been deducted from the bank balance but not in the cash book hence it is added back. Note collected is yet to be recognized in the books hence the deduction from the bank balance.
Amount recorded from the check returned is more than the actual by $540 hence the deduction. The check drawn has been over charged by the bank to the tune of $630 hence the deduction.
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Answer:
$195,488.6
Explanation:
The computation of the amount at the end of the 22 years is shown below
The Amount at the end of 1st 11 years is
= Principal × (1 + interest rate)^number of years
= $19,750 × (1 + 0.09)^11
= $50,963.42
Now the amount at the end of the last 11 years is
= $50,963.42 × (1 + 0.13)^11
= $195,488.6
hence, the value at the end of the 22 years is $195,488.60
Answer:
Finch has an interest expense deduction of the amount of $6,300.
Explanation:
Based on the information given in a situation where Finch pays George interest of the amount of $6,300 in which the amount of $7,000 was the principal payment on the note which means that Finch will have an interest expense deduction of the amount of $6,300 reason been that the amount of interest that was paid to George which is $6,300 will be the amount that is allowed for deduction.
