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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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If a CobbDouglas production function has alpha​ = 0.34 and beta​ = 0.42, then a​ 1% increase in inputs results in a​ ________ ch
vampirchik [111]

Answer:

0.76%

Explanation:

Firstly we write out the production function to be

Y = K^0.34L^0.42.

So if we have inputs that are increased by 1%, we will now have a new production function which is

Y = (K + 0.01 of K)^0.34 (L + 0.01 of L)^0.42

We write this in terms of growth rate

The Growth rate of Y = 0.34 x the growth rate of K + 0.42 x the growth rate of L

This gives us the Growth rate of Y = 0.34 x 1% + 0.42 x 1%

= 0.34+0.42

= 0.76%

6 0
2 years ago
During December, Far West Services makes a $4,200 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.
Lina20 [59]

Answer

Debit Accounts receivable   $4,200

Credit Revenue account       $3,870.97

Credit State Sales tax payable        $232.26

Credit local Sales tax payable         $96.77

Explanation:

When revenue is earned but cash is yet to be received and sales tax are to be accounted for at 8.5%, the entries required are;

Debit Accounts receivable   108.5%

Credit Revenue account       100%

Credit Sales tax payable         8.5%

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States tax = 6% * $3870.97

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Local tax = 2.5% * $3870.97

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5 0
3 years ago
In 2010, us nominal gdp was estimated to be $14.657 trillion dollars while the real gdp was estimated to be $13.245 trillion. wh
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The difference = ($14,657 / $13,245) - 1 = 10.66%, which means that nominal GDP was 10.66% higher than real GDP. If the base year is 2000 or even 2005/6, the difference is very small since the accumulated inflation would only be 10.66% for all these years. But if the base year was 2008 or even 2009, then the inflation rate is high.

8 0
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This explains the type of business arrangement that Sana is planning , considering the explanation given in the question.

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