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DaniilM [7]
3 years ago
6

Nolan Company's cash account shows a $29,193 debit balance and its bank statement shows $28,152 on deposit at the close of busin

ess on June 30. Outstanding checks as of June 30 total $2,801. The June 30 bank statement lists $32 in bank service charges; the company has not yet recorded the cost of these services. In reviewing the bank statement, a $80 check written by the company was mistakenly recorded in the company’s books as $89. June 30 cash receipts of $3,853 were placed in the bank’s night depository after banking hours and were not recorded on the June 30 bank statement. The bank statement included a $34 credit for interest earned on the company’s cash in the bank. The company has not yet recorded interest earned. Prepare a bank reconciliation using the above information.
Business
1 answer:
n200080 [17]3 years ago
6 0

Answer:

Explanation:

Bank reconciliation is practice of reconciling the bank account balance in a company's book to the balance reported by the bank i order to discover and correct any discrepancy

<u>Workings</u>

<u>Bank reconciliation for Nolan  for the month of June</u>

Bank statement balance                                28,152  

Add bank deposit              3,853                    3853

                                                                        32,005

Less outstanding check   (2801)                      (2801)

                                                                         29,204

Cash book balance                                         29,193

Add back error in check (89-80)      9

Interest Earned                                 34                 43

                                                                          29,236

Less bank charges                           32                (32)

                                                                          29,204

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Companies create a division of labor among employees in order to allow each employee to perform one task at a high level

<h3>What is division of labor?</h3>

It involves Sharing of duties or job among individuals or employee.

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Therefore, Companies create a division of labor among employees in order to allow each employee to perform one task at a high level

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Which of the following is a disadvantage to choosing a sole proprietorship business structure?
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Which of the following is a disadvantage to choosing a sole proprietorship business structure? The owner has personal responsibility for the company's liabilities.

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Answer:

Normal conditions not applying.

Explanation:

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2 years ago
Grear Tire Company has produced a new tire with an estimated mean lifetime mileage of 36,500 miles. Management also believes tha
gladu [14]

Answer:

1. The expected cost of production for each tire sold is $0.013 per tire.

2. Probability that Grear will refund more than $50 for a tire is 0.0107

Explanation;

1. Mileage is 36,500 miles

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2. P(Z<25,000 - 36,500/5,000)

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1-0.9893

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The probability that Grear will refund more than $50 for a tire is 0.0107

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