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erastova [34]
3 years ago
7

1 Cash on hand at the company and not yet deposited at the bank. 6,400 2 EFT for monthly utility bill not yet recorded by the co

mpany. 1,700 3 Note collected by the bank and not yet recorded by the company. 10,200 4 Interest collected by the bank from note in #3 not yet recorded by the company. 1,300 5 A check witten for insurance expense for $90 was cashed. The check was recorded on the books for $160. ? 6 Checks written by the company but not yet processed by the bank. 2,600 7 Service fee charged by bank but not yet recorded by the company. 100 8 Customer checks determined by the bank to have nonsufficient funds. 3,000 Bank balance at the end of the period. 16,750 Company balance at the end of the period. 13,780 Required: 1-a. What is the revised Cash balance at the end of the period?
Business
1 answer:
omeli [17]3 years ago
4 0

Answer:

$20,550

Explanation:

A Bank reconciliation should be done to determine the accuracy of the cash balance and this is done through the following steps ;

<u>First, Update the Cash Book Balance as Follows </u>

<u>Cash Book (Bank Balances Only)</u>

Debit :

Balance (unadjusted)                                      $13,780

Note Receivable                                             $10,200

Interest on Note                                                $1,300

Correction : insurance expense                           $70

Totals                                                              $25,350

Credit ;

Utilities Expense                                              $1,700

Service fee                                                          $100

Dishonored Cheques                                     $3,000

Balance (adjusted)                                         $20,550

Totals                                                              $25,350

<u>Then, Prepare a Bank Reconciliation Statement </u>

<u>Bank Reconciliation Statement</u>

Balance as per Bank Statement                  $16,750

Add Lodgements not yet credited               $6,400

Less Unpresented Cheques                        ($2,600)

Balance as per Cash Book                          $20,550

<u>Conclusion :</u>

The Cash Balance as per updated Cash book is now $20,550. This is the same as the cash balance on our bank reconciliation statement of $20,550.  Thus the $20,550 is the accurate cash balance at the end of the period.

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Following is partial information for Delamunte Industries for the month of August: Work In Process Balance, August 1 $ 41,000 Di
xeze [42]

1. The calculation of the predetermined overhead rate applied to jobs during August is <u>75% of direct labor costs</u> ($90,000/$120,000).

2. The balance in the Work in Process account at the end of August is $61,000.

3. The amounts of direct material cost and applied overhead recorded for Job 248 as of August 31 are $19,000 and $18,000, respectively.

<h3>Data and Calculations:</h3>

Work In Process Balance, August 1 $ 41,000

Direct materials used       75,000

Direct labor 120,000

Manufacturing overhead applied (based on direct labor cost) 90,000

Total costs incurred = $326,000

<h3>Finished Jobs during August: </h3>

Job #    Cost of Jobs Completed

234               $ 58,000

237                  65,000

231                   74,500

246                  67,500

Total costs of finished jobs = $265,000

Work in process balance = $61,000 ($326,000 - $265,000)

<h3>Job in Process: Job 248:</h3>

Direct labor cost incurred = $24,000

Applied overhead = $18,000 ($24,000 x 0.75)

Direct materials = $19,000 ($61,000 - $24,000 - $18,000)

Thus, the work-in-process balance represents Job 248 (Direct labor $24,000, Direct materials $19,000, and Applied Overhead $18,000).

Learn more about job costing at brainly.com/question/24516871

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2 years ago
Given the acquisition cost of product ALPHA is $24, the net realizable value for product ALPHA is $23, the normal profit for pro
Novay_Z [31]

Answer:

$22

Explanation:

Given that,

Acquisition cost of product ALPHA = $24

Net realizable value for product ALPHA = $23

Normal profit for product ALPHA = $1.00

Market value (replacement cost) for product ALPHA = $21

By applying LCM, the per unit inventory value is determined by deducting the normal profit from the Net realizable value for product.

Per unit inventory value:

= Net Realizable Value - Normal Profit

= $23 - $1.00

= $22

Therefore, the proper per unit inventory value for product ALPHA applying LCM is $22.00.

4 0
3 years ago
Folio Company estimates total manufacturing overhead costs to be $80,000 for the year and estimates direct labor hours to be 4,0
gregori [183]

Answer:

Allocated Overhead= $76,000

Explanation:

Giving the following information:

Estimated overhead for the period= $80,000

Estimated direct labor hours= 4,000 for the same period

Actual direct labor hours for the period are 3,800.

<u>First, we need to calculate the estimated overhead rate. Then, we can determine the amount of overhead allocated to work in process for the period.</u>

To calculate the estimated manufacturing overhead rate we need to use the following formula:

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Estimated manufacturing overhead rate= 80,000/4,000= $20 per direct labor hour

Now, we can allocate overhead:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

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Write an argumentative essay for or against setting long-term goals to land a dream job.
Kisachek [45]

Answer:

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Explanation:

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