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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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Sheridan Company used high-low data from June and July to determine its variable cost of $12 per unit. Additional information fo
Vinvika [58]

Answer:

See below

Explanation:

June 37,600 - 2,300 = 35,300

July 17,200 - 600 = 16,600

5 0
3 years ago
On the first day of the fiscal year, Hawthorne Company obtained an $88,000, seven-year, 5% installment note from Sea Side Bank.
Alex73 [517]

Answer:

DR  - Interest expense - $4,400

Explanation:

DR  - Interest expense - $4,400

DR  - Notes payable     - $10,808

CR  - Bank/Cash           - $15,208

5 0
3 years ago
Read 2 more answers
Pets Inc. makes 2 products, dog collars and cat collars. Each passes through the cutting machine, which is the binding constrain
maks197457 [2]

Answer:

Dog Collar 10,000 units

Cat Collar 15,000 units

Explanation:

We have only constraint of 2,000 hours on the cutting machine.

First we will calculate the Contribution margin per hour

Contribution margin per hour = Contribution margin per unit / Numbers of hours required per unit

Dog Collar = $10 / (6/60)hours = 10 / 0.1 = $100 per hour

Cat Collar = $8 / (4/60) hours = $120 per hour

Pets Inc. will make Cat collar more than dog

Hours required for 15,000 unit of Cat Collar = 15000 x 4 / 60 = 1,000 hours

Hours for Dog Collars = 2,000 - 1000 = 1000 hour

Unit of Dog Collar = 1000 hours / (6/60) = 10,000 units

5 0
3 years ago
On July 1, Shady Creek Resort borrowed $350,000 cash by signing a 10-year, 8.5% installment note requiring equal payments each J
egoroff_w [7]

Answer:

$29,750

Explanation:

Given that

Borrowed amount = $350,000

Interest rate = 8.5%

The computation of interest expense is shown below:-

Interest expense in the first annual payment = Borrowed amount × Interest rate

= $350,000 × 8.5%

= $29,750

Therefore, for computing the interest expense in the first annual payment we simply multiply borrowed amount with interest rate.

7 0
2 years ago
Q 4.26: on december 31, 2017, before any year-end adjustments, canterbury shoe repair's prepaid insurance account had a balance
melamori03 [73]

<u>Calculation of adjusted balance for prepaid insurance at December 31, 2017:</u>


It is given that on December 31, 2017, before any year-end adjustments, Canterbury shoe repair's prepaid insurance account had a balance of $3,500. It was determined that $2,200 of the prepaid insurance had expired.

So the adjusted balance for prepaid insurance at December 31, 2017, shall be (3500-2200) = <u>$1,300</u>




3 0
3 years ago
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